- Study the Market correctly
- Control your emotions
- Maintain Discipline
- Never be emotional while trading
- Be discipline
- Manage your Time effectively
Here are 3 hacks for making better decisions:
- Start with setting clear and specific goals for your trading. It will help you make decisions that are aligned with your overall objectives.
- Learn about the market and the securities you are considering trading. It includes keeping up with news and events affecting the market and conducting technical and fundamental analyses.
- Take guidance from a financial advisor or mentor who can provide additional perspective and insight. It can also be helpful to seek the input of a diverse group of people, such as colleagues or peers, to get a range of perspectives on a potential trade.
My trading goals keep changing, and it is difficult to set specific goals. Can you give some tips for the same?
Decisions determine how a trade will unfold in the market. So it is beneficial. Nice read. Please keep on spreading useful content like this.
I think planning and focus is really necessary to set specific goals.
Trade Psychology Note:
When you have great money management, only risking 1% to 2% account value per trade, with a great trade plan…Fear is removed.
Your trade plan should always be back-tested and have a positive growth curve. Based on your trade plan, even with a losing streak, you should still be profitable.
Example:
Average winning trade is 10% account value
Average losing trade is 1% to 2% account value (risk management)
Even with a 40% win rate 4/10 trades you are still growing your account.
6 losing trades at 2% = 12% drop in your account value.
4 winning trades at 10% = 40% gain in your account value.
Total gains: 28% Good trading day, week, month, etc 
Discipline and knowledge are necessary for better decision making in trading.
Right! Discipline, knowledge, and practice are my 3 hacks.
Chart time
Chart time
Chart time
Right attitude, Risk Management and Practice.
Develop a trading plan, Analyze the market, Manage your emotions.
This kind of optimistic outlook is very important.
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Indeed, but also we shouldn’t forget about knowledge. I ain’t really think it’ll be easy to create plans without any idea of what this sphere consists of, and what variables are bound to be counted.
Still, these two things you underlined are kinda crucial I guess. Focus takes even a bigger role alongside the discipline. But actually it’s pretty much the same.
I think every trader should read this post. It will make it easier for many traders to make decisions.