Manage monetary resources
Most day traders fail due to their inability to properly manage their finances. It is a common
practice for day traders to allocate a specific amount of money and then have a loan on the
entire margin. By doing so, some day traders lose a good sum of money instead of gaining
them.
It is not all about giving out money; it is about winning by thinking. If you observe that the market
fall short of meeting your chances of gaining profit, then it is time to think fast of strategies to
prevent losses
Plan ahead
Given that most people look at the markets as gamble, it is suggested to develop a plan for the
negotiation to fully equip yourself for what lies ahead.
A plan for the negotiation will be a guide to help move forward from the point you start trading to
the end of your goals for the day. It serves as a card to show that the roads are good for
walking on those paths, and which to avoid. No doubt it will help you minimize loss.
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