This is a list of tips for traders from our own Rich Derrick:
1 – Never ever add to a losing position.
2 – Trade like a mercenary soldier.
3 – Mental capital trumps real capital.
4 – We are not in the business of buying low and selling high.
5 – In bull markets, one must only be long or neutral.
6 – Markets can remain illogical far longer than you or I can remain solvent.
7 – Buy that which shows the greatest strength and short that which shows the greatest weakness.
8 – Think like a fundamentalist but trade like a technician.
9 – Trading results cycle and it’s mostly mental.
10 – KISS: Keep It Simple ______.
11 – Understanding mass psychology is always more important than understanding economics.
12 – There is never just one cockroach.
13 – Be patient with winning trades. Be very impatient with losing trades.
14 – Do more of that which is working and less of that which is not.
15 – Fix ALL errors immediately.
16 – Our job is setting alerts and taking losses. The rest will take care of itself.
17 – Amateurs open markets. Professionals close them.