7 Best Practices In Your First Year Of Trading – TradingwithRayner

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7 Best Practices In Your First Year Of Trading – TradingwithRayner


If I could turn back time, these are the 7 best practices I wish I knew when I first started trading…

#1: Don’t take it personally

Let me ask you…

How do you feel when the market hits your stop loss?

What about when you have 5 losing trades in a row?

How about when the market hits your stop loss and then quickly reverses higher?

Now if any of these happens to you, then it’s easy to…

  • Blame the market for “targeting” you
  • Blame your broker for hunting your stop loss
  • Blame the institutions for rigging the market

But think about it, does any of these make sense?

It doesn’t. Here’s why…

The market doesn’t care about you

The market is huge with thousands of “players” and billions of dollars transacting each day.

There’s no incentive for the market to hurt you or single you out because it doesn’t care about you (or to put it more bluntly, it doesn’t even know you exist).

So, quit thinking the market is out to get you because you’re only a plankton in this financial ocean.

A reputable broker has no incentive to hunt your stop loss

A legitimate broker who’s been in business for years has no incentive for them to hunt your stop loss.

Why?

Because they risk losing a customer for life.

And with the power of social media and review sites, this could hurt a broker’s reputation and put them out of business.

Looking from a risk-to-reward standpoint, it’s not good business for a broker to hunt your stop loss.

So does it mean a broker will not hunt your stop loss?

No, because it could easily happen with shady brokers who think short-term.

However, it’s unlikely to happen with a reputable broker who’s been in business for years.

The market is rigged and that’s the nature of this business

Yes, the financial markets are rigged against you.

Those with deep pockets can “temporarily” move the market to trigger stop losses and options expiry level.

So the way I see it, you have 2 choices.

You can blame the system but it won’t get you anywhere besides more losses and frustrations.

Or, you can learn how the game is played and profit from it.

The choice is yours.





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