Keys To Success

Find your own place – Find one or several techniques that you feel confident with.

Don’t expect immediate results – Process and habits take time to build, some failures at first will be necessary. Therefore trade small initially until confident built.

Have minimal expectation – Do not expect profit initially, but rather accept the fact that learning the game will cost you tuition both in term of time and money

Play your own game – Do not be distracted by anything else, include search for better systems and the influence from magazines and newspaper.

Set clearly your goal – Set targets to achieve in long term, short term and daily trading.

Don’t let good profits turn into losses – Once there are profit you should try your best not to let it become losses and to get out for at least a break even.

Don’t force trades – Trade only if your system tell you so. Don’t hesitate – Every moment you lose in entering or exiting a position is a moment that may cost you money.

Don’t overtrading – Overtrade will kill your trading plan and confident.

Persistence – Ability to continue trading even when results have not been good. Some of a trader’s greatest successes will occur following a string of losses.

Willingness to Accept Losses – Once you set a stop loss, never remove or lower it.

Specialize – To make money is to catch the big move, not to have too many positions to take care. Afterall, the lesser your positions are, the more you can concentrate.

Keep a Dairy – Keep detail record of your trades, so that you can learn from past mistake and sharpen your future trading skill.

When in doubt, stay out – Remember you have nothing to loss if you stay out of the market.

Do your homework – Without detail homework, you can not compete with professional players and win.

Keep thing simple – Both your trading system and your analysis.

Trade active markets only – Do not fall into an excuse of thin market and can’t get out.

Be a Contrarian – Remember majority are wrong, take advantage of mob psychology.

Source: http://www.him.com.sg/