Rules for Trading Success

Do as I say, not as I do :)

From Dr. Elder, Mark Deaton, Nial, etc..

1. Good records = good traders. Track every trade - know why you entered, where on the chart, what your exit strategy was, etc..
2. Don't be emotionally affected by any one trade - winner or l. Know that you can go on tilt and make bad trades in the immediate future.
3. Control risk through position sizing - which demands you know your stop.
4. Patience, observation and discipline are the cornerstones. Sometimes the best trade is no trade. In life, there may be no decision - you have to take a decision and make it right. That's not the case with trading - it's very easy to "make a decision" one way :)
5. If you're always in the market - then you're gambling.
6. Are you bottom fishing on this entry? Bottom fishing does not work.
7. Remember HALT - no trade when you're hungry, angry, lonely or tired. Get your sleep.
8. How long do you plan to hold this position? Long => gambling.

May you live long and prosper.