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Ten Trading Paradoxes

  
  Education
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  1. The less I trade the more money I make.
  2. All my biggest profits were made on option contracts I bought not ones I sold.
  3. My number one job as a trader is to manage risks not make money.
  4. The best traders in history were the best risk managers not the best at entries and exits.
  5. The ability to admit you are wrong about a trade and get out is more important than being confident in a wining trade and staying in no matter what.
  6. Winning traders think like a casino losing traders think like gamblers.
  7. Opinions, projections, and predictions are worthless, trade the price action.
  8. At times fundamentals are good helpers to a trader but they are always terrible masters.
  9. Only date trading vehicles but marry your risk management and positive mind set.
  10. The smaller and more focused my watch list the better I trade what is on my watch list.

Getting Results While Ignoring the Noise

  
  Education
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  1. I am more concerned with keeping profits than making them. Anyone can get lucky and make money trading but only the skilled can hold onto that money over the long term.

  2. I am more concerned with how good a trader I will be a year from now than I am today. While I know what my skills are currently the upside of my futures skills is open ended based on my focus and work in this field.
  3. I am more concerned with my draw downs than my equity peaks. I know how to make capital grow and it is a much more pleasant task when I do not have to play catch up after a losing streak or trading too big.
  4. I am more concerned about what the chart is saying than what some talking head is saying on television or social media. The more they believe they have a crystal ball the more I try to avoid them.

  5. I am more concerned about whether my trailing stop or stop loss is triggered in a trade than about my own personal opinion about what may happen next. While the market is open I trade the plan I made when the market was closed regardless of what my emotions, opinions, and ego want me to do after entering a trade.

20 Trading Skills for Traders

  
  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.

 7.      Model Yourself After Successful and Experienced Traders.  You will be all you can be…but you need to start somewhere. 

 8.      Be Teachable.  Learn something new every day (or at least every week).  The ‘Losing’ and ‘Winning’ trades can teach you a whole lot.

 9.      Remember that even the best of the best traders lose money.  Learn to accept your losses and move on to the next trade.  That’s just part of the business – you will NEVER win 100% of the time.

 10.  Use only 1 contract at the beginning.  Large wins at the beginning generally means large exposure. (more…)

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