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Three simple tips for traders
We regularly post useful and actionable information for traders, and today we would like to share three simple, but oft-overlooked tips.
Focus on the process, not the results
The process is trading itself. Work on making sure you are trading with confidence and stick to your plan while keeping your risk where you want it to be. Overly focusing on making money will ultimately poison your strategy.
Don’t try too hard
It sure is a paradox, but it has proven itself time and time again. On the one hand you have to devote a lot of time to the craft to be successful at it. On the other hand, if you try too hard, you are likely to overtrade and end up losing money. Learn technical analysis. Learn to identify key levels, trends and consolidation periods. Make risk management paramount to your strategy.
Take on responsibility
You can’t become the best trader there is if you don’t take 100% responsibility. Try to analyze your every win and loss and learn from them to improve even more. Constantly work on your mistakes.
Follow these tips to grow and improve as a trader.
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[moderator's note: consecutive posts merged]