Stock Market Trading Advice
New can anyone help? Bought Schaeffers and they about send me to the poor house.
Comment on "Stock Market Trading Advice"
TSO Reply: Hi Jed. What you had experience is a common route that many newcomer to the market had taken before.
If a trader enter an unplanned, random trade based on advice given by friends or broker, it is usually very easy to shift the trading responsibility and blame their friends or broker for the bad ideas given. That should not be the way. Even if we received the hottest tips from a trusted friend, we should still put it through our own screening process before deciding on the action plan.
Every trader must be completely responsible for the outcome of their interpretation and action on a given trade. Taking responsibility mean accepting and acknowledging, from the bottom of your heart that YOU, not your friends or broker, are completely responsible for your success or failure as a trader.
If you can’t trust yourself to be objective and act in your best interest, achieving consistent profitable result is almost impossible.
This is a learning process that many new traders will need to overcome. Those who survive these initial stage will start to invest in themselves by improving their knowledge and come up with their own trading system. While some of them will give up as a trader at this stage.
When we enter into a trade we must always try to achieve 2 targets.
First is to make money on the trade. Second is to learn from the trade!
The first target is harder to achieve as we are not able to make profit on every trades that we entered.
However, the second target is achievable by every trader on every trades! Have an iron discipline to keep good record on every trades that you made. A trader that keep good record has the advantage to review them and learn from them.
Keep good and accurate records of every trades that you made will allow you to learn from the past. If you entered into a losing trade, you know where the mistake come from and don’t repeat them. If you start to make profit, good recording point out where you have done correctly and help to repeat that experience. Good record keeping reduce the guesswork and make trading a much more professional exercise.
The above are strong words. But my experience confirm that any traders that do not learn from the past are doomed to repeat it.
Remember. Never follow blindly on any advices given and take full responsibility for every trades that you enter.
Have many profitable trades ahead!