Know When to Hold ‘em Know When to Fold ‘em (22 of 26)
We hear all the time that a trade should be scaled out of by one half when you reach a profit target then set your stop loss to break even on the remaining portion of the trade and let it run to see if it will make more money. By scaling out of a trade [...]
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 19th, 2008Be Able to Trade Another Day (9 of 26)
You always want to be able to trade another day. If you really want to trade then you should never put yourself in the position where you have lost your trading capital. One of the most frustrating feelings is when you want to trade and you can’t because you lost most of your trading account. [...]
December 18th, 2008Develop Your Own Style (8 of 26)
Develop your own style don’t try to be like someone else. You have to be comfortable with the way you trade. It is very hard to try and trade like someone else. For example if you get to the point were 50 lots is comfortable to trade do not get concerned that another trader puts [...]
December 17th, 2008Develop a trading plan and Stick with it (7 of 26)
Develop a trading plan and Stick with it. Do not change your trading plan from day to day Just like a business needs a plan a trader needs a plan. Write down the specific market prerequisites (setups) that must take place in order for you to make a trade. List the time of day the [...]
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