Create your own structure for trading
- Set a limit on your risk.
Before you enter a trade, decide how much you are willing to risk. This will help you accept that each trade has a potential outcome and that it could be a loss.
- Develop rules and boundaries.
Create an internal structure that will guide your behavior and help you make decisions that are in your best interests. Write these rules and boundaries down.
- Take ownership of your trading decisions.
Recognize that you’re the one responsible for your trading decisions. To be a successful trader, you must put in the effort and focus to develop all the skills you need.
- Create a trading strategy.
Take the time to analyze the market and plan your trades for the next day. When creating a strategy, make sure to avoid speculative trading: don't rely on tips from friends or brokers, as it is easy to shift the responsibility by blaming them for their bad ideas.
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