Dec 2, 2017

10 Points For Traders

10 Points For Traders
  1. Managing your risk, you will not be around to win if you do not control your risk per trade. How many losses in a row can you survive? Surviving the market is magic at times.
  2. Trading a consistent methodology is magical because you will be consistent enough to make money when a market environment rolls around that it works in, single trades by themselves mean nothing outside the context of a method.
  3. Trading a methodology you believe in will enable you to trade it through draw downs instead of giving up.
  4. Understanding your edge will enable you to have the mental toughness to trade knowing eventually you will get the pay off.
  5. Trading price action versus your own opinion will help you magically be on the side of the majority most the time.
  6. Trading in the direction of the trend will enable you to be right more times than wrong most of the time.
  7. Cutting losses short and letting winners run will make you profitable. Now that is the magic of asymmetry.
  8. Only trading in markets and trading vehicles you understand will keep you safe from many big mistakes.
  9. Doing nothing when you do not know what to do is a plan that will save you much money.
  10. Spending thousands of hours studying charts, reading books from successful traders, and doing the right homework will make you successful eventually so all your friends can tell yo how lucky you are. Then you can tell them that is isn’t magic, trading is a lot of hard work.
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