1. Successful traders have meaningful attachments or some other source of motivation and happiness outside of the financial markets. 2. Successful traders are proactive, they know what they need to learn and they know what they need to do in order to execute. Being active alone is not sufficient. 3. Successful traders tend to be…
Anytime someone looks into starting a new line of work, it’s understandable that they’d have questions about their fledgling occupation. New day traders are no different — in fact, they may ask more questions than your average barista or secretary in training. It’s hard to blame them when the world of day trading is marketed…
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Regardless of the path we choose in life, it takes time, dedication and hard work to attain our goals and aspirations. Success in trading is no different. Hard work, discipline and a solid foundation built on proper education and training is a requirement. The question is, how do we achieve discipline and a proper understanding of…
In many professions and especially in the world of sports we often talk about averages and percentages as a tool for measurement of success. Generally speaking, the higher the average or percentage, the better the result. In car sales people want a high “closing” percentage, in baseball, players strive for high batting averages, in golf…
This is an excerpt from the book Reminiscences of stock operator written by Edwin Lefèvre which is the thinly disguised biography of Jesse Lauriston Livermore.This excerpt fully summarizes the mistakes made by most traders, New market participants face this emotion everyday and each trader during his development phase goes through this at one point or…
It is often said that death and taxes are the only two things that are certain in life, but it is fair to say that failure should be added into the mix. There is not a single person in the world who has the ability or the foresight to go through life without ever taking…
Day trading is not for everyone. Day trading attracts people because it presents the potential for a considerable amount of profits. For those who choose to go into day trading, they are lured in not just by the promise of financial success but by the thrill as often described by experienced traders. Mastering day trading…
There was once a Chinese emperor who assembled a few of his most trusted ministers and issued this command: “Travel throughout the world, gather all the wisdom you can find, and assemble it in one place here in the royal city.” The ministers set off, north, south, east and west, accompanied by soldiers, servants, carriages…
If you’re new to the investing world, your experience is probably limited or non-existent. Perhaps you’ve decided to become a trader because you have a friend who is one who talks about how exciting the stock market is and of course, the gains. Or maybe, you saw stock market trading in a movie and it…
Traders feel equipped as they familiarize themselves the inner workings of stocks and market fundamentals. They may understand the benefits and limitations of technical analysis and can dissect patterns, trading volume and make sense of price movements but it is not enough to become a successful trader. Traders find themselves in high-intensity situations, darting in…
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