TRADERS: WHEN TO BE
FLEXIBLE, WHEN TO BE RIGID
1.
Traders should have a very flexible mindset about
which way a trade can go when they enter it, but be very rigid about taking
their stop loss when it is hit.
2.
Traders should be very flexible on profit
expectations during each market cycle but very rigid about following their
robust method during each cycle.
3.
Traders must be very flexible about allowing a
winner to run but very rigid on cutting losses short.
4.
Traders must be flexible about their opinions and
change them when proven wrong but they must be rigid about their risk
management and never risk more than planned.
5.
Traders should be flexible about their watch
list but rigid about their trading plan.
6.
Traders should be flexible about what will happen
next in the market but rigid about their rules.
7.
Traders should be flexible about the direction of
the trend when it changes but rigid about positions sizing.
8.
Traders should be flexible about profit targets
but rigid about entering with a minimum risk/reward plan.
9.
Trades should be flexible about entries and exits
as the market action develops but rigid about managing the risk of ruin at all
times.
10.
Traders should be flexible about expectations on
when they will have a huge winning streak that will change their financial
lives but rigidly pursue success in the markets until it does happen.
