Monday 27 April 2009

Top issues that traders need to deal with

The idea for this post came to me as I was beating myself up on a number of things I should have done last week but didn't. It is by no means definitive, so please add your thoughts and comments!

  • Every trader leaves money on the table, its just part of trading
  • If you miss an opportunity in the market, there will always be another one
  • No-one is right all of the time
  • Finding something that makes you money is more important than being the cleverest guy in the room
  • Once a trade is over, its over. Close the chart and move on
  • Systems fail - Be aware of this and have plan to deal with this reality
  • Planning to get into a trade is as simple as clicking a button. Planning to get out is the hard part
  • Each trade is a unique occurrence - past performance has NO bearing on future performance (I sound like a disclaimer :))
  • An edge is not a guarantee of success
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