So, what's this story got to do with online trading, you might ask? Well, nothing and everything!
The fact is, it's a very good life lesson. Many traders trade like this – absolutely certain that what they are doing is right, and MUST be right because it's them doing it. And that's totally irrespective of what the markets are plainly telling them!
We get negative feedback from the market, e.g. it moves against our position. So what happens? Instead of having a stop that gets hit and takes us out for minimal loss, we have no stop at all. Or worse still, we actually ADD to the position. That's kind of like saying to the market, "You IDIOT!"
In day trading, the ability to be independent is even more important than in other life arenas. That is because in the day trading arena, there is no such thing as “absolute truth” and there is no end of opinion, conjecture, rumor and fantasy. Hope and Greed play their part too, and overall create a landscape of illusion wherein a person with no independent opinion of his/her own will be swept away to rapid destruction…
The key point to come back to is that Online Trading has to be a business, if it is intended to be your primary source of income for yourself and your family. If that is the case, then it is imperative that you treat it with the seriousness that it deserves. That means that even though you may be working for yourself at home, you need to impose some business disciplines that you would find in a standard office environment.
To a large extent, ALL online traders (both institutional and private) suffer from one or more of the same set of trading errors that CRIPPLES their performance and profitability in the markets.
More on Online Trading Free Report Reveals: The 7 Deadly Mistakes Of Trading
Hi Everyone,
This is to announce the launch of my new website and blog, Online Trading Rebel.Com. On both this blog, and in the website, I aim to provide you with cutting edge strategies and techniques for successfully trading Forex, Stocks, Bonds, Commodities or whatever. This is planned to be the first website of many in a new information company that I am creating based upon trading and investment from a quantitative point of view.