via IFTTT THE USE OF STOP ORDERS I think any trader, no matter how good their discipline is, should be using stop loss. In all my years, I’ve never met a successful trader who didn’t use stop loss. It will definitely help you act in your own best interest more often than not. Whenever I…
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via IFTTT FLAWLESS EXECUTION Many people get confused and think that flawless execution means always selling near the high and buying near the low. It doesn’t mean that at all. No, in fact I think it will be very rare in almost all of your trades for you to buy near the low and sell…
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via IFTTT TRADING RULES It’s kind of strange in a world with no rules (like trading) that it’s so important to have a specific set of rules that you follow religiously. I mean let’s be honest, trading really doesn’t have any rules. You can get in whenever you want. You can get out whenever you…
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via IFTTT DO YOU DESERVE TO MAKE MONEY? Like we talked about in previous episodes, many people have a certain idea of how long and how much effort it takes to make a certain amount of money. Most job situations offer an unchanging reward regardless of effort. This is very different than trading the…
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via IFTTT REMAINING FLEXIBLE Years ago, I got some advice from a fellow trader. He told me to never get married to a trade. If you don’t remain flexible and stay detached from your trades, you will not become successful in this business. Basically, what this means is very simple. No matter how strongly you…
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via IFTTT TIME HAS NO BEARING ON MONEY Most of us have ideas about the amount of time it takes to make a certain amount of money. These ideas do not apply to trading the markets. A trader can literally make thousands of dollars in a matter of minutes or even seconds with very little…
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via IFTTT LEARNING TO LOVE TO TAKE A LOSS This is something you’ll hear successful traders say all the time. If you’re going to be a successful trader, you will have to learn to love taking a loss. Basically, what that means is it does not bother you to have a losing trade. Don’t get…
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via IFTTT SETTING AND ACCOMPLISHING REALISTIC GOALS I realized early on in my trading career that one of the most common characteristics in almost all successful traders I’d met was they are all very goal-oriented. In fact, I’m not sure if you realize it or not, but that’s when people are at their best. …
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via IFTTT ACTING IN YOUR OWN BEST INTEREST You will see this theme throughout this series. It is the most important concept you can learn in order to be a successful trader. If you can master this skill, you can be very successful in this business. But without it, you are destined to fail. It…
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via IFTTT Read the Story on Tale of 2 Traders Our first trader is Ned. Ned is an intraday trader who day trades the index Futures. He’s been trying to be consistently successful for the last six months. Unfortunately, it hasn’t worked out very well. But it’s not because of his methods that he’s having…
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