Once you feel the fear of being a losing trader, you never want to go back there. While taking losing trades is inevitable throughout your trading career, you don’t have to be a losing trader! Find out how to implement some very easy, common sense ways to make sure you do everything you can to avoid being a losing trader.
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Emotions are something that every trader fears,
but they should also feel the fear of being a losing trader. Nothing is worse
than consistent losses, particularly when the rewards of your labor are the
sole earnings for the month. Many unsuccessful traders find themselves in a
position wondering where their next meal will come from, and certainly it won’t
be from the thousands of dollars in losses that they have incurred.
Trading plan planner
A trading plan planner is the key to avoiding losses and creating profits.
Trading plan planners help build a quality trading strategy around your own creative techniques. A trading
plan planner should be the first stop for anyone serious about preserving
trading capital. Knowing how to plan, what to plan for, and why you need a plan
is often the fastest way to eliminate losses and produce consistent profits on
a day to day basis.
Professional traders understand the importance of learning to plan. Losing
traders all have one thing in common: either a losing plan or an inconsistent
plan. A profitable
plan used by an amateur who understands why consistency is important will prove
profitable, while the same plan in the hands of a professional unconcerned
about consistency will lose.
Master day trading
To master day trading involves not only understanding the financial markets,
but also the many variables involved in professional trading and investing.
While many think that knowing where to invest is the key to profitability, how
and when are the two most important parts to creating profits. There are no
true insider methods, but just trading discipline, which drives a trader to
remain consistent and profitable.
Your own discipline
Trading discipline cuts straight to the bottom line. It is common that those
who plan wisely and chart out each position do well, while the gambling trader
fights just to keep his head above water. Uptrend, downtrend, or sideways trends
abound, the disciplined trader can make money in any market – even those that
aren’t a point of interest. It all comes down to understanding your own trading
plan and having the discipline to follow it.
Traders who diverge from the path of planning and organization are quick to
fail. Rather than focusing on creating profits, they’re looking for get rich
quick investments and hoping to make a killing on one trade rather than produce
long-term profits. Any trader serious about making money should instead look to
the long term and the potential of everyday trading.
Leroy Rushing is the Founder and CEO of Trading
EveryDay, a provider of educational trading products and services that are
available worldwide. Trading EveryDay has complimentary/FREE products, a Tools of the Trade
eBook and a Trading
Room Report, that are downloadable for your convenience.