- Be patient--wait for the opportunity
- Trade on your own ideas and style
- Never trade impulsively, especially on other people's advice
- Don't risk too much on one event or company
- Stay focused, especially when the markets are moving
- Anticipate, don't react
- Listen to the market, not outside opinions
- Think trades through, including profit/loss exit points, before you put them on
- If you are unsure about a position, just get out
- Force yourself to trade against the consensus
- Trade pattern recognition
- Look past tomorrow; develop a six-month and one-year outlook
- Prices move before fundamentals
- It is a warning flag if the market is not responding to data correctly
- Be totally flexible; be able to admit when you are wrong
- You will be wrong often; recognize winners and losers fast
- Start each day from last night's close, not your original cost
- Adding to losers is easy buy usually wrong
- Force yourself to buy on extreme weakness and sell on extreme strength
- Get rid of all distractions
- Remain confident--the opportunities never stop
"Either go at it full force or don't go at it at all. Don't dabble."
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