Now learning how to avoid pitfalls alone can help make you fortunes! How so? How can studying boring pitfalls to avoid help you become so much more profitable?
Well that should be obvious to you but on the other hand it’s not. Pitfalls are exceptionally bad when you discover, when it sinks in overtime, that a pitfall ties up or eats up your capital and gets your focus off of anticipating your next home run opportunity. When you make a mistake it’s better just to rip your position out of the markets versus sit in it and have it go against you and cause you misery.
Speaking of misery that’s in big topic to understand. What you do need to know is that your mindset and your emotional state is very important to your trading. The markets follow a “The Law of Attraction” concept and do so very quickly. You will start seeing opportunities as new trades to do that coordinate with our mind state and emotional state, although one could argue that those are the same thing although they are not. So in short you do not want to miserable when you’re trading but rather you want to be feeling good because you’ll draw good trading ideas to yourself. And you need to work hard and smart to get to the state where you are feeling good in your trading.
In order to feel good in your trading you’re going to need to workout your method that essentially… Feels good! You are going to need not only a good entry and exit strategy but you’re also going to need a good smart money management position sizing method in order to know how much to put into each position for maximum profit but also for maximum long-term durability.