Trading Rules of Mark Douglas
- Objectively Identify risk
- Pre Define your risk (and the market structure that will negate the trade)
- Accept the risk involved, or let the trade go
- Act on every edge (setup) without reservation
- Pay yourself as the market allows
- Monitor yourself for mistakes
- ALWAYS FOLLOW YOUR RULES
Psychology of the Stock Market
G. C. Selden
- Keep the mind clear and well balanced so do not act hastily on sensational information; do not trade so heavily as to become anxious, do not be influenced by your position in the market
- Act on your own judgement, or entirely on that of another regardless of your own opinion
- When in doubt, stay out
- Endeavor to catch the trend of the sentiment
- The greatest fault of 99% of traders is to be bullish at high prices and bearish at low prices, therefore, refuse to follow the market beyond what you consider a reasonable climax.
RULES FOR TRADERS.
......By Trader Vic Sperandeo
- TRADE WITH A PLAN....and stick to it
- Trade with the trend
- Use stops
- When in doubt....GET OUT
- Be Patient....Never Overtrade
- Let profits run and cut losses
- Never let a profit turn into a loss
- Buy weakness and sell strength......but be as willing to buy as you are to sell
- Be an investor early and a speculator late
- Never average a loss
- Never buy just because price is low or sell just because price is high
- Trade only liquid markets
- Don't trade on tips
- ANALYZE MISTAKES
- Keep Records
- Know and follow rules
TRADING RULES THAT WORK
....by Jankovsky
- Know your game
- Have a trading plan
- Think in terms of probablilities
- Know your time frame
- DEFINE YOUR RISK
- use stops
- Your first loss is your best loss
- Never add to a loser
- Don't overtrade
- Keep good records and review them
- Add to winners
- Use multiple time frames (when analyzing trading opportunities)
- Set profit objectives
- Don't Second Guess winners
- Know the limits of your analysis
- Trade with the Trend
- Use effective Money management
- Know your ratios
- Know when to take a break
- Don't trade the news
- Don't take tips
- Withdraw equity regularly
- Be a Contrarian
- All markets are bearish
- Buy and sell 50% retracements
- The only indicator you need ...Volume and open interest
- Study Winning Traders
- Be a student of YOURSELF