Theres a huge myth out there that stock trading isnt a business. Some even go as far as to call day trading no different than gambling. While this can be true in some instances, stock trading done well is just like any other business. The reverse is true as well: To be successful in stock trading, one must follow sound business principles.
Just like any other business, to succeed in stock trading, you must approach your business as a business. This is not some fly-by-night get rich scheme; this is a potential career for you to invest time, money, and education into. In other words, to succeed in stock trading, you have to treat it seriously and professionally.
Just like any other business, before you invest a single dollar you should have a plan of how you plan to invest. In business, this plan is called a business plan. In investing, this is called a trading system. Without a trading system, a stock trader who trades on blind emotion really is no different than a gambler at the racetracks. Basically you need a system or amethod to adhere to. This is where most go wrong. Even the ones who realize this buy into the “emotional” methods. What do I mean by...
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