Cosidering extremely bullish trend in silver one may easily carried over and stuck into the complex territory of commodity trading.
Silver is very volatile commodity and prices fluctuate on global cues. You may be introduced rather say lured to commodity by your broker by the prospect of making awesome profits. And chances are great you could be easily decived by the number and figures he presents before you. If you are a recluse and impusive trader then there 100% chances that you will lose your capital or worse may end up in debit. Steep and abrupt rise and fall are very common in silver prices. Lack of rational behind any trade can cost you some money. After incurring heavy losses in commodity esp silver trading I introspected and realised that there are some common characteristic traits of lost trades. I would like to share with you the lessons I learnt from my early setbacks.
1. Enter a trade only if you see any reason. You must have a rationale behind every trade. In simple words you must be able to answer few quesions like, why are you entering into this trade? To which extect you can bear loss? what will be the stoploss? Why and when I should quit this trade?
2. Quit as soon as you realise its a fail trade. Not every trade reap profit. Successful traders too have very poor success ratio. Quit the trade as soon as you realises that its going against your expecatation.What makes difference is their habbit of keeping the lossess at minimum. There are ample chances of making profit but once you lose your capital you wont be able to make another trade. So in a bid to minimise losses you must close the trade once you find it opposite of your anticipation.
3. No impulsive trading. Dont trade when you are angry,sad,frustated,disappointed. Dont make a trade to recover your previous losses. Forget any loss in you had any. Better stay calm and keep yourself out of trade if you incur any loss. Forget the previous trade. You are reborn with every new trade.
4. Maintain your trade log. You must be knowing what you are gaining and losing in each and every trade. It will also helpful to evaluate your trading pattern and finding faults with it. You can review it on daily,weekly or monthly basis and sort out the problem areas. It will not only improve your performance but boost up your confidence as well.
All The Best. HAPPY TRADING
Silver is very volatile commodity and prices fluctuate on global cues. You may be introduced rather say lured to commodity by your broker by the prospect of making awesome profits. And chances are great you could be easily decived by the number and figures he presents before you. If you are a recluse and impusive trader then there 100% chances that you will lose your capital or worse may end up in debit. Steep and abrupt rise and fall are very common in silver prices. Lack of rational behind any trade can cost you some money. After incurring heavy losses in commodity esp silver trading I introspected and realised that there are some common characteristic traits of lost trades. I would like to share with you the lessons I learnt from my early setbacks.
1. Enter a trade only if you see any reason. You must have a rationale behind every trade. In simple words you must be able to answer few quesions like, why are you entering into this trade? To which extect you can bear loss? what will be the stoploss? Why and when I should quit this trade?
2. Quit as soon as you realise its a fail trade. Not every trade reap profit. Successful traders too have very poor success ratio. Quit the trade as soon as you realises that its going against your expecatation.What makes difference is their habbit of keeping the lossess at minimum. There are ample chances of making profit but once you lose your capital you wont be able to make another trade. So in a bid to minimise losses you must close the trade once you find it opposite of your anticipation.
3. No impulsive trading. Dont trade when you are angry,sad,frustated,disappointed. Dont make a trade to recover your previous losses. Forget any loss in you had any. Better stay calm and keep yourself out of trade if you incur any loss. Forget the previous trade. You are reborn with every new trade.
4. Maintain your trade log. You must be knowing what you are gaining and losing in each and every trade. It will also helpful to evaluate your trading pattern and finding faults with it. You can review it on daily,weekly or monthly basis and sort out the problem areas. It will not only improve your performance but boost up your confidence as well.
All The Best. HAPPY TRADING
