CHAPTER 9
The Business of Trading and Other Matters
Trading is a business like any other business.
To be successful at any business or profession takes knowledge and experience. Like every other business, traders must have a plan of how they will use information to make decisions and mange their business.
Trading is no different than any other business. I'm always amazed and frustrated that so many new traders who have taken the time to master and become successful at another business or profession think that trading is different. They throw out all the rules of success and believe they can quickly and easily learn to trade and it will be the path to riches. Trading takes time to learn and master like any other business. You must gain the knowledge and experience, develop a trading plan, test, evaluate and review to constantly improve, just like any other business. The beauty of trading is you can gain the knowledge and experience without much capital risk. You have the opportunity to trade unleveraged markets with a small account and small risk as you learn to trade. Few other businesses offer this opportunity.
Give yourself the opportunity for success. Treat trading like any other business.
ROUTINES AND TRADING RECORDS
How much time you have to spend each day for your trading business depends on your trading time frame and how many markets you consider trading. If you are a day trader, you may be sitting in front of the monitor(s) five or six hours a day making quick decisions. ...
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