In this second part of The Most Dangerous Trading Traps, Ron Wagner talks about the balance of what he knows are common traps most traders experience. In this short 13-minute video you will learn not only what some of the most common traps are, but how to avoid them.
It’s not only about avoiding the traps, but how to have them work to your advantage. One idea alone, if you use it, will absolutely help your trading improve very quickly. Many think they can jump into a trade and manage it the same way every time. This is absolutely not true and Ron discusses this as one of the traps that many fall into, as well as some ideas on how to find a happy medium.
Revenge trading is one of the most damaging traps that many experience. Ron discusses some ways to manage your gains to avoid giving them back, and how to avoid large losses. He shares one trap he had to overcome that most traders also experience. It is imperative that if you have trouble with your trade entries, this must be overcome quickly.
Did you figure out what the #1 trap is? Did you do your homework from two weeks ago and eliminate one of the first five traps? It is not possible to avoid every trap, but what will you do when you run into some trading challenges? Ron will give you some perspectives to think about. These are not the only traps, but this is a good start.
How is your trading doing so far this year? Everyone has room for improvement and with the proper patience and discipline, great results are possible.