NEW TRADER RICH TRADER - 18 Lessons from The book

-R.Kain

"NEW TRADER RICH TRADER" - 18 Lessons from the Book  

1. New traders are greedy and have exaggerated hopes. Rich traders are honest about their potential profits. 

2. New traders make bad decisions as a result of stress. Rich traders can control their stress. 

3. New traders have short attention spans and demand constant action. Rich traders take their time. 

4. New traders trade as a result of emotional effect. Good investors utilise a trading strategy. 

5. New traders believe that learning never ends. Rich traders are lifelong students of the market. Management of Risk 

6. New traders behave like gamblers. Rich Traders conduct themselves like entrepreneurs. 

7. New Traders risk everything. Rich traders have rigorous control over trade size. 

8. For New Traders outsized profits are the #1 priority. Rich Traders know that managing risk is the #1 Priority. 

9. New Traders try to prove they are right. Rich Traders admit when they are wrong. 

10. New Traders give back profits by not having an exit strategy. Rich Traders lock in profits while they are there. 

Trading Methodology

11. New Traders give up. Rich Traders persevere until they are successful.

12. New Traders hop from system to system when they lose. Rich Traders stick with a winning system even when it is losing.

13. New Traders place trades based on opinions. Rich Traders place trades based on probabilities.

14. New Traders try to predict. Rich Traders follow what the market is telling them.

15. New Traders trade against the trend. Rich Traders follow the market trends.

16. New Traders follow their emotions to their disadvantage. Rich Traders follow systems that give them an advantage.

17. New Traders do not know when to cut losses or lock in gains. Rich Traders have an exit plan.

18 New Traders cut profits short and let losses run. Rich Traders let profits run and cut losses short.