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                                        observe and learn how to profit

"the most important attribute"

A great trader and a friend of mine once said:  “I will tell you I am good at trading. I am good at investing. I am good at making decisions. I am good at admitting mistakes and that’s my best trait. I am really, really good at admitting mistakes. And that’s to me the most important attribute that an investor, that a trader, that somebody who’s trying to make a living matching wits in the market can have is the ability to admit that they are wrong. That trumps all other concerns. Education doesn’t seem to have that much viability to me. It’s the ability to say I’m wrong.”

Panoramic View Of Karlovac.

Daniel Butala

                  

Your primary job as trader is to devise a plan that will get you profits that are large multiples of your initial risk.

I emphasize, as I always do, that one of the keys to successful trading is to have an exit strategy in place before ever entering a position. That enables a trader to get out if he is wrong on direction. The strategy needs to be one that permits profits to run while creating a disciplined unemotional exit that initially is both clear and close to the entry. In that fashion, prediction no longer controls. The successful trader, instead, simply reacts to the price movement. Having a plan that incorporates money management, reward to risk potential and disciplined exit strategy can supply an edge that prediction doesn't. The key, of course, is to learn how to make the profits from the winners significantly exceed the losses from the losers.