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Strategies & Market Trends : Tech Stock Options
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To: ViperChick Secret Agent 006.9 who wrote (40513)4/21/1998 3:53:00 PM
From: Tom Trader  Read Replies (1) of 58727
 
Thanks for posting this list of rules that were summarized by Ranier Trinidad

I feel certain that evaluating ones own trading approach in relation to these rules would be of value to anyone.

Trading with the trend was not mentioned as one of the rules though RT did emphasize its importance, and even indicated that most of his losing trades were the result of not trading with the trend.

I would add one: having an exit rule for taking profits as well as cutting losses short.

Here is the summary that Ranier posted -- really worth reviewing for anyone who wants to be a serious trader; in fact, I would even suggest that each person rate oneself as to how well they fare in relation to each of these points:

1. All those involved had a driving desire to become successful traders--in many cases, overcoming significant obstacles to reach their goal.

2. All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money.

3. Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned.

4. The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy.

5. Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed.

6. In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself.

7. The importance of acting independent of the crowd was a frequently
emphasized point.

8. All the top traders understand that losing is part of the game.

9. The all love what they are doing.
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