More Gems from Elite Trader

* Successful traders adjust their trading style, trading system, holding Period, and exit strategies based on the current market conditions. This is a process I refer to as market adaptive trading. It is better to Learn how to adapt to the market rather than running from one trading idea to the next looking for the next super system. Being frustrated that the market is not doing not what you want often leads to losses. The market does what it wants, we just need to adapt to it. This will take time to learn, be patient. Read this paragraph again.

* As a trader I do not care which way the market moves, I can make money either way. It is important to be able to quickly react to whatever the market does and not be emotionally attached to any particular choice.

* I cannot control what the market does, so I have a plan for whichever path it picks and then trade the plan.

* Successful trading is not about predicting what the market is going to do. It is about knowing how to react to whatever it actually does.

* Always be thinking about taking and protecting profits.

* If you are not sure what to do, exit the position. There will be other good setups.

* You do not need to trade every day. Let the setups come to you and take the best ones. When the market is moving there lots of good setups to trade. If there are few setups, or most are failing, then listen to the message of the market.

* Do not rush in, there is plenty of time to get into a tradable move when the market changes. If a trend is worth trading, then by definition you do not have to be in on the first day (minute).

* Never enter a position without a plan for exiting.

* Do not count your chickens before they hatch. You do not have a profit until you are back in cash.

* Never trade with money you cannot afford to lose.

* Trading is not a team sport. Stay away from chat rooms and financial TV. Seek the truth, not support from others with your point of view.