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Gold/Mining/Energy : marketbrief.com
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To: B. Thomson who wrote (46)3/31/1998 1:19:00 PM
From: marketbrief.com  Read Replies (1) of 246
 
All traders make mistakes all of the time. It never ends and you accept mistakes as a cost of doing business. After a while, you learn that every loser is another one closer to a winner, so just get rid of the losers and FAST! The solution to your trading problem is exactly one disciplined mental resolution away: ALWAYS USE A STOP LOSS. I always enter a stop when I enter my order. I usually pick a couple of ticks either way of a resistance level. I'd rather live to trade it again another day than to take a hit. I have found, after many years of trading, that the winners all use different methodologies to pick their trades, but what they ALL have in common is knowing when to fold 'em. It's the only way to go. Day trading is nice but you can't trade anything until you start using stops. And please don't start trading options until you can take losses. I'm going to drill that into everyone's head...
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