Below are a few things that have kept me in check:
1. Trading is a business. Because I know it’s like a business, you’ll not allow losses and expenses to influence your decisions.
2. Don’t trade money you can’t afford to lose. It’s important to remember that your trade will not always work out.
3. Know when to stop trading.
4. Accept loss. Don’t place another trade to make up for a loss
5. Never impulse trade. Research and prepare for your trades.
You must remember that just like babies make mistakes when they first learn to crawl and walk, every trader starts out making the mistakes and learning the same lessons.
Every trader needs to learn what suits their trading personality and their appetite for risk. So don’t get into trades that will keep you up at night.
Let’s make some money.