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The Stock Trading Plan
discipline contributed more to their success than their
trading philosophy itself. Remember that the key to
any plan is how well it holds over time.
2. There is no "sure thing", and there is
no trading system that is 100% accurate. Your goal,
as a trader, is to use the tools available and try to
develop an edge. Base your trades on sound fundamental
and technical reasoning,
rather than on hunches and long shots. If you can develop
an edge, however small, over time you will be successful.
3. A trader must be able to admit they have made a mistake.
Do not become emotionally or financially committed to
a losing trade. Avoid the pitfall of becoming emotionally
involved with any trade.
4. An investing edge is only part of the equation. A
trader should diversify sufficiently so that the growth
in equity can be consistent and the likelihood of a
catastrophic loss can be diminished. The lower the percentage
of a traders' account dedicated to any one trade the
greater the chance of the trader being successful.Even
if the trader has a perceived investing edge, it is
unwise to run the risk of ruin, and bet it all on one
trade. The goal is not only to make money, but also
to be able to continue to make money consistently for
an
extended period of time. A trader must learn the basic
concepts and the importance of money management.
5. Lack of experience in the market causes many traders
to make the mistake of taking small profits and letting
losses run.Fundamental trading wisdom dictates the exact
opposite. When in a winning trade, be patient and fully
capitalize on the success. The trading axiom is, "cut
your losses short and let your profits run".
6. A trading system does not have to be difficult, time
consuming, complicated and stressful in order to be
profitable.In trading systems, as in many other things
in life, simple can be better
7. As a trader, be cautious, and never let greed take
control of a winning position.
8. Be aware that declining volume usually indicates
the market is not accepting higher or lower prices,
and this could indicate a market turn.
9. Learn from your trading mistakes. Never make a trading
mistake without asking yourself why.
10. Do not make trading decision based solely on margin
requirements, and always trade within your capabilities.Remain
true to your trading plan and follow the trading style
that works best for you.
11. Do not trade markets that you don't understand.
Trade with confidence and conviction. Trade only with
risk capital and be aware of the risk of losing. Divide
your capital into 6 equal parts and never risk more
than one-tenth of your capital on any one trade.
12. After a long period of success or a period of profitable
trades, try to avoid the natural tendency toward increasing
your trading activity. Conversely, use self-discipline
when a trade goes against your position. Take your loss
and wait for another opportunity. Never increase your
trading after a loss.
13. Avoid getting into the market because you are anxious
from waiting and/or out of the market because you have
lost your patience. Never over trade and adhere to your
risk management rules
14. Do not make a trading decision to buy just because
the price of the stock is low or sell just because the
price is high. Never change your position in the market
without a good reason that is based on a fundamental
or technical rule indicating a change in trend.
15. Trade the most active stocks and refrain from trading
the slow moving markets. Trade "at the market"
whenever possible and try to avoid a fixed buying and
selling price.
16. When the market is moving with your position and
you are using a stop loss order, then raise your stop
loss so as to lock in your profit. Protect yourself
against the possibility of turning a profit into a loss.
17. The "trend is your friend," and never
buy and sell if you are insecure of the trend according
to your fundamentals and technical rules. If you are
in doubt, then exit the market. Only trade when you
feel confident with your trading strategies.
18. Trade in five or six different stocks at a time,
so as to avoid tying up all of your capital in any single
stock.
19. A trader should establish a "surplus account"
after a series of successful or winning trades. The
goal is to retain the "surplus account" for
times of emergency or panic 20. It is difficult to try
and guess where the top and bottom of the market is,
instead let the market prove its top and bottom.
About the author:
Mark Crisp
The Momentum Stock Trader
http://www.stressfreetrading.com
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Boost Your Income With Financial Spread Betting
by: Gary Anderson
About 6 years ago I started to notice that certain friends of
mine had quit their jobs but continued to live very luxurious
lifestyles - seemingly without doing very much. I thought they
must just be using up their savings until I discovered they were
all making a fantastic living by spending just a few hours a
week doing something I had never heard of before - �financial
spread betting�
More and more people are now becoming familiar with the phrase �financial
spread betting�. Once, the sole preserve
of City Whiz kids or sophisticated gamblers, financial spread
betting is now gaining in popularity as a great way to earn
a very sizeable tax-free income without the risk of losing
the shirt off your back!
So why is financial spread betting becoming so popular. Well,
with a bit of understanding and practice, ordinary people,
with no prior experience, can earn enormous sums whilst controlling
their risks and limiting their losses. You do not even need
a stockbroker or a city dealing account to do get involved.
An on-line account is very simple to open and anyone with web
access can do it.
Spread betting, aka futures trading, is easy to understand
if you stick to a simple index like the FTSE 100 or
the DOW JONES.
In basic terms, this is how it works:
When you buy a �future� you
take a position on what you think the index (e.g. the FTSE
100, or the DOW ) will be at some future date - e.g. June 2005.
Let�s say the FTSE is currently at 5200
and you think it will rise over the next three months as �terrorist
fever� abates. You would buy the June
FTSE at (say) �10 per point. For every
point it rises, you make �10. If it goes
up 100 points, you make �1000. Of course,
if you get it wrong and the index falls by fifty points (say),
you lose �500.00.
You need of course to be very aware of the risks before you
get involved. As with any investment or business, you can lose
money. If, by nature, you are a timid, cautious person, then
it is definitely not for you. But if you have some money to
play with, and aren�t risk adverse, then
financial spread betting is the one of the best possible ways
you can make a great deal of money completely tax free� and
there are clever ways of limiting your losses so you never
lose more than you can afford.
Unlike most businesses, it is possible to get involved with
an absolute minimal outlay and take a position without buying
a single thing. You do have to �back� your
position with a certain amount of cash, but this is �insurance� money,
NOT stake money.
The best thing is you can try it for free without any risk
at all. You can �dry trade� with �monopoly� money
until you get a feel for how it works and are confident enough
to start using real money.
Financial spread betting has become so popular primarily because
of the relationship between risk and capital. It is highly
leveraged and you can make huge profits with only a limited
amount of capital and risk. The fact that there is (unlike
with most investments) no stamp duty or tax also helps make
it extremely attractive.
So if you are of the right temperament, spread betting can
be a very lucrative way of making an amazing income in your
spare time. But be warned, if used recklessly or without the
correct knowledge it can result in large losses.
About the author:Gary Anderson.
http://www.spreadbettingsecrets.com-Gary
Anderson is the author of �Betting
On A Fortune�
the best selling book on how to make money from financial
spread betting.
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