“It never was my thinking that made the big money for me. It always was my sitting.”

Jesse Livermore was one of the greatest traders of all time. 


One method that satisfies the desire for profit and subdues the fear of a losing trade is to take one half of your profit off at a predetermined level, put a stop at breakeven on the rest, and let it play out without micromanaging the position.

I personally like to practice a scaling out in one third positions. Once I lock in one third of the profits my stop moves to break-even and then let the trade run. It if turns and stops me out, I guarantee myself the trade cannot lose me any money at this point.

A method that creates doubts in your mind will never work for you, even if it is beneficial to others.

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Many outstanding intelligent people are horrible traders. Average intelligence is enough. Beyond that, emotional makeup is more important. This is not rocket science. However, it’s much easier to learn what you should do in trading than to do it.

 

By: William Eckarddt

 

 

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The difference between most losing traders and a super successful trader is NOT in the system they are using. It’s in the position sizing and their psychology.

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As has been noted by many notable experienced traders over the years, successful investing means doing some things that may make you uncomfortable. You need the courage to do the things that others find difficult or impossible to do.

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In discussing a situation with a fellow client I thought I would make a post as a Quote Today.

The Un-willingness to accept a Small Loss when a Trade is NOT working

AND

The Fear of Missing a Move is the two main causes of Trader’s Mortality!

Stay discipline to your trading process, if you do not have a process, you are making trades on hope, fear, and greed. Make sure your process indentifies setups you prefer to trade and then indentify that your setup has a winning probability. If you do not have this process indentified, than you trading system is in-complete. Once you have a system in place, it is only your willingness to follow that system that will protect you from the two emotions mentioned above.

Thanks!

Kerry