Discipline can’t be taught in a seminar or found in expensive trading software. Traders spend thousands of dollars trying to compensate for their lack of self-control but few realize that a long look in the mirror accomplishes the same task at a much cheaper price!
Build a trading plan and update it daily to include new ideas and change bad ones.
Long-term profitability requires positioning ahead of or behind the crowd, but never in the crowd because that’s where predatory strategies target. This is serious business you need clear vision and less noise to execute your trading plan.
Traders make up for insufficient skills with expensive software, prepackaged with all sorts of proprietary buy and sell signals. These tools interfere with valuable experience because you think the software is smarter than you are.
Always trade with size that your unattached with emotionally.
Losing traders fantasize about the secret formula that will magically improve their results. In reality, there are no secrets because the road to success always passes through careful choice, effective risk management, and skilled profit taking.
You create trading rules to get you out of trouble when positions don’t go your way. If you don’t allow them to do their job, you’ve lost your discipline and opened the door to even greater losses.
The vast majority of traders fail to tap their full potential, eventually cashing in their chips and finding more traditional ways to make money. Become a proud member of the professional minority by following classic rules designed to keep a razor-sharp focus on profitability.