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