Plan your trades.
Trade your plan
Keep records of your trading results.
Keep a positive
attitude, no matter how much you lose.
Don't take the market home.
buy into bad news and sell into good news.
Successful traders are not afraid to buy
high and sell low.
have a well-scheduled planned time for studying the
Successful traders isolate themselves
from the opinions of others.
for patience, perseverance, determination, and rational
Limit your losses - use stops ! ( mental
Never Cancel a stop
loss order after you have placed it!
Place the stop at the time you make your
Never get into the
market because you are anxious because of waiting.
Avoid getting in or out of the market too
Losses make the
trader studious - not profits. Take advantage of every
loss to improve your knowledge of market action.
The most difficult task in speculation is
not prediction but self - control. Successful trading is
difficult and frustrating. You are the most important
element in the equation for success.
yourself by following a pre - determined set of rules.
Remember that a bear market will give
back in one month what a bull market has taken a three
months to build.
Don't ever allow a
big winning trade to turn into a loser. Stop yourself out
if the market moves against you 20% from your peak profit
You must have a program, you must know
your program, and you must follow your program.
Expect and accept
losses gracefully. Those who brood over losses always
miss the next opportunity, which more than likely will be
Split your profits right down the middle
and never risk more then 50% of them again in the market.
The key to
successful trading is knowing yourself and your stress
The difference between winners and losers
isn't so much native ability as it is discipline
excercised in avoiding mistakes.
In trading as in
fencing there are the quick and the dead.
Speech may be silver but silence is
golden. Traders with the golden touch do not talk about
Dream big dreams
and think tall. Very few people set goals too high. A man
becomes what he thinks about all day long.
Accept failure as a step towards victory.
Have you taken a
loss? Forget it quickly. Have you taken a profit? Forget
it even quicker! Don't let ego and greed in hibit clear
thinking and hard work.
One cannot do anything about yesterday.
When one door closes, another door opens. The greater
opportunity always lies through the open door.
The deepest secret
for the trader is to subordinate his will to the will of
the market. The market is truth as it reflects all forces
that bear upon it. As long as he recognizes this he is
safe. When he ignores this, he is lost and doomed.
It's much easier to put on a trade than
to take it off.
If a market doesn't
do what you think it should do, get out.
Beware of large positions that can
control your emotions. Don't be overly aggressive with
the market. Treat it gently by allowing your equity to
grow steadily rather than in bursts.
Never add to a
Beware of trying to pick tops or bottoms.
You must believe in
yourself and your judgment if you expect to make a living
at this game.
In a narrow market there is no sense in
trying to anticipate what the next big movement is going
to be - up or down.
A loss never
bothers me after i take it. I forget it overnight. But
being wrong and not taking the loss - that is what does
the damage to the pocket book and to the soul.
Never volunteer advice and never brag of
Of all speculative
blunders, there are few greater than selling what shows a
profit and keeping what shows a loss.
Standing aside is a position.
It is better to be
more interested in the market's reaction to new
information that in the piece of news itself.
If you don't know who you are , the
markets are an expensive place to find out.
In the world of
money, which is a world shaped by human behavior, nobody
has the foggiest notion of what will happen in the
future. Mark that word - Nobody! Thus the successful
trader does not base moves on what supposedly will happen
but reacts instead to what does happen.
Except in unusual circumstances, get in
the habit of taking your profit too soon. Don't torment
yourself if a trade continues winning without you.
Chances are it won't continue long. If it does, console
yourself by thinking of all the times when liquidating
early reserved the gains that you would have otherwise
When the ship
starts to sink, don't pray - jump.
Lose your opinion - not your money.
your very bones a set of trading rules that works for
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