6 things to avoid for a good trade

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Smart Trader: 6 Rules of thumb | 6 to avoid for a good trade

From cwayinvestment's Youtube channel.

This clip, Elder Ek shared an important idea for the trader that he was advised by one of the seniors who had been in the market for a long time (when Elder Ek started, he had been in the market for over 10 years).

The "6 Rules of Thumb" (6 Rules of Thumb) Although these six rules seem to be short words, easy to remember, and seem to be nothing complicated, it is actually the core that reminds, adjusts Mindset, and prevents fundamental mistakes that often fail traders.

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1️⃣ Stupid: Implementing a technique or knowledge that has not been studied enough, misusing it and resulting in a loss.

Guidance - It is best to study the data and understand things well before actually applying them.

2️⃣ credulity: Stick to the words of others, such as trust a guru or Infu with a lot of followers, and trade as he cheers without thinking well, which when a mistake occurs, causes a heavy loss or loss.

Advice - Listen to information, but always have to "think and analyze before believing."

3️⃣ Perplexed: When we receive conflicting information to the point of confusion, lack of confidence, many people tend to choose shortcuts by asking others instead of trying to understand them for themselves, which is even more confusing.

Advice - When there is confusion, "stop" and spend time figuring out, figuring out, or figuring out the issues until you understand them.

4️⃣ idiotic: Trading without consciousness, without reason, and allowing emotions to dominate, such as rushing to trade for fear of losing a car (FOMO), which often leads to mistakes and losses.

Instructions - There should be a clear "trading system or plan" to be a mind anchor, allowing efficient decision-making and reduced use of emotions.

5️⃣ Lame: Want to be good or want to be rich, but lazy, looking for shortcuts, which is in fact no shortcut. If you want to be good, you have to trade-off with time.

Instructions - Take the time to study, learn and act seriously. Sometimes reading or listening alone is not enough. Must enter the actual field to collect flight hours and accumulate experience by yourself.

6️⃣ Sleepy: Physical health is not ready for any cause, such as staying up late, watching a series, or working all day, which is an important factor in trading mistakes.

Instructions - Always keep your body ready, keep your energy well, such as a short nap during the day, about 15-30 minutes to compensate for fatigue, as well as to design and adjust your trading strategy to suit our own time and energy level.

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