TraderJunkie

TraderJunkie

I am a broke college kid that is trading his way to financial freedom. I don't have much capital or an Ivy league education, but I have a dream of on day waking up and being able to trade as a full time trader. Watch and add your... [more]

I am a broke college kid that is trading his way to financial freedom. I don't have much capital or an Ivy league education, but I have a dream of on day waking up and being able to trade as a full time trader. Watch and add your comments as I have taken out a $2550 student loan on my quest to beat the markets.

Trader Rules for Everyone!

I was just cruising through stock websites and came across theimpatienttrader.blogspot.com. I heard his interview from traderinterviews.com a week or two ago and was impressed, but never has a chance to really look at his website. On the title of his website it list characteristics that a good trader will do and he list them, here they are:

1. Always wait for the setup: No Setup-NO Trade.
2. Knows that winning trades work almost right away.
3. Never takes a big loss. Sell it and start over.
4. Takes small loses regularly. Winners will come.
5. Lets the stock keep working until it does NOT!
6. Is eager to sell a loser, NOT a winner!
7. Buys pullbacks/patterns on the strongest stocks.
8. Will always trade small so he is not emotional.
9. Never be greedy and always stays humble.

WOW, simple and very true. I need to get these rules tattooed on me so I don't forget them. If you follow these rules you could be an extremely successful trader, (e.i. look at how successful theimpatienttrader is. His PandL for the week, $6700...Nice. That is the level I want to get at one day, but first I need to learn to implement these rules.
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