You may have seen these before, but here
they are again...
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Plan your trades. Trade your plan.
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Keep records of your trading results.
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Keep a positive attitude, no matter how
much you lose.
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Don't take the market home.
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Continually set higher trading goals.
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Successful traders buy into bad news and
sell into good news.
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Successful traders are not afraid to buy
high and sell low.
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Successful traders have a well-scheduled
planned time for studying the markets.
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Successful traders isolate themselves
from the opinions of others.
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Continually strive for patience,
perseverance, determination, and rational action.
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Limit your losses - use stops!
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Never cancel a stop loss order after you
have placed it!
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Place the stop at the time you make your
trade.
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Never get into the market because you are
anxious because of waiting.
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Avoid getting in or out of the market too
often.
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Losses make the trader studious - not
profits. Take advantage of every loss to improve your
knowledge of market action.
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The most difficult task in speculation is
not prediction but self- control. Successful trading is
difficult and frustrating. You are the most important
element in the equation for success.
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Always discipline yourself by following a
pre-determined set of rules.
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Remember that a bear market will give
back in one month what a bull market has taken three months
to build.
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Don't ever allow a big winning trade to
turn into a loser. Stop yourself out if the market moves
against you 20% from your peak profit point.
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You must have a program, you must know
your program, and you must follow your program.
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Expect and accept losses gracefully.
Those who brood over losses always miss the next
opportunity, which more than likely will be profitable.
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Split your profits right down the middle
and never risk more than 50% of them again in the market.
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The key to successful trading is knowing
yourself and your stress point.
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The difference between winners and losers
isn't so much native ability as it is discipline exercised
in avoiding mistakes.
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In trading as in fencing there are the
quick and the dead.
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Speech may be silver but silence is
golden. Traders with the golden touch do not talk about
their success.
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Dream big dreams and think tall. Very few
people set goals too high. A man becomes what he thinks
about all day long.
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Accept failure as a step towards
victory.
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Have you taken a loss? Forget it quickly.
Have you taken a profit? Forget it even quicker! Don't let
ego and greed inhibit clear thinking and hard work.
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One cannot do anything about yesterday.
When one door closes, another door opens. The greater
opportunity always lies through the open door.
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The deepest secret for the trader is to
subordinate his will to the will of the market. The market
is truth as it reflects all forces that bear upon it. As
long as he recognizes this he is safe. When he ignores this,
he is lost and doomed.
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It's much easier to put on a trade than
to take it off.
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If a market doesn't do what you think it
should do, get out.
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Beware of large positions that can
control your emotions. Don't be overly aggressive with the
market. Treat it gently by allowing your equity to grow
steadily rather than in bursts.
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Never add to a losing position.
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Beware of trying to pick tops or
bottoms.
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You must believe in yourself and your
judgment if you expect to make a living at this game.
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In a narrow market there is no sense in
trying to anticipate what the next big movement is going to
be - up or down.
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A loss never bothers me after I take it.
I forget it overnight. But being wrong and not taking the
loss - that is what does the damage to the pocket book and
to the soul.
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Never volunteer advice and never brag of
your winnings.
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Of all speculative blunders, there are
few greater than selling what shows a profit and keeping
what shows a loss.
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Standing aside is a position.
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It is better to be more interested in the
market's reaction to new information than in the piece of
news itself.
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If you don't know who you are, the
markets are an expensive place to find out.
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In the world of money, which is a world
shaped by human behavior, nobody has the foggiest notion of
what will happen in the future. Mark that word - Nobody!
Thus the successful trader does not base moves on what
supposedly will happen but reacts instead to what does
happen.
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Except in unusual circumstances, get in
the habit of taking your profit too soon. Don't torment
yourself if a trade continues winning without you. Chances
are it won't continue long. If it does, console yourself by
thinking of all the times when liquidating early reserved
gains that you would have otherwise lost.
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When the ship starts to sink, don't pray
- jump!
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Lose your opinion - not your money.
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Assimilate into your very bones a set of
trading rules that works for you.