Is something that cannot be easily done in a single article. Well what did you expect. There is no miracle cure for the common cold and that has been around for a long time. In fact, teach me to trade is really a series of fast delivery silk lash to make common sense traders out of the more flighty traders out there who seem to find that their bank accounts are depreciating faster than their hair lines.
Acste There is a reason why more and more people are dropping out of the trading markets faster than flies and this is because they are bound to the simple fast delivery silk lash of impulse trading. This is lesson one and be sure to listen up close. Trade like a pro means you have to be like ice. In fact, you have to be colder than ice. You have to be sub zero when you are assessing the market and to remind you of how important this is, place your hand on an open fire for 3 seconds. That is how fast the market can burn you if you do not have any coldness to beat it.
Now I am not being ridiculous here, in fact, all I am saying really is that you need to get rid of the heat of fast delivery silk lash and the impulse of making spot decision on the trade. This is how people lose money. This is how people end up looking for food out of garbage bins when just a few months ago, they were trading from their home. I am not saying poverty is something to be looked down on, I am saying that they had the chance to avoid this situation and they let their emotions get the better of them. First and foremost, place your heart in a blender and hit high, that is how much your heart has on the market.
Yea, you will be scared, you might even skip a beat when you see one of your fast delivery silk lash spike towards the south pole when all your research, all your work told you that the market is going only one direction – up. So what do you do? Do you panic like a little girl, throw away all your stock, shout at your broker and buy a bottle of whiskey? No. If you do that, most likely the market is going to spike back up, and the money you would have made if you had just stuck it through has just gone down the toilet. Good fun eh. No. Trade with no emotion. Assess the situation. Look over your charts. Look over the technical indicators. Assume that your trade signals had flaws and formulate an exit fast delivery silk lash. At the same time look at your options and calculate the risks that you are going to take. Then make a decision. Do not lash out because the market can lash back, and when it does, it hurts. Teach me to trade like a pro, well, go sub zero and you are closer to winning.