In terms of thinking
Every trader should have the right mindset. To do this, every trader needs to understand that:
- Traders must be able to control their own emotions.
- Traders must have faith in their own trading method and plan with discipline and discipline.
- Traders need to understand that in order to gain confidence in the trading system that will help you make a profit, you need to go with it long enough, practice every day until you truly understand that method.
- Stress is a psychological state that can make you lose your temper and make mistakes at any time. So, learn how to get rid of stress in trading.
About risk management
4 trading capital management requirements that each trader should follow:
- Capital preservation must be a trader's number one priority.
- The loss/profit ratio and the profit/loss ratio need to be in accordance with the method and market conditions.
- Never risk more than 1% of your total trading capital on any given trade.
- The potential for trading system crashes must be reduced to zero.
A profitable method
And to be profitable in trading, a good, profitable trading method is indispensable. We note the following 4 requirements:
- Always have a tight trading plan with your trading system.
- Pre-trade volume determination should be based on the level of risk you accept.
- Your entry signals should be of high quality and profitable.
- Your exit strategy should result in one of the following 3. It is one that ends up with a big profit, or a small profit, or a small loss. Absolutely do not let your strategy end up with a large loss.
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