I found this at stockcharts.com. Some good advice.
- Embrace the laws of nature. Springs produce either salt water or fresh water. Not both. I am either trading the long side (bullish equities) or the short side (bearish equities) but never both. That’s just experience and knowing myself.
- Review every chart of every position you own – every day – even if you only allocate 10 seconds of eyeball time to each position.
- It’s okay to be wrong; it’s unforgiveable to stay wrong. Marty Zweig.
- The maximum number of positions you should hold in your trading account is determined by the number of equities you are able to know well. Remember their costs, know their present stops and picture their charts in your mind’s eye.
- Keep a diary of the lessons the market taught you and don’t ever repeat them.
- Be aware when you distort market information to fit your personal beliefs. These trades are most likely to fail. You must learn to neutralize your feelings and accept whatever reality the markets present. Learn to manage your own perceptions.
- Monitor and manage your precious time. Be selective in all your tasks and stick to the routines you’ve assembled that accommodate the realities of your personal schedule.
- Don’t let sudden success result in an inflated opinion of yourself and cause you to forget proper trading rules. Even a broken clock is right twice a day!
- Don’t blindly adopt others’ trading tools. Tutor yourself about each new indicator, and test it out within your own style of investing before you begin to embrace it.
- Subscribe to CANI. Constraint and never-ending improvement each and every day. Tony Robbins
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