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Non-Tech : MB TRADING
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To: Sword who wrote (511)7/14/1998 2:51:00 AM
From: Sword  Read Replies (5) of 7382
 
The Rules:
1. Stay in Control
....a. Internal Factors:
............i. Avoid fear (don't overextend yourself).
............ii. Don't trade because you want to get even.
............iii. Stop trading when you sense greed welling up.
............iv. Don't trade when you are tired or depressed.
....b. External Factors:
.............i. Don't trade when the ISP or MBT is experiencing problems,
.............ii. Stay flat overnight (to limit exposure to external news).
.............iii. Don't stay in trading positions while you are away from the computer.
2. Trade good trading stocks
....a. Understand the underlying fundamentals
....b. Trade stocks that will have at least 3,000,000 shares traded.
....c. Trade stocks that have medium to high volatility.
....d. Stay out of stocks that have big spreads and small float.
....e. Do most of your trading between 6:30 and 7:30 and between 11:30 and 1:00.
3. Trade with good trading methods
....a. Use TA to define entry and exit points
....b. Stop loss quickly when the trade goes against you.
....c. Avoid getting beaten out by MM shakeouts.
4. Trade using appropriate trading tools
....a. Understand the different trading routes and what they can do.
....b. Don't use Selectnet with a price far from the inside price
....c. Don't use ISLD to cross, use ARCA
....d. SOES only on slow moving stocks or when there are at least 4 MMs at the inside price.
....e. Preference in Selectnet with large volumes
....f. Join the bid or ask on ISLD where possible
5. Reward your hard work with a withdrawal
....a. Take 10% out for compensation per week of the profits over and above the last week's equity.
....b. Donate 10% from this amount to your favorite charity or church (helps prevent greed).
....c. Put the rest in a bank account, not the brokerage
....d. Have a life outside of the financial markets (limit your time on the computer).

-Sword
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