WHAT ARE SOME BASIC POINTS WHICH WE MUST KNOW BEFORE GO FOR STOCK TRADING ??

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Trading

1.       Trading is not gambling.

2.       Trading is years of hardwork, learning, and discipline. If you are looking for a place to make money easily, look elsewhere.

3.       Trading is purely a game of psychology and discipline. Numbers data etc are secondary

4.       Never trade with a profit target in mind. Trade because a trade is the right thing to do at that point of time

5.       Capital preservation is the only job you have as a trader. You need to preserve your capital for great trades with high probability of high profit. If you lose money on poor trades, you will not have any money to take the great ones

6.       There is a life outside of trading. It is easy to lose sight of that and get addicted to gambling.

Planning

1.       A trade is not just up or down. It is a complete plan

2.       Most of the trading happens outside the market hours. The actual trade is just 5% of the work. Do you homework and plan your trades at least the previous day. If something seemed like a good idea to you this morning, it is often a bad idea

3.       Keep your trading plan simple. Just look at 3-4 indicators. More numbers equals more complications

 Never

• Never gamble on events.
• Never listen to someone else, especially tipsters.
• Never trade when you are in an emotionally unstable place.
• Never trade to recover lost money. It is extremely dangerous.
• Never average. Averaging is an easy way to make twice the losses. Stay away from it as much as you can.
• Never look at the markets or look at your floating P&L all the time
• Never try to catch the top or bottom