An experienced and successful trader is starting with our desk, powered by Kershner Trading Group, next month. He is one of the more diligent traders you could meet. I have compared him to Tim Tebow in One Good Trade for work ethic.
As is his way, he sent me 40 rules he highlighted from reading The PlayBook. I thought I would share this experienced, successful trader’s lessons from this trading book with you:
- You are only as good as the stocks you trade
- Make one good trade then one good trade then one good trade
- Become a CPT- consistently profitable trader takes time
- Become YBT- your best trader
- Be willing to take risks
- Need to have patience and an open mind to learn a proven method
- Find the best trade setups for me
- Be big in my best trades
- Be patient with entry and make sure that the stock entered meets the criteria for one of my better set ups
- Have a detailed plan for exit and stick to the plan: use if/then statements
- My job as a trader is not to be right or wrong but to manage risk
- Hold for the real move
- Be proactive and process driven
- Have an edge: I can execute consistently and improve constantly
- Treat every trade as a learning experience
- Avoid thinking in dollar terms but standardize in terms of percentages to measure performance and manage risk
- Need to have a sniper mentality. Be patient and wait for the best opportunity.
- Need measurable, challenging and realistic goals
- Use all my resources to improve including other traders.
- Make the trades that have the highest probability of success.
- Put in my PlayBook daily a trade that makes the most sense to me and archive that trade daily.
- Get better at patterns that work in the current market.
- Trend trend trade is an easy A+ setup
- See the market as patterns that make sense to me.
- Write down all the characteristics of a familiar setup.
- Fading a stock that is holding above long term resistance is a bad play.
- Volume at a price can lead to a bigger price move.
- How good can I be as a trader?
- Be willing to take criticism and willing to listen to new ideas to make u better.
- Always have to be willing to improve my game. Unquenchable thirst to improve
- Good traders are givers.
- Weaknesses do not matter if you find solutions – Ray Dalio
- Focus on my strengths
- Keep working to improve and adapt to market
- Yes! I love trading.
- I will do best when my talent blends with my passion.
- The day I quit working on my game both mentally and physically is the day my career comes to an end.
- Discipline is executing your detailed plan every time.
- No man’s opinions are better than his information.
- Trust the tape.
These are excellent trading principles to consider with your trading. Maybe one or a few of them will help you improve your trading game.
Thxs for reading!
* no relevant positions