There are times when traders are stymying themselves because we are doing too many things not to do. Trading is very difficult but does not mean that we need to know everything to be able to trade well.
In fact, in order to trade well, we only need to perform well what is needed for a trading strategy. Many traders lose money because they do too many unnecessary things, which can make themselves complicated in the trading process. And in trading, there are things that traders need to know how to decline, to say "NO" when they encounter these.
Here are 3 things that a trader must learn to say "NO" to during trading.
1. Do NOT find perfection in trading
Nothing is perfect and neither is trading. However many traders require it to be perfect. Sometimes I meet traders who are looking for a winning method, or looking for a dream-like strategy,...
Even if this perfection exists, we should not wait or seek it, because sometimes it makes us miss a lot of good things in trading. It is this that prevents you from accessing other things. And sometimes perfection makes you meticulous and makes you create fear. Which is something that should not be in trading at all?
2. Do NOT be afraid of losses
Not afraid of losing money here is mainly about the psychology of fear of losing money. Many traders are afraid of losing money but don't dare to trade or make many wrong trading decisions. Psychological fear can make traders prone to anxiety and it greatly affects trading results.
In trading, a loss is something that a trader wants to avoid. The only way to limit losses is to manage capital well.
3. Do NOT joins with poor quality signals
Most traders lose money by engaging in poor quality transactions. That is transactions without selectivity. Market signals are numerous but mostly of poor quality. And if traders don't filter our signals anymore, it's obvious that the losses are.
So we need to know how to say no to the temptation of poor signals. One is to improve the quality of our transactions, the second is to improve our trading results and to improve our long-term profitability.
Here are 3 things that look simple but are not easy to do. However, if we can say no to these three things, we can avoid quite a lot of trouble in trading.
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