Knowing when not to trade is just as important as knowing when to trade!
Knowing when not to trade is a crucial part of preventing losses!
Trading requires patience!
Waiting brings pain!
Pain brings wisdom!
Wisdom brings balance!
The process of trading is painful; it can be exhilarating when you make a mistake! It can be dull when you get it right!
This is why many people make mistakes holding onto losing positions and exit winning ones!
Learn to utilize range trading; often there are no price breakthroughs or trends, approximately 80% of the time the market is in range oscillation!
You need to learn to profit from range fluctuations, short at the high points and long at the low points!
Of course, strict stop-losses are necessary! When a real trend emerges, losses can be substantial!
Recognize the truth of trading
Losses are a part of trading,
Do not seek perfect trades,
Trading is full of uncertainty,
The market is unpredictable; predictions must be validated before entering the market.
You can only profit by controlling yourself.
Trading is a place for self-cultivation, involving capital management, emotional management, and mindset management!
Trading requires adherence to a trading system and trading plan!
First control the risks.
