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5 Major Trading Pitfalls

  
  Education
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2dl87puPitfall #1. Betting the farm. Let’s be realistic. Not every trade is going to be a winner. Here is a simple rule for you to remember. Never commit more than 10% to any one position. When I was trading in the pits in Chicago I heard for the first time about the “RIOTRADE”. Simply put, you take a huge position in the market. If it works out, you are a hero. If you lose, you leave home and head for Brazil. Again, NEVER BET THE FARM ON ANY POSITION.

Pitfall #2. Planting too few seeds. This one goes hand in hand with the first pitfall. The key here is diversification and following several markets. Ken watches 30 markets and looks for profit opportunities in each one as they occur. PLANT MORE SEEDS AND YOU CAN ENJOY MORE WINNERS.

Pitfall #3. Jumping the gun. Patience, patience, patience. This is perhaps one of the toughest things for traders to remember, particularly after they have taken some good money out of the market. JUMPING INTO A MARKET BEFORE ALL INDICATORS ARE POSITIVE CAN CAUSE UNNECESSARY LOSSES.

Pitfall #4. The hope trap. This is one of those pitfalls that goes completely against human nature and it is the biggest account killer. What I am talking about is hanging onto a losing position in the desperate hope that it will turn around. A SIMPLE SOLUTION IS TO ALWAYS PLACE A STOP ON EVERY MARKET POSITION AND DO NOT CANCEL IT! (more…)

Ten Secrets

  
Education, Life
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  • THE FIRST SECRET
    The Power of Thought.Love begins with our thoughts. We become what we think about. Loving thoughts create loving experiences and loving relationships. Affirmations can change our beliefs and thoughts about ourselves and others. If we want to love someone, we need to consider their needs and desires. Thinking about your ideal partner will help you recognize him or her when you meet him or her.
  • THE SECOND SECRET
    The Power of Respect.You cannot love anyone or anything unless you first respect them. The first person you need to respect is yourself. To begin to gain self-respect ask yourself: “What do I respect about myself?” To gain respect for others, even those you may dislike, ask yourself: “What do I respect about them?”
  • THE THIRD SECRET
    The Power of Giving.If you want to receive love, all you have to do is give it! The more love you give, the more you will receive. To love is to give of yourself, freely and unconditionally. Practice random acts of kindness. Before committing to a relationship ask not what the other person will be able to give to you, but rather what will you be able to give them. The secret formula of a happy, lifelong, loving relationship is to always focus on what you can give instead of what you can take.
  • THE FOURTH SECRET
    The Power of Friendship.To find a true love, you must first find a true friend. Love does not consist of gazing into each other’s eyes, but rather looking outward together in the same direction. To love someone completely you must love them for who they are, not what they look like. Friendship is the soil through which love’s seeds grow. If you want to bring love into a relationship, you must first bring friendship. (more…)

5 Major Trading Pitfalls you must avoid at all costs!

  
  Education
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5pitfallsPitfall #1. Betting the farm. Let’s be realistic. Not every trade is going to be a winner. Here is a simple rule for you to remember. Never commit more than 10% to any one position. When I was trading in the pits in Chicago I heard for the first time about the “RIOTRADE”. Simply put, you take a huge position in the market. If it works out, you are a hero. If you lose, you leave home and head for Brazil. Again, NEVER BET THE FARM ON ANY POSITION.

Pitfall #2. Planting too few seeds. This one goes hand in hand with the first pitfall. The key here is diversification and following several markets. Ken watches 30 markets and looks for profit opportunities in each one as they occur. PLANT MORE SEEDS AND YOU CAN ENJOY MORE WINNERS.

Pitfall #3. Jumping the gun. Patience, patience, patience. This is perhaps one of the toughest things for traders to remember, particularly after they have taken some good money out of the market. JUMPING INTO A MARKET BEFORE ALL INDICATORS ARE POSITIVE CAN CAUSE UNNECESSARY LOSSES. (more…)

Top Ten Reasons Not to Trade– and Why You Should Do It Anyway

  
  Education
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#1 Trading creates no greater good
– like when you buy grain futures, the price skyrockets, and you make a killing! A poor farmer plants more seeds as a consequence, third world children get affordable bread, hmm, did I say you make a living?

#2 Trading makes you selfish
– and that’s why filthy rich old speculators turn to philanthropy.

#3 Staring at screens all day is not healthy
– which is true, and why slow lunch hours are perfect for physical exercise.

#4 Staring at screens all day is not good for your social skills
– which is why traders are out having fun when the market is closed. (Don’t “normal” people spend evenings in front of the TV?)

#5 The market is a casino
– where scrupulous gamblers make it easier (and more important) for sane traders to make a living. (more…)

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