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26 Points For Traders

  
  Education
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  1. First things first
    • Do you really want to trade?
  2. Examine your motives
    • Why do you want to trade?
    • Don’t trade for excitement.
  3. Match the trading method to your personality
    • Choose a method congruent with your personality and comfort
  4. It is absolutely necessary to have an edgeDerive a method
    • MUST HAVE
  6. Developing a method is hard work
  7. Skill versus hard work
  8. Good trading should be effortless
    • Be in sync with market
  9. Money Management and risk control
    • 1-2% AUM
  10. The trading planDiscipline
    • Draw up trading blueprint/business plan
  12. Understand that you are responsibleThe need for independence
    • your choices led to your results
  14. Confidence
  15. Losing is part of the game
  16. Lack of confidence and time-outs
  17. The urge to seek adviceThe virtue of patience
    • Get out of trade if you need an opinion
  19. The importance of sittingDeveloping a low risk idea
    • “Be right and sit tight”
  21. The importance of varying bet size
  22. Scaling in and out of trades
  23. Being right is more important that being a genius
    • Go for consistency trade-to-trade, not perfection
  24. Don’t worry about looking stupidSometimes action is more important that prudence
    • Don’t talk about your position
  26. Catching part of the move is just fine

20 Skills for the Trader

  
  Education
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1.      Know the difference between trading and investing.  We are traders, NOT investors.  ••  Disciplineis doing the right thing at the right time…every time! Survival in this business is dependent on the right decisions.

2.      Don’t let losers run!  Always use stops .  Riskmanagement is very, very important in your trading.  Don’t be stubborn in holding a position. Remember, while you may not be wrong often, The Market Is Always Right.  The best traders are the first to admit (to themselves and the market) that they made a mistake.

 3.      Trade only price pattern set-ups.

 4.      Trade for skill, NOT the money.  If you’re focused on the money aspect of trading…you’re not focused on the ‘trade’.  And SCARED MONEY NEVER WINS!

5.      Concentrate on what you are trade.  Each market has personalities, habits and friends…get to know them all.

 6.      Focus on your executions.  Remember, every execution is a trade.  Money is valuable…don’t leave it on the table. (more…)

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