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Don't let predictions drive your trading decisions

by , 07 May 2015

When many people begin trading, they start listening to the stock market rumour mill. This can lead them to start guessing where the market is going next.

Putting on trades based on these predictions is one way of quickly losing money trading.

Let's take a closer look why and what you should do instead…

Predictions tend to be pure guesswork

Once you begin trading, you’ll become more aware of the predictions that make their way around the financial world. Financial websites and commentators predicting where a particular stock, sector or currency is heading.

But you’d do well to stop listening to these predictions. In fact, try to ignore them completely. That’s because these predictions are usually pure guesswork.

And chances are these predictions won’t help you make money when you trade.

When it comes to trading, the best way to succeed is to have a solid trading strategy and plan in place.

Overcome trading predictions with a solid plan

Whichever trading tool you decide to use and whatever you decide to trade needs to have a solid trading plan behind it.

For short-term trading, you may find that technical analysis is your best bet. This means getting to grips with the charts best suited for your instruments.

Formulate a strategy and stick to it. Don’t let predictions interfere with what your system is telling you.

Once you have a clear system in place, it takes all the guesswork out of your trading. And a mechanical approach like this is easier to follow.

If will help you remove any emotions from your trading decisions.

Of course, you’ll still have losses. All traders do. But as long as your winners exceed your losers, you’ll make money.

So there you have it. Why you shouldn’t let predictions drive your trading decisions.

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Don't let predictions drive your trading decisions
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