It Takes Discipline to be a Good Trader

It Takes Discipline to be a Good Trader - Discipline...

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Unformatted text preview: Discipline Educational Tyler Bollhorn, Stockscores.com What does it take to be a good trader? Many would say it is an excellent understanding of the stock market, or perhaps a lot of good contacts. Having access to technology and the ability to get trades in quickly are important. But above all else, the one thing that is more important to successful trading is something that seems very simple. Discipline. Sounds simple, yet it is the greatest failing of people who lose in the stock market. Successful traders realize that they will not be right all the time. Many successful traders are profitable on less than half their trades. Given these losing probabilities, the reason winners make money is because they cut losses short and let profits run. They have the discipline to hit the eject button when they are proven wrong. And those who consistently lose money? They hang on for the dream Fear of taking a loss or fear of missing out on an uptrend cause many market participants to hang on to losing...
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