Use capital you can afford to lose. If it’s over it you won’t be clever to enjoy the intellectual freedom to compose sound trading decisions. The key is the mental independence.
Initiate small. Check your trading system and its logic from side to side paper trading or back check it with the access data and Free Stock, Forex and Comex Signals. Then start with little quantities or a single lot.
Be patient & disciplined with the buy/sell setup and its logic. Have very conviction in it and do not base your deal on hope. Perform as a robot with no any emotions and have point temperament. Don’t attempt to time the trading market’s low & high for a deal entry. In fact, let them build up so as to verify the formation and then go in. It’s improved to get in with several kinds of the insurance or confirmation quite getting wedged in a false structure.
Impatience results in:
-jumping in trades and getting stuck in the wrong direction
-getting out rapidly of a potential gainful trade
Trade what you observe, not what you desire to see. Be a market trend follower and check the momentum. Don’t create the day through an opinion. Let the marketplace tell where it needs to go. Opinions are, what get you into a problem. Always deal the trend. In fact, ride it.
Try to pass up market orders. Use of it looks lack of patience & discipline and conviction in your deal setup and its judgment. Before incoming a trade everything must be pre-planned (exit/entry/stop loss).
Never enter your whole position single price. Do it in 2 to 3 installments to look if the market is touching in your way before completely committing yourself. And also follow experts suggestion like Live Commodity Tips and News.
Always trade with a severe loss. Using an SL (stop loss) is not a sign of your being short of conviction in the deal. It is a sign of being short of conviction in the temper of the market.
Never put into a losing position. When the market has given the judgment that your deal is incorrect, you are incorrect. Accept it. Just get out of the market and don’t average it. Don’t get it personally and the bring your ego in amid. Don’t clash the marketplace. It’s not a single on a single thing. It’s one of the lots of. In fact, this circumstances must never happen only as SL will hit if marketplace goes opposite you. If it doesn’t hit, totaling to a losing position is immobile against Rule three of not being enduring, disciplined and dealing with hope.
Every trade is an individual deal. If you have made or lost money in special scrip, don’t attempt to get more or back from it. End of the day or month, what counts is quantitative part i.e. net profit or loss, not qualitative part i.e. names of the winners or losers.
Build a trading pyramid. When you put into a winning trading position don’t insert more than you previously have in the release. For example, if you have four contracts originally, it’s prudent to put in 3 to 2 to1 lots, provided by the market is touching in your way.
Avoid the inverted pyramid, as additional added trading positions would secure the gap flanked by the average and marketplace rate and a minor marketplace reversal can clean off the whole profits and could modify a winning trading position to a losing one. Also, it can seriously risk money managing with extra margin cash added.