A common question many that trade should ask themselves is what do they want from this business, are they doing just for fun like a gambler or are you really taking it serious and trading as a real business? Important question that actually can divide us between being productive and profitable in this business as well.
We all see it differently, in the video below I will go over the common kinds of traders out there.
If you wish to add your opinion please comment below your thoughts on the subject in the comment section below.
Tips To Avoid Trading Like a Gambler
- Backtest, do lot’s of back testing..
- Trade the time frame that suits you.. If you wish to sit in front of your computer most of the day then yeah trade the 1 hour or 4 hour chart. If you wish more freedom then choose a time frame that suits like the daily and weekly..
- Avoid entering trades just because the market is quiet, always wait for a good opportunity to present itself, then trade. Think like an opportunist, not someone that has to trade day in day out. There will commonly be quiet periods where no trading is much better than trading.
- Learn Patience..
- Always set achievable goals to your trading style.