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.

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