In the stock market or futures market or any trading/investing environment, if you find yourself hoping for a miracle then you know you are in trouble. Remember,
“hope is not a strategy”
Rule 6, from the “Tao of Poker” by Larry W. Phillips, It’s important that a player starts seeing “staying too long on marginal hands” as where the money goes. Continue reading
Poker or gambling in general has very interesting correlations to trading. In both you are dealing with uncertainty, the ability to handle your emotions and how well you manage your money.
And doing all of those things gets back to discipline and your ego. Let’s start off with knowing when to fold ’em as they say in poker or as they say in trading…cutting your losses. Some good basic rules of poker apply to trading.
This post is a repeat of one I published over two years ago. The title of that July 2014 post was “When you look at the chart, what do you see?” Some of the details might not be current but the idea sure is. So what is the chart’s story?
It’s interesting to read the financial press. They always give a reason for the market’s action. I can almost picture them sitting around and trying to figure out what they are going to say for any given day. So the Dow was up 28.7 pts yesterday, what did they say?
Reuters: “Stocks managed to score modest gains on Friday, but the S&P 500 posted its biggest weekly drop since April as investors showed only mild enthusiasm after getting their first glimpses of earnings.”
Bloomberg: “U.S. Stocks advance as Internet rally offsets Portugal”
MarketWatch: “The U.S. stock market closed higher on Friday after the main benchmarks picked up steam in late afternoon, trimming weekly losses.” Continue reading
In this post I’m going to talk about 5 things that every trader needs to be successful. The list is not mine, I’ll talk about that in a second, but the discussion of those 5 things are my thoughts. Continue reading
Many traders and investors constantly tinker with their technical indicators thinking that if they tweak this or add that, that they will get great results or solve a problem they may be having.
That if you find the right technical indicator, or combination of technical indicators, that will be the holy grail and you’ll be rich. I talked about this some in my post on July 16. Continue reading
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