“I am not attracted to the stock market because of the money. The issue is winning, to be the best at something. My goal is to be the best trader in the world. If you’re the best, you don’t have to worry about the money; it comes flying through the window”.
Trading rule No 1. Never chase. Forget about the Rupee loss for a moment as the real damage comes from the distraction it creates.
Trading rule No 2. Wait for the break. Most traders buy inside the range, get impatient and as a result they sell on first sign of strength which ends up being the breakout.
Trading rule No 3. Don’t ride the ticks and Dollar profits. It creates emotional turmoil and is draining. Prevention is best cure. Takes the fun out of the game.
Trading rule No 4. Price action trumps everything. Management lie or mislead but price action (money flow) never lies.
Trading rule No 5. Sell the news or a least sell partials. Markets discount everything and over the long run you will be better off.
Trading rule No 6. Always stay in control. Do NOT put yourself in news related coin toss trades, where the risk cannot be managed.
Trading rule No 7. Mind your own business, avoid conflict. If you take offence because someone has disagreed with your trade, then you are such a precious little petal.
Trading rule No 8. Do NOT set targets as all this creates is a premature EXIT. Run a trailer and let that take you out. (more…)
If you are looking for some recreational movies relating to the stock market and Wall Street, which you can watch on DVD or Blu-ray, you should check out the following;
Enron: The Smartest Guys in the Room
Wall Street Cowboy
starring Roy Rogers
