Posted On: 08/17/2014 9:43:30 PM
Post# of 29744
“Have a plan, and stick to it”
When I say have a plan, I literally mean that you should decide in advance how much you are willing to pay for a share, how large a loss you are willing to take if the trade goes bad, and HOW MUCH PROFIT YOU WILL TAKE IF IT GOES GOOD.”
Most traders simply cannot seem to MAKE the plan, and then STICK to the plan. But you simply MUST if you are going to succeed over an extended amount of time.
Warning: Usually the HARDEST part of sticking to the plan is TAKING PROFIT!!! Yes. It’s true. Greed tends to “talk” to you when your trade is doing well, and it tells you, “It could still go up more!!!” Well, that may be true, but THAT is NOT a plan, and it WON’T succeed over T.I.M.E. . I seriously don’t give a rat’s rear-end what the latest fly-by-night internet “guru” claims he does.
When I say have a plan, I literally mean that you should decide in advance how much you are willing to pay for a share, how large a loss you are willing to take if the trade goes bad, and HOW MUCH PROFIT YOU WILL TAKE IF IT GOES GOOD.”
Most traders simply cannot seem to MAKE the plan, and then STICK to the plan. But you simply MUST if you are going to succeed over an extended amount of time.
Warning: Usually the HARDEST part of sticking to the plan is TAKING PROFIT!!! Yes. It’s true. Greed tends to “talk” to you when your trade is doing well, and it tells you, “It could still go up more!!!” Well, that may be true, but THAT is NOT a plan, and it WON’T succeed over T.I.M.E. . I seriously don’t give a rat’s rear-end what the latest fly-by-night internet “guru” claims he does.
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