Psychology Part II
– Never enter a trade without no plan, that’s a pure gamble.
– With plan you will less or zero emotions, because you are prepared for both scenarios, and nothing can surprise you. Be prepared, and you will bet he winner. Because majority of retail traders don’t have any plan.
Accepting risk
– Think about trading like running a business. When you are entering a trade, in order to make money you have to risk some, to win some. Your risk ammount if the SL will be hit is the fee that you are paying for running your business.
Ego
– If you feel like you can’t lose any trade you will take, leave the trade as soon as possible because this is the time when you will get burned.
Game of probabilities
– Al lit takes from good setup to losing trade i sone other person that thinks different than you. Always use risk management even if you have best possible setup.