From AusTexTrader via Twitter:
#1 Rule for Trading Choppy Days: Don’t trade choppy days.
#2 Rule for Trading Choppy Days: Don’t trade choppy days.
#3 Rule for Trading Choppy Days: Don’t trade choppy days.
Three Rules For Choppy Days July 30, 2009
"Trader" Video Update July 29, 2009
More sources for the Paul Tudor Jones video mentioned here yesterday.
The trading world has kinda picked up the ball and run with it. The video is now available by direct http download and/or via your torrent client.
Tip from Finance Trends Matter via Twitter.
Five Fatal Flaws July 12, 2009
…of trading.
From Jeffrey Kennedy of ElliottWave International:
If you’ve been trading for a long time, you no doubt have felt that a monstrous, invisible hand sometimes reaches into your trading account and takes out money. It doesn’t seem to matter how many books you buy, how many seminars you attend or how many hours you spend analyzing price charts, you just can’t seem to prevent that invisible hand from depleting your trading account funds.
Which brings us to the question: Why do traders lose? Or maybe we should ask, ‘How do you stop the Hand?’ Whether you are a seasoned professional or just thinking about opening your first trading account, the ability to stop the Hand is proportional to how well you understand and overcome the Five Fatal Flaws of trading. For each fatal flaw represents a finger on the invisible hand that wreaks havoc with your trading account.
The killer flaws? They are:
Fatal Flaw No. 1 – Lack of Methodology
Fatal Flaw No. 2 – Lack of Discipline
Fatal Flaw No. 3 – Unrealistic Expectations
Fatal Flaw No. 4 – Lack of Patience
Fatal Flaw No. 5 – Lack of Money Management
Go read the whole thing for details and descriptions of each flaw, and how to avoid them. Good stuff.
Hat tip to The Market Guardian.
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