How to Approach Trading - Part 7
It is critical to develop a well thought out and organized trading plan. It is then important to have the discipline needed to follow it. Diversify your trading into several unrelated markets, or focus on one market and time frame where you have seen you can make money. Trading, by its nature is not investing. Trading requires consistent monitoring on at least a daily basis because of the large impact a small price move can have on your account. You should strive to stay on the right side of the market and manage every trade – unless you find that you can make money by being on the other side of the market . Being a contrarian at heart, some of my best trades are made by going the opposite way from everyone else. I believe a lot of wasted time and money can be avoided by working with a professional. Carefully choose a mentor, so you don’t have to learn everything the hard way. Trading is a means to an end. In and of itself it is nothing more than that. Trading should bring fulfillment of your business and personal goals. Trade as little as possible, you’ll make more money that way. Avoid becoming a day trading zombie sitting in front of a screen all day hoping for another move.