10 Points For Traders
- 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.
- 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.
- Trading
a methodology you believe in will enable you to trade it through draw
downs instead of giving up.
- Understanding
your edge will enable you to have the mental toughness to trade knowing
eventually you will get the pay off.
- Trading
price action versus your own opinion will help you magically be on the
side of the majority most the time.
- Trading
in the direction of the trend will enable you to be right more times than
wrong most of the time.
- Cutting
losses short and letting winners run will make you profitable. Now that is
the magic of asymmetry.
- Only
trading in markets and trading vehicles you understand will keep you safe
from many big mistakes.
- Doing
nothing when you do not know what to do is a plan that will save you much
money.
- 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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