10 Proven Keys to Stock Trading Success
Rule Number 1:
Always wait for the setup: No Setup-No Trade
Easy, follow strictly designed plan of rules for entering any markets
Rule Number 2:
THE BEST trades work almost right away
Best placed trades, at correct prices, will simply accelerate in right direction
Rule Number 3:
Never take a big loss. If it doesn’t ‘feel’ right. Remove it!
Never allow losses to grow, cut them short if trade goes against you
Rule Number 4:
Always perfect your craft and sharpen your skills
Study, learn, search, practice — always
Rule Number 5:
Be patient with winning trades: Impatient with sketchy trades
Run winners and cut losers quick
Rule Number 6:
DISCIPLINE to follow your plan is the key to winning in trading
Follow your plan, always, never deviate
Rule Number 7:
Never get emotionally attached to trades
Emotions are in every trade, plan sizes correctly and stay detached
Rule Number 8:
Always trade with the size that makes you unemotional
If you can’t sleep at night your trade size is too large
Rule Number 9:
Keeps things very simple and don’t over-think your trading methods
Simplicity is the key, don’t overcomplicate your trading rules
Rule Number 10:
Stay humble at all times
Always… Psychology is everything.
Remember, edges are found in the places between the battleground among buyers and sellers. Your task as a trader is to find those places and wait to see who wins and who loses.
Mature understanding of and respect of risk is the hallmark of the best traders. They know if you don’t keep an eye of risk, it will set its eye on you.
Ruin is the risk you should be concerned with the most. It can come like a thief in the night and steal everything if you’re not watching carefully.
Don’t spend all your time admiring the fancy tools and fools in the magazines or scam websites. First learn how to use the basic ones well. It’s not the size of your tools that counts but how you use them.
Keep it simple. Simple time-tested methods that are well executed will beat fancy complicated method every time.
Trading with poor methods is like learning to juggle while standing in a rowboat during the storm. Sure, it can be done, but it is much easier to juggle when one is standing on a solid ground.
Trading is not a sprint; it is boxing. The market will beat you up, screw with your head, and do anything it can to defeat you. But when the bell sounds at the end of the twelfth round, you must be standing in the ring in order to win.
Your job as a trader is to wait for the best opportunities. Money is made stalking and sitting not being active & forcing a new trade each day.
The jobs numbers are out today, but there’s another report that could be much more important
An update on manufacturing activity Friday could provide a much more useful picture of the economy than the October employment report, which is expected to be unusually weak due to the General Motors strike.
ISM manufacturing data is expected to show a contraction in activity in October, for the third month in a row. Manufacturing has been at the heart of the economy’s sluggishness […]
cnbc.com/2019/10/31/jobs-numbers
More Americans are leaving their money in 401(k) plans after retirement — should you?
Millions of workers contribute to a 401(k) plan so they can have more money when they retire — and then sometimes, when they get to that point in their lives, they don’t touch those accounts for another few years.
More than half of workers — 55% — are choosing to leave their assets in their former employer’s 401(k) plan a year into retirement, according to Fidelity data on its workplace retirement accounts.
