1. Always have a plan - This means knowing what you are buying and selling, how much you are going to trade and when you are going to trade it. A trader without a plan is a goat going for an expensive halal.
1. Always have a plan- This means knowing what you are buying and selling, how much you are going to trade and when you are going to trade it. A trader without a plan is a goat going for an expensive halal.
2. Manage Risk - It is important to develop a risk management strategy. This will ensure that you will only lose what you can afford. Without one of these, your timing as an intraday can be extremely short-lived.
2. Manage Risk - It is important to develop a risk management strategy. This will ensure that you will only lose what you can afford. Without one of these, your timing as an intraday can be extremely short-lived.
3. Always learn new things - Stay up to date with news, peruse trading books, and stay abreast of emerging schools of thought. Markets evolve and you need to grow along with them.
3. Always learn new things - Stay up to date with news, peruse trading books, and stay abreast of emerging schools of thought. Markets evolve and you need to grow along with them.
4. Tapping Technique -Along with thousands of other traders, charting platforms offer a large number of ways to analyze the markets. Mobile apps will also ensure that you have instant access to the market, almost anywhere.
4. Tapping Technique -Along with thousands of other traders, charting platforms offer a large number of ways to analyze the markets. Mobile apps will also ensure that you have instant access to the market, almost anywhere.
5. Go with the Facts- Man is emotional and you must be feeling unusually overconfident when the market opens tomorrow morning after a big win today. Don't fall in this trap. Let facts and figures guide your decision-making process.
5. Go with the Facts- Man is emotional and you must be feeling unusually overconfident when the market opens tomorrow morning after a big win today. Don't fall in this trap. Let facts and figures guide your decision-making process.
6. Ignore the money -With money at the forefront of your mind, you can do reckless things, like take a small profit for fear of losing what you've already won, or jump right in so you don't miss a step. Instead, focus on sticking to your strategy and let your strategy focus on making you money.
6. Ignore the money -With money at the forefront of your mind, you can do reckless things, like take a small profit for fear of losing what you've already won, or jump right in so you don't miss a step. Instead, focus on sticking to your strategy and let your strategy focus on making you money.
7. Take responsibility for your beliefs - A lot of traders give up and then declare that the market was out for them. No matter what happens, point your finger at yourself in a creative way. what did you do wrong? How can you prevent this from happening again? Do you need to revise your trading plan?
If the strategy isn't working, don't keep throwing money at it. Go back to the drawing board and think again. If you can't stick to your plan, don't sit in the hot seat, you'll only start on a slippery and dangerous slope, and there's definitely no money at the end of it.
If the strategy isn't working, don't keep throwing money at it. Go back to the drawing board and think again. If you can't stick to your plan, don't sit in the hot seat, you'll only start on a slippery and dangerous slope, and there's definitely no money at the end of it.