Wait for Your Trade Setup to Play Qut
Good traders never anticipate how their trades will play out, those who do lose a lot of money in this manner. Exercise patience when your trade plays out and bear in mind that a good trader can be compared to a lion, an amazing predator due to his great stalking skills, and a patient one at that, always waiting for the perfect opportunity to go for the kill and what's more when he goes for it he rarely misses.
Jesse Livermore once said that big money is made by sitting and waiting, and never by thinking, he adds that it's important to wait for all the factors to tilt in your favor prior to making the trade.
Trust Your Instincts
Accurate gut feelings are indisputable with one of the greatest Forex traders, George Soros revealing that he depended heavily on his instincts when he traded.
Soros said that he relied on his animal instincts and that when he suffered from back pain he used the onset of the pain as a sign that something was wrong with his portfolio. This will prompt him to check whether something was amiss when he might have done the contrary, if he had ignored his instincts he might have incurred huge losses.
Know When to Call it Quits
If during a trade you realize that things are not going well for you it will save you a great deal of money to retrench rather than adding on to your losses by waiting for your fortunes to change. To stay in the trading game, you have to be strong enough to bear the profits and the losses and take George Soros as an example. It didn't matter to him whether he lost or won, if the trade didn't go well, he was still confident that he had the capacity to win other trades such that he could confidently walk out without any hard feelings.
