Over 90 per cent of all traders lose, declares Brent Penfold in ‘The Universal Principles of Successful Trading: Essential knowledge for all traders in all markets’ (www.wiley.com). He says that the reason why the traders lose is ignorance, arising from gullibility and laziness.
To succeed in trading, you need to cover three important areas, viz. methodology, money management, and psychology, advises Penfold. The first is the analysis and trading plan behind why you buy and sell; the second, the amount of money you commit to trades; and the third is about having the discipline to follow your trading plan.
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