Twenty-Five Trading Secrets of the Professionals

     1.      The trend is your friend. 

2.       When market is “cheap” or “expensive” there probably is a reason.

3.       The best Trades are the hardest to do.

4.       Have a plan before you trade, and then work it !

5.       Be aggressive when taking profits and/or cutting losses if there is a good reason to do so .

6.       No regret .

7.       Money Management is the key.

8.       Success comes easier when you specialize.

9.       Patience pays.

10.    Guts as important as patience and more important than money!

11.    The “tape"  (the quote machine) will trick you.

12.    Be skeptical.

13.    Be time cognizant.

14.    The market’s reaction to the news is crucial.

15.    Never trade when sick or tired.

16.    Overtrading is one of your  greatest enemies.

17.    keep a cool head during “blow offs ”.

18.    Never let a good profit turn into loss. 

19.    When in doubt, get out!

20.    Diversity.

21.    Pyramid correctly.

22.    Watch for those “breakouts from consolidation”

23.    Go with the relative strength.

24.    Limit moves are important indicators of support and resistance.

25.    Never average a loss .

Key Points

• A big money is made by going with the trend, not against it.

• A wise man changes his mind, a fool never.

• Always remember, it's not the price that's important, it's the market action.

• You must always limit losses on trades which are not going according to plan.

• When it is not going right, when in doubt, get out.

• It's not the news, but how the markets reacts to the news, that's important.

• Good health is essential to success.

• If you take big losses and small profits you will have no chance of success.

• Get the idea of prices out of your head and concentrate on market action.