subject: Trading To Win-5 Great Nuggets Of Wisdom [print this page] Solid money management is a key to success
Trading to win in the stock market, futures market, or any other venue, requires certain principles to be followed. Most important, you need to keep all losses small. Get out quickly when the market starts to go against you. Every trade you make should have a fixed stop. This will take you out automatically at a pre-determined price. You will save not only trading capital, but psychological capital as well. When the market goes your way, then you can use a trailing stop to protect profits.
Patience is certainly a virtue when trading
It is imperative to wait for just the right opportunity to materialize based on your trading plan. Sometimes I will plan out a specific trade months in advance. I only take a position in the market when everything lines up just right. As an example, I will only trade a growth stock when the following conditions are met. The stock must be fundamentally and technically sound. It must break through a key resistance area on heavy volume. This is a great example of trading to win.
Concentrate on the process
Many traders and investors give way too much thought on how much money they plan to make. This is a mistake. You want to concern yourself with doing the right thing, rather than making money. If you focus on the process, the profit will take care of itself. This is an important lesson to learn. It is a big part of trading to win.
Buy high and sell higher in the stock market
Wow, does this go against conventional wisdom. The greatest performing stocks of all time proved that buying low and selling high was wrong. Amazingly enough, stocks that seem too high in price, and risky to most traders, usually go higher. On the other hand, stocks that are low, and cheap usually go lower in price. Once you implement this type of thinking, you will be trading to win.
What you want to do, is look for stocks making new price highs as they break out of price consolidation areas or bases. This is the point where most of the major price advances begin. It is also the time where the odds of a big price advancement is the greatest. You always want to put as many factors in your favor as possible, before taking a position in the market.
Become a skilled analyst
The first point I would like to make is the following. It takes time to become a highly skilled market participant. It will take a few years of proper trading education. You will need to put in the same type of time and effort it takes to become an engineer, or an airline pilot. There is one big difference though. If you become an elite trader, the amount of money you can make is unlimited.
Becoming a skilled analyst means you can detect technical factors. This includes trend direction, trend reversals, accumulation or distribution, resistance or support levels, and other characteristic signals. You will also be able to analyze fundamentals. To have great success, you will need to understand, and implement proper trading psychology. This is what really separates the average trader from a world-class one. When you put it all together, you will be trading to win.
by: Gary E Kerkow
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