Dear Trader: In order to became a successful trader you will have to learn how to avoid some of the most common mistakes and also applied some basic rules for your daily trading. There is not a set of rules, system or trading methodology that will guarantee your success in this business, but all of the winners will tell you, that is all of their personal rules together, that maintain them in the trading business. You may recognize that some of this rules are similar to other information that you have previously read, this only confirm their importance and the frequency in which many traders repeat the most commonly mistakes. There is no a particular order in which this rules or principles are written and all of them are essential for a successful trader.
1)Always trade with a plan, many traders does not have a trading plan, they just trying to guess if the price is going to go up or down. 2)Learn the fundamental and technical conditions of the markets that you pretend to trade; state and projection of the economy, economic data, overbought and oversold conditions affect the price action. 3)Invest in education, lets be honest nobody was born a successful trader, all of them had passed a hard preparation in which they have invested in courses, advisory services and trading tools. Don't be afraid to invest in yourself, find a good course and a tuition services who guides you throw the process to be a professional trader, must of the most successful traders invest in advice. 4)Learn the particular specification of the contracts that you decide to trade, contract size and specifications, tick value, margin requirement; all this basic information will help you avoid basic mistakes 5)Learn how to place the correct order, there are many types of orders, please learn all of them, many traders don't understand that a stop order becomes a market order at the moment that the specific price is reached. 6)Don't let second guesses abandon your original trading plan, stick to it, many traders make their homework but instead of placing an entry to a trade where they originally pretended to do, they just jump in pressed by their own stress, be patience. 7)Always trade with a stop, this is a basic rule on the trading bible, frequently a trader cancel or change their stop, this will only increase your losses on the bad trades. 8)Let your good trades run by trailing your stop, if you maintain small losses in your bad trades and you let your good ones run you will secure a good risk/reward trading strategy. 9)Support and Resistance Levels work, floor traders use extensively this areas to enter or exit a trade, try them, they simply work. 10) Overtrading and scalping its not the same thing, inexperienced traders overtrade, many successful day traders initiate every trade as a scalping letting it prove itself for a longer run.
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