- Do not keep opinions. No opinions about strategies, people or your ability to make it in trading. If you see people losing money horribly in market, ignore them. If you see highly successful traders, try to interact with them. But keep away from opinions... they lead into generalizations which can be very dangerous.
- Listen more and talk less- particularly applicable to people visiting forums and chatrooms. Okay, you like talking for hours to your girlfriend or school buds but this is goddamned business. You need to be precise and sharp. You still haven't made it big and if you start talking, you do the oppsite of being precise and sharp. It's not just about social interaction, effects your psyche as well.
- Do not make generalizations. Nothing can be as bad in trading as generalizations. Example: fundamental analysis does not work, technical analysis works better on daily charts, quant traders make most consistent money, trading is an art, big traders do not share anything about business to budding traders...
Thursday, December 17, 2009
Advice For Struggling Traders
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2 comments:
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