Trading Mantra for New Traders

Discipline your self: This is what helps one to gain in the market. When the market movements as per your trading setup asks you to enter, book profit or loss just obey it. Do not let your emotion enter here thinking you will beat the market. You can always enter the position later on instead of repenting at a later stage. After all, you depend on your trading setup to help you and ignoring it will certainly cost you heavily.

Don’t be adamant: Don’t try to beat the market but beat your own EGO. Market will never move in one way. It has to be volatile else everybody would make money. Yes, you did make money in shorting previous times but that certainly not the case always. Your gains from hundreds of trades may be washed out in few trades if you respect your ego.

Learn and Re-learn: There are many approaches to trading the market and setting up the strategies. What may be working today may not work tomorrow. Invest on valuable books on trading. Of course, you should read and re read it. Actively participate in forums run by forex related websites which increases your knowledge. Just like any professional, you should also think about market and only market always to understand it.

While we tend to focus solely on building our skill sets or expanding our knowledge, the greatest advancement and learning most often comes from action, experience, and taking risk. And our regrets in life reflect this. According to Gilbert, studies show that “in the long run, people of every age and in every walk of life seem to regret not having done things much more than they regret things they did.”

To improve at anything, we must at some point push ourselves outside our comfort zone.

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