Crazy times in the world, huh? A year ago today, I was flying to NYC to meet other traders and attend a trading workshop. Can’t imagine that opportunity right now. However, something has stuck with me ever since. When I was on the plane, I was listening to a podcast that played an excerpt of […]
Winning is easy, losing is hard. In school and sports we are taught to be winners. In trading we need to learn to lose. Amateurs like to take quick profits cause it feels good, they hold on to losing positions cause having it on paper doesn’t feel as bad as actually taking it. Pros do […]
Amateurs are looking for the next winning trade, pros know that trading is a long-term process of cutting losers and adding to winners. Market behavior is too random to predict the outcome of your next trade. Therefore, focus on things you can control and that is process, not results. There are few simple stats I […]
I got back from my trip to NYC to attend a workshop by Dr. Alexander Elder and Kerry Lovvorn. It was fun. First night we gathered at Dr. Elder’s apartment near Manhattan, a short walk from my hotel. I met other traders from around the world, cigars on the balcony and off we went to […]
Just take the loss while it’s small. You will preserve your financial capital as well as your emotional capital. Yes, there is emotional capital that we give away while we’re stressed with a trade. What I’ve come to realize is that all professional traders take losses, even the most successful ones. What separates them from […]