Wisdom Thoughts for Traders

If your not sure and don’t have an edge, cash IS a strategy.

If you are on a cold streak, reduce size by 70% and tighten stops for a week.

Stocks aren’t people, they cant be trusted, an algorithm doesn’t care that you think you know the story or the chart.

Don’t be “all in” in any name, you will blow up your account.

It’s totally cool to change your mind right after a trade, the market changes by the minute, so should you.

Pick one strategy and stick to it. This may take time if you are a beginner.

You have to break a few eggs to make an omelet, so take losses but keep them very small.

I haven’t taken someone else s idea in a long time, you have just as good a chance of being right or wrong as some other putz.

Don’t have 15 technical indicators on your screen, that’s and EKG not a chart. Less is more.

Don’t trade pissed off, it will crush your P&L

Guess who wins when you “revenge” trade?

Take partial profits on the way up and raise your stops.

When you have three losing trades in a row, take a walk around the block. You may get an epiphany, at the very least it’s therapeutic.

Realize early that the market will always be smarter than you.

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