Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: Ken Wolff who wrote (10)	1/5/1998 9:27:00 PM
From: Ken Wolff	Read Replies (4) of 2120

My Golden Rules of Trading: 1. CLEAR YOUR SPREAD. KNOW THE DIRECTION 2. TRADE THE RULE -- NOT THE EXCEPTION. 3. STAY AWAY FROM LOW VOLUME STOCKS 4. STAY AWAY FROM STOCKS WITH SPREADS OVER 1/8. 5. KNOW WHY YOU CHOOSE TO BUY A STOCK AND GET OUT ASAP WHEN IT TURNS AGAINST YOU. 6. PAPER TRADE UNTIL YOUR SYSTEM TRADES ABOVE 90%. 7. TAKE PROFITS WHEN YOU HAVE THEM! YOU WILL NEVER GO BROKE TAKING PROFITS! 8. NOTE THE TIME OF YOUR TRADE. I get my students to memorize these rules. The breaking of trading rules leads to confusion and losses. You will no longer be confident and exercise good judgement. I have had students toss out the rules by "trying things". When one has fast profits, there is the temptation to experiment with them. If you are successful at first, it only reinforces "bad habits". The losses will come fast and I've seen traders lose nearly all they have... I will explain these rules later... Ken mtrader.com

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