According to a certain vulgate, in reality clear only to beginners, trading is planning and waiting. This is only partially true. In the middle, in fact, there is the management of operations. Which, to tell the truth, is absent if you do automatic trading (but that’s another story).
If you trade manually, trading is an essential part of your business, or at least it should be. This means, in most cases, changing the Stop Loss as needed. That’s right; Stop Loss is not a granite element. If market conditions change radically, abruptly and, above all, during the race, changing the Stop Loss is almost a must. With Go4rex this is the best deal now.
Unfortunately, managing operations, and therefore open positions, is very difficult. We need not only analytical skills but also cold blood and decision-making ability in the very short term.
Follow an expert
Obviously, the advice is not to stick to a trader’s skirt and do exactly what it says. The idea is to continue with your own legs, until your legs fail, or reveal an excessively short step. In short, if you begin to doubt yourself, look to others.
In some cases, following slavishly (and not occasionally) is another trader is wise; indeed it is a stand-alone strategy. It is the copy trading strategy.
However, there are ways and means of following others. It is not a question of faithfully replicating orders, even from a quantitative point of view. In reality, it is a matter of following the strategies and operations of others, also and above all for what concerns the basket of indicators and, in general, the approach to analysis.
Manage your emotions
Managing one’s emotions is even more difficult than managing risk. In fact, to manage risk, discipline and a little technical knowledge are needed after all. To manage emotions you need a moral and mental caliber that, honestly, is not present in all traders. This is not a particularly recently, also because, and all the experts agree on this, the psychology is an integral part of trading. It is not possible to undertake a profitable career in trading without having performed a certain work on oneself, a path of analysis that, for once, does not concern the markets and the charts, but rather one’s own psychic, psychological and emotional sphere.