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With the market tanking hard this morning, how about some light reading this post Thanksgiving day?
9 CHARACTERISTICS OF THE 10%: This is a great article about what separates the 10% from the 90%. Sounds a lot like the premise for an ebook. Oh, I almost forgot, I already wrote that one.
WHAT TRADING SYSTEM ARE YOU FOLLOWING? “Profitable trend traders use a trend strategy consistently over extended periods of time to maximize profits. To do this, you first need a consistent set of rules that you can adhere to with confidence and that can be applied using good money management strategies along with expert psychology. An ongoing Trend Trading Strategy will do just that for you. Trading psychology is typically overlooked but highly important to ensure that all trading decisions are made with discipline, confidence and consistency.” Sounds like a well thought out plan to me, now just put it to use.
ABC’S OF STOCK TRADING: I had a similar title for a blog post not long ago but that is OK. This one is much different and makes some good points. I like the following quote: “I searched for the answer to profitable trading for years, until I found it in an unexpected place, when I wasn’t looking for it at all.”
RISK MANAGEMENT IS JUST ANOTHER TERM FOR COMMON SENSE: I recently held a seminar in my home town and began with this question: If you had the choice between the following which would you choose: 1) get back all the money you lost in your losing trades or 2) make an extra 10% on your winners. Most, if not all, agreed that making back the money on their losers would make the biggest difference in their current trading account balance. Dr. Brett approaches it from a slightly different angle but makes the same point: learn how to limit risk!
And a thought for the news of the day…does it not say somewhere in an ancient text that “houses built upon sand…”
I hope you all are having a wonderful holiday. Remember that there are always those less fortunate than you are. Be thankful for what you have and make sure others benefit from it.
He is no fool who gives what he cannot keep to gain what he cannot lose. Jim Elliot
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