Oh And You Probably Don T Have A Trading Plan Either

Category: Finance, Currency Trading.

The invention of the Internet has brought about many changes in the way that we conduct our lives and our personal business. We can even buy and sell stocks online.

We can pay our bills online, bank online, shop online, and even date online! Traders love having the ability to look at their accounts whenever they want to, and brokers like having the ability to take orders over the Internet, as opposed to the telephone. Another great thing about trading online is that fees and commissions are often lower. Most brokers and brokerage houses now offer online trading to their clients. While online trading is great, there are some drawbacks. If you are a stock market savvy, online trading may be a dangerous thing for you. If you are new to investing, having the ability to actually speak with a broker can be quite beneficial.

If this is the case, make sure that you learn as much as you can about trading stocks before you start trading online. You won t always have the ability to get online to make a trade. You should also be aware that you do not have a computer with Internet access attached to you. You need to be sure that you can call and speak with a broker if this is the case, using the online broker. It is also a good idea to go with an online brokerage company that has been around for a while. This is true whether you are an advanced trader or a beginner.

You won t find one that has been in business for fifty years of course, but you can find a company that has been in business that long and now offers online trading. Think carefully before you decide to do your trading online, and make sure that you really know what you are doing! Again, online trading is a beautiful thing but it isn t for everyone. You are unique. Your genetic makeup is unique, your background and upbringing are unique. There is nobody else like you in the world.

They have made you what you are today, warts and all. Your perspective on life has been moulded and created by your parents, your partner, your teachers, your colleagues. The values that you hold are those that have been instilled in you through your childhood. Your entire world is how you see it and not anybody else. Your attitude to money will be unique to you. Your idea of risk will be yours and yours alone.

Some of you reading this article will think that$ 200 is not much to lose in a few minutes, while others will take an opposite view. However, as a percentage of your trading capital, it could be significant. In terms of your overall capital wealth, it may be a small sum. If it s 10% you would be out of the game in 10 trades. Undoubtedly, you will have strengths, but you will have weaknesses also. Less than 1% , you stay in the game longer and live to fight another day. Understanding yourself as a person is the single most important factor in deciding whether you succeed or fail as a trader.

Make no mistake about it. If you do not understand yourself, you cannot succeed. Your personality has a major influence on how you trade. In Market Wizards, the single most important element of a successful trader is in having a trading plan that fits your personality. It is more important than the software you use, your system, your broker, or even what your partner thinks. How can you write a trading plan if you don t know your personality?

Oh and you probably don t have a trading plan either!

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