Wednesday, 3 April 2013

April 2, 2013-No Hands on Deck

Long story short, I thought I would be able to trade today but I couldn't; well I got all the tech glitches dealt with by 12, but I refused to trade for a few reasons:
  • I wanted to trade using the open as my starting point
  • I didn't see any true setups after the glitches were fixed
As a trader, sitting on your hands can be one of the most difficult things you can do. The urge to press that little buy or sell button can be comparable to an addiction to a drug ( or golf in my case !!). During my first live stint in the market, I continually made this mistake. There were days I traded just because I wanted to be in the market. That had an adverse affect on my account (and my emotions).

I'm working on it-patience is the key. You have to WAIT and give a stock time to set up. Impulse trading blows up an account faster than you might think. I'm not trying to sound like every other trading website that disseminates recycled trading tips. This just happens to be one of the most important things that any trader (especially new traders to the market) must be cognizant of.

Until tomorrow...........................                                                                         

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