20 Survival Skills For Traders from Todd Mitchell... (Trading Concepts Inc)
5 of the 20 are contained in this Blog. In the next three Blogs you will get the remaining 15 Survival Skills.
1: Know the difference between trading and investing. We are traders, not investors. Discipline is doing the right thing at the right time...every time. Survival in this business is dependant on the right decisions.
2: Don't let losers run. Always use stops (i.e. Initial Stop Losses [ISL's]). Have an absolute limit, I teach you this in my program. Risk management is very, very Important in your trading. Don't be stubborn in holding a position/opinion. Remember, while you may not be wrong often, The Market Is Always Right. The best traders are the first to admit (to themselves and the market) that they made a mistake.
3: Trade only price pattern set-ups (taught in my training program).
4: Trade for skill, not the money. If you're focused on the money aspect of trading...you're not focused on the 'trade'. And Scared money never wins.
5: Concentrate on 1 to 2 markets at a time. Remember that markets have personalities, habits and friends...get to know them. Since I have traded that S&P's since 1988 & the E-Mini S&P since inception (fall of 1997) - I like to think I know this market very well.
Get all 20 Survival Skills for Traders here
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