1. Be patient with trades and setups. Do not chase trades. Let them come to you. If you miss a trade, that's okay.
2. The best setups in this market focus on extremes. Buy extreme weakness and sell extreme strength.
3. Watch for accumulation patterns that form as prices base near lows. This will get you in on "bottom" trades early.
4. Ignore the market forecasters and pundits.
5. It's all about the charts. Price, volume, support, resistance, overbought and oversold indicators are all you need to make money.
6. Manage risk vigilantly.
7. Define your stop-loss and target before entering a trade, and stick to it!
8. Keep an eye on breakouts and watch for sectors that are well represented in breakout scans. These sectors will lead the next rally.
9. Do not watch CNBC.
10. Write down a few important resolutions, post them on a big board in your office, look at them every day, *act* on them everyday and stick to them. I will post mine soon.
No comments:
Post a Comment