"Most people jump into trading way too recklessly. They buy whatever looks good, panic-sell when things go bad, and chase whatever hot tip they heard at lunch. Then they act shocked when their account balance keeps shrinking. The difference between newbies and traders who actually make money? Planning. Why planning actually matters Every successful business runs on a plan. They know where they're going, how they'll get there,"
"and what they'll do when things go wrong. Trading isn't any different - it's a business that requires the same kind of thinking and discipline. Pro traders never wing it. Before they even click buy, they already know exactly when they'll sell - whether that's for a profit or to cut their losses. This takes all the guesswork out of trading. When prices start moving, they just follow their predetermined rules instead of freaking out or getting greedy."
Many traders enter the market impulsively, buying attractive assets, panic-selling during downturns, and chasing tips, which shrinks account balances. Successful trading requires a businesslike plan with predefined entry and exit rules that remove guesswork and emotion. Traders should set specific financial goals and realistic return targets based on available time. Honest assessment of risk tolerance and acceptable losses is essential for survival. A single, consistent strategy should guide selection, timing, and exits. Predefining profit targets and stop-losses enforces discipline. Beginners should avoid juggling multiple strategies and focus on disciplined execution.
Read at London Business News | Londonlovesbusiness.com
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