What traders shouldn’t do

[analyst75 12]

“Profit and discomfort stand side by side.

Ancient wisdom from the East: What at first brings pleasure in the end gives only pain, but what at first causes pain ends up in great pleasure.

 

Don’t confuse execution with opportunity.

Save Donkey Kong for the weekend. Pretty colors and fast fingers don’t make successful careers. Understanding price behavior and market mechanics does. Learn what a good trade looks like before falling in love with fancy software.

 

Control risk before seeking reward.

Wear your market chastity belt at all times. Attention to profit is a sign of immaturity, while attention to loss is a sign of experience. The markets have no intention of offering money to those who do not earn it.

 

Don’t count your chickens.

Profits aren’t booked until the trade is closed out. The market gives and the market takes away with great fury.

 

Don’t have a paycheck mentality.

You don’t deserve anything for all of your hard work. The market only pays off when you’re right, and your timing is really, really good.

 

Don’t try to get even.

Trading is never a game of catch-up. Every position must stand on its merits. Take your loss with composure, and take the next trade with absolute discipline.

                                                                                                                      

Don’t seek the Holy Grail.

There is no secret trading formula, other than solid risk management. So stop looking for it.

 

Don’t forget your discipline.

Learning the basics is easy. Most traders fail due to a lack of discipline, not a lack of knowledge.

 

Don’t project your personal life.

Trading gives you the perfect opportunity to discover just how messed up your life really is. Get your own house in order before playing the markets.

 

Don’t think it’s entertainment.

Successful trading will be boring most of the time, just like the real job you have right now.” -

 

Author: Alan Farley

 

 

Profits from games of knowledge: https://www.predictmag.com/ 

 

 

 

[fxeconomist 11]

Traders should definitely not have to try to trade without stop loss, practice shows this behavior will greatly accelerate the onset of disaster. 

[aimhi 10]

Even a professional trader never know when bad day occurs so using a stop loss is a must otherwise one single bad trade can claim up to entire account.