“Don’t ever average losers.” When a trade is going against you it means you are wrong. Adding to a loser just usually makes it bigger and your stress overwhelming. “Never trade in situations where you don’t have control.” Getting into a trade that you can’t easily get out of is a dangerous trade in itself. […]
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Top Five Trading Lessons From Market Wizard Dr. Van. K. Tharp from the book “Market Wizards”: “The composite profile of a losing trader would be someone who is highly stressed and has little protection from stress, has a negative outlook on life and expects the worst, has a lot of conflict in his/her personality, and
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“I try not to go against the moving averages; it is self-destructive.” This is something that can cause a lot of losses for traders that fight a trend. Regardless of other technical indicators the moving average tells the trend. “Before putting on a position always ask, ‘Do I really want to have this position?’” There
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“There are really four kinds of trades or bets: good bets, bad bets, winning bets, and losing bets.” – Larry Hite Hite explains that good and bad trades are independent of winning and losing trades. Therefore, a winning trade wasn’t necessarily a good trade, and a losing trade wasn’t necessarily a bad trade. There are
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These quotes are from Jack Schwager’s interview with Linda Raschke from The New Market Wizards. “The truth is that once you get down on the trading floor, you find that the traders come from all walks of life. You don’t have to be a rocket scientist to be a trader. In fact, some of the
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A new website platform that lets traders see the stocks that would be chosen right now by investment legends based on algorithms that filter for their historical parameters, I’m happy to introduce you to Meet Invest. Users can now see the stocks that Warren Buffett, Marty Zwieg, Peter Lynch, or William J.
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“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” “Intellectual capital will always trump financial capital.” “Every day I assume every position I have is wrong.” “Losers average losers.” “You adapt, evolve, compete or die.” “Trading is very competitive and
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Guest post by Christopher Ebert @OptionScientist With regards to #2, I must admit I too was once hampered, and to this day occasionally experience the hampering effect from time to time . What released me from that was a realization that there will always be some influential entities that can induce something to go up
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Here are seven books written by Market Wizards that appeared in Jack Schwager’s best selling book: How to Make Money in Stocks: A Winning System in Good Times and Bad by William J. O’Neil Pit Bull: Lessons from Wall Street’s Champion Trader by Marty Schwartz Panic-Proof Investing: Lessons in Profitable Investing from a Market Wizard
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This book is a great addition to the trading world. It is unique in it’s structure and the knowledge of the participants is impressive. The book is structured as a round table question and answer session with four legendary traders, answering questions that they receive regularly.
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