Here are nine simple rules for online trading success.
1) Trade With The Trend. You can't change the weather, but you can set your sails to take advantage of whichever direction the market wind is blowing. Trade what you see, regardless of what you'd like to see.
2) Buy Strength, Sell Weakness. Stocks trading at 52-week highs usually go higher. Stocks trading at 52-week lows usually go lower.
3) Base Your Trading Decisions On Logic And Reason. Respect the power of your feelings to influence your behavior. Keep your emotions under control while trading.
4) Plan Every Trade. Trading blind is senseless. Know exactly what you will do if a stock goes up or down BEFORE you put money on the table.
5) Stick With An Online Trading Method You Have Confidence In. Realize that you don't have to be "right" on every trade. A few losers do not mean your trading system is defective.
6) Manage Online Trading Risk. Take small trading losses rather than let them become large losses. Never add to a losing position.
7) Keep A Trading Log. Even if you never use it for analyzing your trades, a journal provide a written reminder of your ability to stick with your trading plan. To boot, it's in your own handwriting, which can be pretty persuasive if self-doubt starts to creep in while you're in a trade.
8) Measure Your Results. You're trading online to make a profit. If your figures don't add up, stop putting money at risk until you know why your stock trading method isn't working.
9) Invest in your online trading education. The victory goes to the prepared, so prepare for success. Get good training and instruction. As the saying goes, "If you think education is expensive, try ignorance . . ."
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