A plan and trading rules, in addition to keeping you out of trouble assists you in learning how to trade better. It helps show you what you do right and wrong and helps to discover ways to fix what you are doing wrong. Developing patience in my trading is also important, especially for me, since I m still working on it. Being patient enough to wait for a good trade and to not overtrade is important. I think it s crucial to get educated in trading and to continue your education with some type of mentoring or coaching.
Trading is harder than it looks.
That fact has been repeated to me again and again by my students. By the time you begin to get the hang of it you need to have enough money left to trade effectively. Like any other discipline or craft trading takes practice, hard work and study. I m constantly learning new things about trading, and just as important, about myself. Even with a good education and mentoring, trading is a tough business.