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I have been reading the book New Market Wizards.
In this book very successful traders have been interview and they share their insights. Since many people don't have time or like to read I have taken notes on things that have stood out to me.
Since there are many tips I am going to break it down into a few different posts. Here is the first 10 tips.
- You don't always have to be in the markets. You need confidence and the desire to trade.
- Scale in and out, let profits run.
- If this trade goes wrong how do I get out.
- Always reevaluate to see how you can get better, what your doing right and wrong.
- When you get hurt in the market get out, can affect decisions. *
- Be more concerned about the moves your in, that what your not in.
- Look at trades and see why winners won and losers lost.
- Never let a loser get out of hand.
- Reduce trading size when losing, increase when winning.***
- Trading styles match personality. Find what works for you.
All of these tips come from different traders who have been very successful. I hope you find them as helpful as I did.