Archives of “foundations” tag

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The Old Is Forever New-Trading Wisdom

  
  Education
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It does not really matter whether you have just begun your trading career or have been trading for years, at times we need to go back to the basics.

The very first group of skills and reasons that brought us into trading can be the very foundations that can lift us to new heights.

It does not matter how old an idea is, when it is revisited, it will have a new impact on us, because we now have additional experiences to apply them to which will bring about new results.

All of us as traders can easily slip into some bad habits and never know it. If we stop and return to our first learning sessions, we will find powerful skill sets from some very basic knowledge.

Remember, it is not how much knowledge that you have that determines your success, but what you do with that knowledge that really brings about the levels and rewards from your efforts.

4 Trading Quotes for Today's Trading Session

  
  Education
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“You must practice being a successful trader first. From that state of mind you will get information about what to do, and that will produce what you want to have.”

“Excellence is about stepping outside the comfort zone, training with a spirit of endeavor, and accepting the inevitability of trials and tribulations. Progress is built, in effect, upon the foundations of necessary failure.” 

 “Amateurs keep thinking what trades to get into, while professionals spend just as much time figuring out their exits.”

“Confidence doesn’t come from being right all the time: it comes from surviving the many occasions of being wrong.” Brent Steenbarger, The Daily Trading Coach “When you attain some degree of control over yourself, you can then see how other traders are not in control of what happens to them.”

STOCK TRADING IS ABOUT ATTITUDE

  
  Education
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“If you want to be good at something, practice.  Practice deliberately, and do so for many years.”  Mike Bellafiore, One Good Trade

If the activities that lead to greatness were easy and fun, then everyone would do them and they would not distinguish the best from the rest.”  Geoff Colvin, Talent Is Overrated

“He that is good for making excuses is seldom good for anything else.” Benjamin Franklin

“Commitment, perseverance, and discipline are the characteristics that move people beyond desire to action, that differentiate mediocrity from greatness, and that separate greatness from superstardom.”  Doug Hirschhorn, 8 Ways to Great.

“I always felt that my greatest asset was not my physical ability, it was my mental ability.”  Bruce Jenner

“Those who are motivated by the love of the game attain a deeper sense of satisfaction from their work than those who are driven solely by the pursuit of wealth.” Brian Shannon, Technical Analysis Using Multiple Time Frames

“A free lunch is only found in mousetraps. “ John Capuzzi (more…)

Honor your stops!

  
  Education
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In high volatile environment (now), you would often be shaken out of positions, only to see them reverse back in the desired direction. This is not a reason not to honor your stop losses. It is just a reminder that either your timing was inappropriate or that you don’t have an edge in the current market environment and therefore you shouldn’t participate until things change. There are times to buy, there are times to sell, there are times to do nothing.

In bear market, honoring your stop loss will save you form disaster. It will assist you to preserve capital, so you could live to trade another day. In bull market, it will free out money for better trading opportunities.

The only reason to hold a stock in your portfolio is if you would buy it at its current level and there aren’t any better opportunities for your money.

We are experiencing a rare event of market destruction that will lay down the foundations for the greatest wealth-building opportunities in our life time.

After the darkest hour of the night, the sun will rise again.

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