The New Trading for a Living

The short-term pleasure of eating was stronger for her than the delayed pleasure and health benefits of weight loss.

A proper plan is a written one. You need to know exactly under what conditions you will enter and exit a trade. Don't make decisions on the spur of the moment, when you are vulnerable to being sucked in by the crowd.

proper plan is a written one. You need to know exactly under what conditions you will enter and exit a trade. Don't make decisions on the spur of the moment, when you are vulnerable to being sucked in by the crowd.

You need to be aware of your tendency to sabotage yourself. Stop blaming your losses on bad luck or on others, and take responsibility for your results. Start keeping a diary—a record of all your trades, with reasons for entering and exiting them.

There are good trading systems out there, but they have to be monitored and adjusted using individual judgment. You have to stay on the ball—you cannot abdicate responsibility for your success to a mechanical system

A loser's true problem is not account size but overtrading and sloppy money management. He takes risks that are too big for his account size, however small or big

Do you have any idea how much slippage costs you?

There is only one way to find out: write down the price at the time you placed a market order, compare it with your fill, and multiply the difference by the number of shares or contracts

Develop a money management plan. Your first goal must be long-term survival; your second goal, a steady growth of capital; and your third goal, making high profits. Most traders put the third goal first and are unaware that goals 1 and 2 exist

Do not get greedy and rush to trade—take your time to learn. The markets will be there, offering more good opportunities in the months and years ahead.

To win in the markets, we need to master