Every new trader needs to know the tricks of the trade that will make him or him or a successful investor.
Each tip alone by itself is useful, but used together they can and will help you be great.
- Follow a Strategy.
- Don’t risk what you aren’t willing to lose.
- Cut your losses to a maximum of 5 – 8%.
- Trading is a game that is won by the unemotional player.
- Buy your stocks in the afternoon, not the morning.
- Lose the ego.
- Don’t count your gains until the position is sold completely.
- Monitor your portfolio every day, strategize on weekends.
- Before buying a stock, double check its ticker.
- Be aware of any upcoming news.
- Buy and Hold does not work in a bear market, so don’t do it.
- Be cautious taking stock tips from friends.
- Don’t take stock tips from a broker.
- Taking profits often is not a sin, it’s a law.
- The game is won overtime, not overnight.
- Dedication is the secret to success.
A lot of these tips are very simple but require practice to master. Trading is just a big of a psychology game as it is a skills game. Learn to leverage your own abilities and you can live the life you dream.