My Trading Strategy
Before I discuss my strategy, I'd like to start with an important quote that's relevant to aspiring traders:
"Many of life's failures are men who did not realize how close they were to success when they gave up." –Thomas Edison
Perseverance is one of the most important personal qualities of a successful trader. Its importance is backed up by research, which you can learn more while not boring yourself to death in this great TED Talk by Angela Duckworth: http://www.ted.com/talks/angela_lee_duckworth_the_key_to_success_grit
- Stay calm and trade only the best daily chart set ups:
- Over-extended daily chart
- Near a breakout or just after one for a long
- Beat chart
- Risk capital that I'm absolutely willing to lose without seriously affecting my emotional well being
- Set two price targets before entering a trade, and stick to them. Adjust stop losses only if the trade is going my way to lock in profits.
- Analyze trading performance after-the-fact--identify strengths and weaknesses, and set goals to maximize strengths and overcome weaknesses
'Till next time,
Jory
Great article ! Being a solo retired. I just do regret you didn't publish it 20 years ago, maybe it would have helped me to retire in better conditions than I did. Thanks anyway, for others...
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