where the speaker, William Greenspan, goes over some of the more essential rules that traders should follow to attain the success their looking for. The classics are some of the most important rules to follow and yet we all find ways to go against what we already know we should be doing. This post is just a reminder of what I’m sure you already know, and it’s just an excerpt of one of the many resources you’ll find inside of Trend TV.
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1. Don’t be a tradeaholic
- Someone who has to have a trade on at all times or they feel their missing out
2. You trade to make money – not for fun, games, or to escape boredom
3. Never add to a bad trade
- This may work occasionally, but will hurt you in the long run
4. Once you have a profit on a trade, never let it turn into a loss
5. No hoping, no wishing, no would’ve, no opinions, no should’ve
6. Don’t be a one way trader – be flexible, opportunities on both sides
7. Know your risk on each trade. Trade with stops to limit losses
- Sell down to the sleeping point
8. Look for 3-1 profit objective trade
9. When initiating a trade, always get your price (use a limit order)
10. When liquidating a bad trade, always use a market order
11. Have a plan. Trade it. Monitor it.
12. Make 10 points on a million trades, not a million points on one trade
- Aim for consistency (it adds to your batting average)
- There are more opportunities to make many reasonable trades
13. Learn from your own mistakes
14. Pay attention to weekly lows and highs
15. Technicals and fundamentals are equally important