Professional trading tools and money management techniques are essential to achieve consistent, long-term profitability in the market. Most veteran traders incorporate the disciplined application of a valid method into an overall approach that takes care of their financial and psychological well being.
Given that the success of any particular transaction is based on probability, traders and investors need to develop insight in order to plan for a number of probable outcomes before entering a trade or making an investment. This way, they are prepared for whatever comes to pass. Take care of the downside, and the upside will take care of you.
This thread is moderated primarily by Teresa Lo and Mike Watkins. At the beginning of our trading careers, we fell into the same traps as most people. We read the popular books and followed pros and gurus" who lived and breathed the market every moment of their lives. We found most methods to be arbitrary, subjective and rather complicated. Working harder didnt improve the results at all.
In the end, a handful of simple concepts stood the test of time and it evolved into a market model based on the fundamental nature of price action. Since then, trading has been a rather enjoyable and rewarding activity. Manage risk and reap the rewards. Sleep at night. Enjoy life. No stress, no slavery. Be free.
It is possible... |
