1. Plan your trades.
Trade your plan.
2. Keep records of your
trading results.
3. Keep a positive attitude,
no matter how much you lose.
4. Don't take the market
home.
5. Forget your College
degree and trust your instincts.
6. Successful traders
buy into bad news and sell into good news.
7. Successful traders
are not afraid to buy high and sell low.
8. Continually
strive for patience, perseverance, determination, and rational action.
9. Limit your losses
- use stops!
10. Never cancel a stop
loss order after you have placed it!
11. Place the stop at
the time you make your trade.
12. Never get into the
market because you are anxious because of waiting.
13. Avoid getting in
or out of the market too often.
14. The most difficult
task in speculation is not prediction but self-control. Successful trading
is difficult and frustrating. You are the most important element in
the equation for success.
15. Always discipline
yourself by following a pre-determined set of rules.
16. Remember
that a bear market will give back in one month what a bull market has
taken three months to build.
17. Don't
ever allow a big winning trade to turn into a loser. Stop yourself out
if the market moves against you 20% from your peak profit point.
18. Expect
and accept losses gracefully. Those who brood over losses always miss
the next opportunity, which more than likely will be profitable.
19. Split
your profits right down the middle and never risk more than 50% of them
again in the market.
20. The
key to successful trading is knowing yourself and your stress point.
21. The
difference between winners and losers isn't so much native ability as
it is discipline exercised in avoiding mistakes.
22. Speech
may be silver but silence is golden. Traders with the golden touch do
not talk about their success.
23. Dream
big dreams and think tall. Very few people set goals too high. A man
becomes what he thinks about all day long.
24. Accept failure as
a step towards victory.
25. Have
you taken a loss? Forget it quickly. Have you taken a profit? Forget
it even quicker!
