10 Resolutions of Top Traders

By: Tim Wreford
Submitted: 2007-01-17 16:15:10
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Every day we should all strive to become better traders. Here are 10 ways to help achieve that ambition:

1. Do not feel compelled to always have a trade on or to trade everyday. Capital preservation is the key to successful trading and sometimes that just means waiting when the odds are not in your favour.

"Throughout all my years of investing I've found that the big money was never made in the buying or the selling. The big money was made in the waiting." Jesse Livermore

2. Develop your own proven trading system - accept that losing trades will be part of that system.

3. Do not let emotions influence your trading decisions.

4. Trading is a business, be strategic and logical.

5. Learn something new everyday that will help to maintain or increase your edge.

6. Keep a trading journal and review why your actual trades vary from your trading plan.

7. Do not fight the market, it's easier to run with the wind than against it.

8. Always trade with a stop loss and never move that stop further away or remove it completely. Do not allow a day trade to become a long term investment.

9. Become an expert, know your market inside out. Be it options, futures or an individual stock - you should strive to become the World authority in it!

10. The market will rarely do what it 'should' be doing. Instead focus on what it is doing.

Tim runs Online Futures Trading, a website that provides information and resources for traders. Tim also provides a free day trading system.

Article source: Expert Articles

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