Every successful trader follows a set of principles.
Here are 5 trading lessons from Ray Dalio that can help you to become a disciplined trader:
1/ Use Pain as a Teacher.
Discomfort leads to improvement.
• Understand the cause of losses
• Reflect on painful experiences
• Use them to refine strategies
2/ Know Your Limits.
Recognize your boundaries.
• Set a strict loss limit
• Don’t chase after lost trades
• Always prioritize capital preservation
3/ Maintain a Decision Journal.
Track your thought process.
• Record trade rationales
• Review decisions, right or wrong
• Learn and grow from reflections
4/ Follow a Strict Routine.
Consistency is key.
• Define a daily trading ritual
• Stick to the plan religiously
• Review and adjust periodically
5/ Stay Radically Open-Minded.
Keep your ego in check.
• Be willing to change your stance
• Accept when you’re wrong
• Continuously seek feedback
To learn more about How you can Start Trading for a living, sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading”.
