I partially disagree with #6 I agree that you need the ability to make decisions, but I don't agree with how you explain it. You obviously need to make decisions because that all investing is i.e. "will it go up or down, how far, and for how long" but the way I interpreted your explanation was that you needed to rush trading. The more you rush the more likely you are to make mistakes. Unless you want to be a scalper you need to take time to analyze the market. On average the longer you take the better the decision, however you still are going to have to trade eventually so I suggest most newbies start trading higher time-frames so that the markets move slower.
The problem I am faced with is the ability to make a quick decision. I always overthink everything and this is not good when you have to make fast decisions about what to do with your money. I am always afraid to make the wrong move and lose my money. Thanks for this article, it was interesting.
I also think you have to understand the risks and be prepared to take them. Some people are a bit silly about the whole thing and assume that they are going to get rich off of their investments. It could happen, but chances are good that it will not. People need to know that they are taking a risk and that they shouldn't risk money that they really need for bills or something like that.
That's true, you can do a great analyses and that certainly reduces the risk, but it doesn't eliminate it, so don't forget it's our money on the line, we can double it or lose it.
7 things are not enough, there are many things to learn and many new tips to be brought to do a be a good trader
You need to have a certain amount of stoicism to really be successful. It ties in with essentially every point on this list.
I should probably work on how to make quick decisions because i like to make moderately calculated decisions! and also work on my confidence for at times it does shrivel down to bits, all in all that is vital advice worth keeping in mind and later on implementing!
I like the above statement, nonetheless, can you elaborate on the meaning of "moderately calculated decisions!", does it have any relationship with confidence? As an investor at times I feel that timing is very critical for trade entry. I like to build my confidence around trade entry and timing issues because this could make the difference in winning and loosing positions, what do you think about this?
These are pretty good suggestions, but I am wondering about the author's position on Systems trading? I know many traders who no longer trade on anything else, other than through signals generated by some trading system. With respect to item 7 above when the author stated "use your own brain" what does Daniela think about trading with signals generated by trading systems?
