Is Trading difficult for you?
Have you thought about giving up?
If So, Today is your breakthrough. Here is what you should do next.
Quickly hit the follow button because I Will be sharing 7 Counter-Intuitive tips from the financial market Top Traders that will change your life and your trading style.
These tips will be shared in bits to help assimilate each tip. Each tip will carry quotes from these successful top traders and a guide to understand them.
Let's jump right into it.
Tip #1: Trading more or longer is not always the best.
At times, doing nothing might be the best thing you can do. A lot of people get so enmeshed in the markets that they lose their perspective.
"Working longer does not necessarily equate with working smarter. In fact, sometimes it is the other way around"-Martin Schwartz
Most jobs are designed around the clock. Spend X number of hours, and we pay you Y amount. This relationship between time spent and reward is so commonplace that we take it for granted in all things that we do.
Unfortunately, this does not hold true for traders who want to maximize their edge.
Why?
Martin Schwartz's thoughts undercover the need to work smarter and not longer.
The market is beyond your control. Of course, we can decide to spend more time trading, but if the conditions are not optimal, it will do more harm than good.
"The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages"- Jesse Livermore
Jesse Livermore points out the need to kill the “regular wages” mindset and respect the market’s underlying conditions.
Think about it. If the market is not offering you a trading edge, the best thing to do is STOP TRADING.
"If most traders would learn to sit on their hands 50% of the time, they would make a lot more money"-Bill Lipschutz
Bill Lipschutz’s key point is most traders trade far more than they should.
Paradoxically, SUCCESSFUL TRADERS KNOW WHEN NOT TO TRADE