Become Good at Losing (16 of 26)
We get a lot of questions and comments about what this means. You should know by now that you will lose sometimes when trading. That does not mean you will lose all of your account unless you use poor money management techniques or none at all. It means don’t get all emotional about a loss [...]
December 30th, 2008Speculators Always Lose (15 of 26)
I have never met a successful speculator. It is impossible to speculate and consistently have large wins. Don’t be a speculator. Be a trader. Trading in the direction of the trend on a 1 hr or 4 hr chart is always a good way to trade. Use good money management techniques with proper stop loss [...]
December 29th, 2008Don’t Worry About the News (14 of 26)
Don’t worry about the news by the time you read it, it is history. Early in my trading career I was told to not listen to and TV or radio financial news. Stop reading Magazines, and newspapers about the financial markets. Learn to trade with what the market is give. Trade with what the market [...]
December 26th, 2008Don’t Turn Your Trades into Religious Trades (13 of 26)
If you think about it if you are praying for a trade to go one way there are others praying for it to go the other way. So the divine intervention you are seeking never seems to materialize. If you are using the praying method of trading you are not being disciplined and following a [...]
December 24th, 2008The First Loss (12 of 26)
The first loss is usually the smallest and least painful. When you know that the trade is no good it is best to get out ASAP, do not hesitate or delay or try to think It through just close the trade. It has been said that it is never a loser until you get out. [...]
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