How to improve your Weakness
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Before to read this article, first find out your weakness, after that concentrate on that particular weakness to improve. Take necessary action and see the difference on your investing reword.
Basically everybody have some weakness, only the difference few people trying to find out what did wrong? What I make mistakes? What is the solution? But lots of people just trading, they don’t care to analyze themselves!!!!
You visit this page means you are active to do enough research and that’s a smart way to start investing including penny Stock or even day trading.
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Majority people don’t have confidence, patience, trading with Emotion and Excitements, doing research after trade, not keeping proper stop loss, buying at any level without looking support and resistance, setting in opposite to market major trend, late to take proper action. These all weakness apply to any kind of trading including day trading as well as penny Stock investing.
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PatienceIf you don’t have patience there is a 100 % chance you loose your money, frankly this market is not for you. Without doing enough research of Stock and buying with simply gassing how you built patience that simply depend on your confidence. To become successful trader you need that patience to stand against Stock market natural fluctuations other wise you loose your money. To improve this factor you need to control your trade size and do enough research before to buy Stock not after, again decide your stop loss before to buy that way you not loose lot.
Emotion and Excitements
Emotion play very important roll in your trading success. Once you buy some Stock and due to normal Stock market fluctuation if price go down and if there is a big quantity then immediately you come under pressure. As price move down your loss widen and that place emotional pressure, and due to this pressure you can take wrong decision and book loss. To control your emotions it is very necessary to keep your trade size Limit. With big quantity this is a main problem, to overcome need reasonable quantity so you stay in the market and take a right decision without any pressure.
Same way if you take any decision with excitement that also a very dangerous. There are more chance to loose money if you trade in excitement. So first analyze the matter after that take appropriate action.
So for successful trading strategy trade size is very important, limit your trade size, you don’t want to run away, you have to stay long in the Stock market, you are not working in Stock market for a day / week or month. If your goal is to make big money in the Stock market then you need to stay long. Don't lose any opportunity under Emotion and Excitements.
Confidence
This a key factor for successful trading, without confidence if you trade and trade goes wrong, what happen, you book loss. You can build confidence doing proper Stock research and technical analysis and besides that you can use second opinion of some analyst that help you lot to boost your confidence level.
You can open a another money source With good technical analysis and controlling all weakness Other factors we discuss in the next lesson.
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