Trading is not easy! You may hear that it's easy and you will make tons of money, but that's only part of the story. Rarely does anyone talk about the sacrafices and comittment one must make to achieve consistent profitability. The three critcal skills that take real time to develop are:
1) Trading Method that compliements your trading personality. You may try and develop many methods before coming to one that allows you to make money.
2) Money Management is simple in theory, but quite another thing to successfully implement. Your money will not last long without this concept serving as the basis for what your doing.
3)Patience is so important to win the trading game. It takes months or years in the markets to realize that you have nothing to lose by waiting for your setup to truly arrive. Most take trades before they are really setup to avoid missing out. This only puts too much pressure on the trade, and when it fails to deliver a fast profit, you jump out with perhaps a small loss or worst, exit with a big loss. It's rare trades that are not put on correctly pan out.
I titled the blog entry " Find A Way To Get Long" but that is in the context of waiting for a setup and executing the trade with proper management. Don't give away money by lacking the above mentioned skills.
Find A Way To Get Long
Friday, 13. October 2006
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