Disciplines for Successful Trading
1. Have a process with unbreakable discipline. Great trades sometimes come with small losses. Keeping losses in check is key… there is always another day and capital is a trader’s lifeblood.
2. it’s a marathon, and amazing opportunities come to those with patience, available capital, and a thoughtful plan. Timeframes are key and patience can mean waiting an additional 15 minutes, an hour, a day, or a week, or legging into weakness or out of strength similarly. Exiting profitable “long” trades in fractions (while raising stop-loss levels) allows you to let them run and maximizes profits.
3. The trend is your friend, but don’t marry it. Letting emotion get the best of you often leads to lost profits. Become balanced and make sure that you can make money, bull or bear. Get to know yourself. Do an honest assessment and work within skills and psychology. Stretch yourself, but don’t try to be someone you’re not. And that goes for life as well.
4. Don’t second-guess yourself due to “the crowd.” Let your plan (and your stops) do the second-guessing.
5. Respect others like you respect your money. Work hard, give freely. Make money.
