Whether you win or lose, you are responsible for your own results. Even if you lost on your broker’s tip, an advisory service recommendation, or a bad signal from the system you bought, you are responsible because you made the decision to listen and act. I have never met a successful trader who blamed others for his losses.
Archives of “advisory service” tag
rssAccept Responsibility For Your Actions!
Whether you win or lose, you are responsible for your own results. Even if you lost on your broker’s tip, an advisory service recommendation, or a bad signal from the system you bought, you are responsible because you made the decision to listen and act. I have never met a successful trader who blamed others for his losses.
Day Trading Terms
Advisor – the one who charges money for a piece of stock advice to cover his/her losses on the market.
Advisory Service – an advisor who lost a considerable amount of money and started new business.
Afternoon – a daily chance to give back the money you made that morning (see Friday).
Apprentice – anyone who peers at your screen shortly after you closed a profitable deal.
Average Down – what you have to do if you opened a long position and had to go to the bathroom.
Average Up – what you have to do if you opened a short position and had to go to the bathroom.
Bad Trade/Stupid Trade – an unprofitable deal that someone else carries out which does not fit your trading strategy.
Bottom – (when you have an open long position) the spot where you give up averaging down and sell; (when you have an open short position) the spot where the book recommends you to open a short position.
Break – a pause you take when you have either 2 profitable or 5 unprofitable deals in a row. (more…)
Four Multi-Millionaire Traders Share Their Thoughts On Trading
“The key is consistency and discipline,” says Richard Dennis who grew $400 into $200,000,000.
“The key is consistency and discipline. I don’t think anybody winds up making money in this business because they started out lucky.”
For legendary trader Richard Dennis, the importance of being consistent isn’t just theory. In 1984, on a bet, Dennis trained 23 individuals off the street to religiously follow a set of trading rules. His point was to provide that discipline was the key to trading success. All but 3 of those beginner traders made over 100% return their very first year of trading and Dennis won his $1,000,000 bet. Consistent discipline is also what is taught in the “Futures in Motion” advisory service.
“It’s perseverance” declares Tom Baldwin who started with $25,000 and made untold millions trading upwards of $2 billion dollars a day in T-Bond futures.
“It’s perseverance. You don’t need any education at all to do it … because it is like any job. If you stand there long enough, you have to pick it up.” (more…)