www.winonmarkets.net Want to know the difference between what winning financial traders and losing one’s do? Well here are a few pointers from Self Made millionaire trader Vince Stanzione and author of Maximum Trading profits in Minimum time and Making Money From Financial Spread Trading:
If the price goes to 50, 51, 55, 60, it is going up, it doesn’t matter what the indicator or news says or what you THINK should be happening, the price tells you the truth and should always be obeyed. Many new traders lose larger amounts of money trying to pick the top or a bottom, this is risky and not required to succeed – unless you have psychic powers then stick to a trading system and don’t guess.
2.Don’t get carried away by technology
It’s easy to get blown away by all the great software, on-line trading, real time data, charts, business channels, apps and bells and whistles. The truth is, less is more, and information overload makes you a worse trader. The more complicated your system, the less chance it will work or that you will follow it. The majority of technical trading indicators are a total waste of time and you do not need to waste money on expensive trading software that claims to predict markets. The most important factor when trading any market is the price.
3. In trading and investing we are dealing in unknowns and factors out of our control – what you can control is the amount of money you risk on any one investment. How ever sure you are that XYZ is going to soar make sure you only invest a percentage of your trading bank that should it not turnout as you hoped you can still live to fight another day. If you money manage and keep losses small and your wins big then you can lose more times than you win and still make money.
4. When Vince was a broker he had access to 1000’s of client accounts and could see how they traded – the majority would cut winning trades very quickly but let losing trades run “hoping “ that they would turn around. You cannot afford to trade and invest like this – if something is not working out as planned cut it and get out – taking a small lose now is less painful than taking a big lose latter.
5. Don’t have a directional bias.
Many want to either always to just buy and go long a market, others are always bearish and want to go short – a good trader should be natural and happy to trade markets either way. For example Vince may be long a stock for many months that is in an up trend and then when it breaks that trend he will sell and go short, allowing him to profit from Up and Down moves.
If you too want to make Maximum Trading Profits in Minimum Time an profit regardless if the markets are rising or falling then visit www.winonmarkets.net and put the odds in your favour. The Beginner’s Guide to Financial Spread Betting & CFDs: Step-By-Step Instructions and Winning Strategies