Of all the things I like the best about trading, the thing I am proudest of is the complete equality of opportunity that exists for all of us here. This is very rare in this world and makes me proud to be a trader, even if I am just a semi-pro one at this time. There is no ageism. There is no sexism. There is no racism. There is no religious discrimination. There are no political orthodoxies you need to subscribe to. There are no loyalty oaths. There is no discrimination on the basis of race, creed, color, previous condition of servitude or sexual orientation. There is no national discrimination. Any human being on the planet who can manage to scrape together $200 USD can participate and any one can become wealthy beyond their dreams by doing it right. There is only one criteria: If your real trading account has more money in it at the end of the month than it did at the beginning of the month, you are a winner. And if it has less money in it or has zeroed out, you are a loser. And if you do figure out how to be a winner consistently, they don't kick you out of the game for it as they do at racetracks and casinos. It’s very simple and very elemental and very fair.
I believe strongly that there are many, many fine and different means, modes and methods to beat this market or any market and few of these are really "secret" in any meaningful sense of the word. Learning HOW to beat the market is not difficult. Coming up with the courage, discipline and patience to do the things that are necessary to be done to beat the market, that's the difficult part because some of these things require us to go against our human natures and inclinations.
Lack of personal trading preparation and commitment. Trading is a business and respected as such can bring great profit. But, unfortunately, many treat it like a slot machine or a lotto ticket.
They make one or more of the following 8 common deadly trading mistakes:
They don't take the time to educate themselves adequately before investing.
They haven't developed or consistently use a trading system that gives them an edge.
They haven't developed a sound money and risk management strategy.
They stay in losing trades too long.
They don't set stop loss points with every trade.
They have a get rich quick attitude.
They trade in a range-bound channel.
They try to buy bottoms and short tops, instead of trading breakouts.
View trading as you would a serious business. Prepare yourself before you commit your hard earned money. Take the long-term view. Educate yourself. Invest in information and tools that will give you an edge in the marketplace. Paper trade first. Create a trading strategy, make plans to implement it, and exercise the discipline to follow it even when (or especially when) your emotions dictate otherwise.
The buck stops with you. When it comes to successful trading, there is no substitute for personal responsibility, self-education and making one's own investment and trading decisions. Those that make the most in trading aren't the ones handing their money over to a money manager.
Mark McRae
The symbol of all relationships among rational men, the moral symbol of respect for human beings, is the trader. We, who live by values, not by loot, both in manner and in spirit. A trader is a man who earns what he gets and does not take the undeserved. A trader does not squander his body as fodder or his soul as alms. Just as he does not give his work except in trade for material values, so he does not give the values of his spirit - his love, his friendship, his esteem - except in payment and in trade for human virtues, in payment for his own selfish pleasure, which he receives from men he can respect. The mystic parasites who have, throughout the ages, reviled the traders and held them in contempt, while honoring the beggars and the looters, have known the secret motive of their sneers: a trader in the entity they dread - a man of justice.
Galt's speech from Atlas Shrugged
By Ayn Rand
There is no scarcity of opportunity to make a living at what you love. There is only a scarcity of resolve to make it happen.
Dr. Wayne Dyer
Avoid negative thoughts and people like the very plague itself. They have nothing to offer to you but despair, depression and defeat. If someone has not got something encouraging, supportive or helpful to say to you, then you haven’t got time to listen to them. Avoid waste employments, enjoyments and distractions. Surround yourself with like-minded people. Think success. Concentrate. Focus. Do the things that are necessary to be done to be successful and success will follow. Think rationally. Act passionately. Cultivate courage. Endure. And if anyone tells you it cannot be done, show them the door. They are wrong. It can be done. Successful people are doing it every day and if you want to and need to badly enough, you will do it too.
Happy Thanksgiving.
Good trading to all.
hiyo
I believe strongly that there are many, many fine and different means, modes and methods to beat this market or any market and few of these are really "secret" in any meaningful sense of the word. Learning HOW to beat the market is not difficult. Coming up with the courage, discipline and patience to do the things that are necessary to be done to beat the market, that's the difficult part because some of these things require us to go against our human natures and inclinations.
A Dangerous Trend in Trading
Lack of personal trading preparation and commitment. Trading is a business and respected as such can bring great profit. But, unfortunately, many treat it like a slot machine or a lotto ticket.
They make one or more of the following 8 common deadly trading mistakes:
They don't take the time to educate themselves adequately before investing.
They haven't developed or consistently use a trading system that gives them an edge.
They haven't developed a sound money and risk management strategy.
They stay in losing trades too long.
They don't set stop loss points with every trade.
They have a get rich quick attitude.
They trade in a range-bound channel.
They try to buy bottoms and short tops, instead of trading breakouts.
View trading as you would a serious business. Prepare yourself before you commit your hard earned money. Take the long-term view. Educate yourself. Invest in information and tools that will give you an edge in the marketplace. Paper trade first. Create a trading strategy, make plans to implement it, and exercise the discipline to follow it even when (or especially when) your emotions dictate otherwise.
The buck stops with you. When it comes to successful trading, there is no substitute for personal responsibility, self-education and making one's own investment and trading decisions. Those that make the most in trading aren't the ones handing their money over to a money manager.
Mark McRae
The symbol of all relationships among rational men, the moral symbol of respect for human beings, is the trader. We, who live by values, not by loot, both in manner and in spirit. A trader is a man who earns what he gets and does not take the undeserved. A trader does not squander his body as fodder or his soul as alms. Just as he does not give his work except in trade for material values, so he does not give the values of his spirit - his love, his friendship, his esteem - except in payment and in trade for human virtues, in payment for his own selfish pleasure, which he receives from men he can respect. The mystic parasites who have, throughout the ages, reviled the traders and held them in contempt, while honoring the beggars and the looters, have known the secret motive of their sneers: a trader in the entity they dread - a man of justice.
Galt's speech from Atlas Shrugged
By Ayn Rand
There is no scarcity of opportunity to make a living at what you love. There is only a scarcity of resolve to make it happen.
Dr. Wayne Dyer
Avoid negative thoughts and people like the very plague itself. They have nothing to offer to you but despair, depression and defeat. If someone has not got something encouraging, supportive or helpful to say to you, then you haven’t got time to listen to them. Avoid waste employments, enjoyments and distractions. Surround yourself with like-minded people. Think success. Concentrate. Focus. Do the things that are necessary to be done to be successful and success will follow. Think rationally. Act passionately. Cultivate courage. Endure. And if anyone tells you it cannot be done, show them the door. They are wrong. It can be done. Successful people are doing it every day and if you want to and need to badly enough, you will do it too.
Happy Thanksgiving.
Good trading to all.
hiyo
