FTSE Beater
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Hi All.
I was just looking over my trading rules again, I thought I would post them up. None of these thoughts are mine, but they are the ones I use.
THE RULES
There will be days when everything you do will be wrong. Stocks you are long will decline, and stocks you did not buy will soar. You must remember that these days will occur occasionally, no matter how “smart” or “skillful” you think you are.
There will be days when you can do no wrong. You must remember that these rare days will not last. Stick to your rules, stick to your game plan. Don't get over CONFIDENT.
There will be days when a stock you own will decline to your stop price for no apparent reason , stop you out, then turn up immediately and soar higher and higher. You must remember you set your stop using sound logic. Getting whipsawed is part of a trader's life.
There will be days when you are tempted by the advice of others. However, these people will not have your best interests at heart. You must remember that it is your hard earned money, you and you alone are responsible for protecting it and making it grow.
There will be days when for whatever reason, you are uncomfortable with your position in the market. Get out immediately. you must remember, if you are not comfortable with your trades, you will make mistakes.
There will be days when you have no interest in buying or selling stocks. You must remember everyone needs a break. Go golfing. Get recharged. The market will always be there.
There will be days when you identify a low risk trade, and all you have left to do is enter the order, but for whatever reason, you do nothing. Then you watch as it screams higher and higher without you. Why did you not execute the trade? You must remember that there will always be another opportunity.
There will be days when you make trades that you know are unusual for you and not part of your game plan. Usually these trades will cost you money, with a few of them returning a profit, just often enough to tempt you in the future. You must remember that trading is 99% mental. There is no one to blame or congratulate except yourself.
I was just looking over my trading rules again, I thought I would post them up. None of these thoughts are mine, but they are the ones I use.
THE RULES
There will be days when everything you do will be wrong. Stocks you are long will decline, and stocks you did not buy will soar. You must remember that these days will occur occasionally, no matter how “smart” or “skillful” you think you are.
There will be days when you can do no wrong. You must remember that these rare days will not last. Stick to your rules, stick to your game plan. Don't get over CONFIDENT.
There will be days when a stock you own will decline to your stop price for no apparent reason , stop you out, then turn up immediately and soar higher and higher. You must remember you set your stop using sound logic. Getting whipsawed is part of a trader's life.
There will be days when you are tempted by the advice of others. However, these people will not have your best interests at heart. You must remember that it is your hard earned money, you and you alone are responsible for protecting it and making it grow.
There will be days when for whatever reason, you are uncomfortable with your position in the market. Get out immediately. you must remember, if you are not comfortable with your trades, you will make mistakes.
There will be days when you have no interest in buying or selling stocks. You must remember everyone needs a break. Go golfing. Get recharged. The market will always be there.
There will be days when you identify a low risk trade, and all you have left to do is enter the order, but for whatever reason, you do nothing. Then you watch as it screams higher and higher without you. Why did you not execute the trade? You must remember that there will always be another opportunity.
There will be days when you make trades that you know are unusual for you and not part of your game plan. Usually these trades will cost you money, with a few of them returning a profit, just often enough to tempt you in the future. You must remember that trading is 99% mental. There is no one to blame or congratulate except yourself.
