Things To Control As A Trader, Things Traders Can Do Instead of Losing Money, Day Trading Strategies

10 Things Traders Can Do Instead of Losing Money

Even though this has been one of the best years for making money in the stock market in a long time, with such strong trends in both directions, there are times and markets that are best avoided. Because of the headline risk and volatility caused by Europe, I’ve been trading smaller and smaller, until I’m not even in a position today for the first time this year. There are various things Traders Can Do Instead of Losing Money.

Knowing what trades not to take and when to stay in cash and wait for an opportunity or price break out is one of the keys to me maintaining my six-figure profits over the past decade. One of the most important positions to know when to take with your account to avoid unnecessary drawdowns is the cash position. Especially if it’s a retirement account where you don’t trade. If you’re stumped, go to cash until you figure it out.

Top 10 Things Traders Can Do Instead of Losing Money

  1. Relax and take a break during the trading day; perhaps just check in on the markets every hour to see if anything has changed, or wait until the end of the day.
  2. Re-evaluate your trading strategy and incorporate any lessons learned from mistakes this year.
  3. To stay on track, read a classic trading books available in our Education Page .
  4. Read the tweets of your favorite traders on Twitter, which you don’t have time to do otherwise.
  5. Go see a movie to unwind, take a break from the markets, and forget about them.
  6. Meet up with a trading buddy for lunch or over the phone. Instead of following rumors or opinions, stick to the principles that have worked for you this year.
  7. Check out Amazon’s book reviews for your favorite trading books. These reviews contain a lot of useful information.
  8. Watch videos from The Prolific Trader on YouTube; there is a wealth of free information there.
  9. Return to the charts for your current watch list and look for new stocks to add to your portfolio.
  10. Work on your own trading psychology so that when opportunities arise, you can trade with more emotional discipline. Mark Douglas’ books are excellent for this.

But whatever you do, don’t take trades that don’t meet your entry criteria, don’t force trades, and don’t be a trend trader in a range-bound market or a bear market investor. Take your time with your shots. Begin with small positions and gradually increase them as the market becomes more trader-friendly and less chaotic.

These Things Traders Can Do Instead of Losing Money.

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