20 Ways to Stop Losing Money in 2008
Alan Farley (author of The Master Swing Trader, an essential book in my opinion) recently added an eye-opening article at the HardRightEdge.com site entitled 20 Ways to Stop Losing Money in 2008.
Farley begins the list with an admonition that hits you right in the face:
“The vast majority of retail traders lost money in 2007 and will lose money next year, despite ample doses of education, enthusiasm and brilliant ideas.”
With that being said, he launches into the top 20 ways to “stop the bleeding” for the new year. I only wish he had listed 2008 ways for 2008!
Here is a sampling of the list:
“Don’t break your entry and exit rules. You made them for bad trades, just like the one you’re stuck in right now.”
“Don’t forget your discipline. Anyone can learn the basics of the trading game. Sadly, most of us will fail because of a lack of self-control, not a lack of knowledge.”
“Don’t forget the plan. Remember the reasons you took a trade in the first place, and don’t get blinded by greed or fear when the position finally starts to move.”
“Don’t fall into the complexity trap. Traders who can’t see the market are looking for it everywhere except in the price action. In truth, a well-trained eye will find more profits than in a stack of technical indicators.”
Check out the full post for more hard-hitting eye openers and tips.
One Comment
Comments are closed.