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2012-08-29 17:10:25

1. Plan your trades ***trade your plans.


2. Hope ***fear are the two greatest enemies of speculators.


3. Keep records of your trading results.


4. Maintain a positive attitude no matter how much you lose.


5. Avoid overconfidence——it could be your greatest enemy.


6. Continually set higher trading goals.


7. Stops are the key to success f***many traders——limit your losses!


8. The most successful traders are those that trade long term.


9. Successful traders buy into bad news & sell into good news.


10. The successful trader is not afraid to buy high & sell low.


11. Successful traders have a well scheduled planned time f***studying the markets.


12. Successful traders set profit objectives f***each trade they enter.


13. Do not collect the opinions of others before entering trades——facts are priceless——opinions are worthless. In short successful traders isolate themselves from the opinions of others.


14. Continually strive f***patience, perseverance, determination, ***rational action.


15. Never get out of the market just because you have lost patience ***get into the market because you are anxious from waiting.


16. Avoid getting in ***out of the market too often.


17. The most profitable trading tool is simply following the trend.


18. Never change your position in the market without a good reason. When you make a trade, let it be f***some good reason ***according to a definite plan; then do not get out without a definite indication of a change in trend.


19. Losses make the speculat***studious——not profits. Take advantage of every loss to improve your knowledge of market action.


20. The most difficult task in speculation is not prediction but self-control. Successful trading is difficult ***frustrating. You are the most important element in the success equation.


21. The basic substance of price change is human emotion. Panic, fear, greed, insecurity, anxiety, stress, ***uncertainty are the primary sources of short-term price change.


22. Bullish consensus is typically at its high when the market is at a top. Also there are few bulls at maj***bottoms.


23. Watch the spreads i.e., don't be bullish if inverses are narrowing.


24. Remember that a bear market will give up in one month what a bull market has taken 3 months to build.


25. Identify "the dominant factor" in each commodity. Be prepared to redefine this fact***as conditions change.


26. Exp***your sources f***market info but limit your sources f***market opinion.


27. Don't ever allow a big winning trade to turn into a loser. Stop yourself out if market moves against you 20% from your peak profit point.


28. It is never possible to know everything about anything. A commodity trader is in constant danger.


29. Successful trading requires four things. Knowledge, disciplined courage, money, ***the energy to merge the first 3 properly.


30. Expect ***accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.


31. The one essential ingredient to making money with money ***keeping it is having an organized effort.


32. Unless you progress, you go backwards. Once you complete a trading goal it is crucial that you immediately set a new goal.


33. The art of concentration can help you become a great trader. In other words, set aside time to think, plan, meditate, investigate, research, analyze, evaluate ******your trades carefully.


34. Split your profits right down the middle ***never risk more than 50% of them again in the market.


35. The key to successful trading is in knowing yourself ***in knowing your stress point.


36. The real difference between winners ***losers is not so much native ability as it is discipline exercised in avoiding mistakes.


37. The greatest risk f***a commodity trader is to rely on hope alone. Never substitute hope f***facts. The greatest loss is loss of self-confidence.


38. You cannot perform very well f***very long with your shoes nailed to the floor. In trading as in fencing there are the quick ***the dead.


39. Remember Mark Twain: "only 10% of the people think. 10% think they think. The other 80% would rather die than think."


40. The man who goes to the top as a commodity trader does not do as he pleases. He has trained himself to choose correctly between the two freedoms: the freedom to do as he pleases, ***the freedom to do what he must do.


41. Since there is always the possibility of surprise in thin, dead markets, less capital should be risked there than in markets which are broad ***moving.


42. Limit the risk in any one trade to a maximum of 10% ***the risk in all open trades to a maximum of 25% of trading capital. (risk = pct of available capital). Determine this each day, adding profits ***subtracting losses in open trades, ***combine this net figure with your trading capital.


43. It does not take much capital to trade a market if one has knowledge ***understanding. St. Paul said, "when I am weak I am strong."


44. Speech may be silver but "Silence is Golden". Traders with the golden touch do not talk.


45. Common trading errors include: A) trading without good reasons. B) trading on hope rather than facts. C) overloading without regard f***capital.


46. "I like the short side of the market because there is usually less company". The mob is usually wrong. It is usually long.


47. A fatal mistake made by the fundamental trader is to take small profits. This is the result of limited vision ??? extremes always seem silly to men of so called good judgment.


48. Trade only when you have a good reason on an appraisal of fundamentals ***using chart action f***confirmation ***timing of entry ***exit.


49. Believe that "the big one is possible" ——be there when it starts. Have the gross power to act, be rested mentally ***physically, ***finally let your profits run ***cut your losses quickly.


50. Dream big dreams ***think tall. Very few people set goals too high. A man becomes what he thinks about all day long.


51.Commodity trading is the art of regarding fear as the greatest sin ***giving up as the greatest mistake. It is the art of accepting failure as a step toward victory.


52.Have you taken a loss? Forget it quick. If you have taken a profit, forget it quicker. Don't let ego ***greed inhibit clear thinking ***hard work.


53.The characteristics of realizing bull market are:

a.a fundamental bullish situation

b.a reluctance by specs to buy

c.an inversion ***small carrying charge between cash ***futures

d.business interests are either cautious ***bullish






54.Always remember that weather markets are mercurial, extreme in price fluctuations, ***very difficult to master. Forecasts of weather beyond a few days are not reliable.


55.One cannot do anything about yesterday. When one do***closes, another do***opens. The greater opportunity nearly always lies through the open door.


56.The deepest secret f***the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this, he is safe. When he ignores it, he is lost.


57.Somewhere a change is occurring that can make you rich.


58.Beware of "fools disease" (i.e. Waiting f***trades that you're sure are 100 pct profitable.) It is better never to let yourself believe that you are 100 pct sure of anything.


59.A known fundamental is a useless fundamental.


60.Maj***trends are seldom broken unless market goes against trend f***more than 3 consecutive days.


61.If a market doesn't do what you think it should ***you're tired of waiting , you'd better be out of it.


62.Stay calm ***maintain clear thinking when trading big positions.


63.Reevaluate your position in the market if charts have deteriorated ***fundamentals have not developed as you expected.


64.Above all be mentally prepared f***the rigors of each trading day from the time you get up each morning until you go to bed at night.


65.Do whatever is necessary to stay on top of the markets you are trading.


66.Believe that the market is stronger than you are. Do not try to fight the market.


67.Beware of large positions that can control your emotions ***feelings. In other words don't be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts.


68.Capital preservation is just as important as capital appreciation.


69.When a market's gotten away ***you've missed the first leg you should still consider jumping in even if it is dangerous ***difficult.


70.Work hard at understanding the key factor(s) motivating the market(s) you are trading. In other words, the harder you work the luckier you'll be.


71.Remember that it's better to trade a few big moves a year (***close them out profitably) than to trade constantly.


72.Set an objective f***each trade you enter ***get out when you meet it. Don't be greedy!


73.Remember that f***many commodities ,politics are more important than economics.


74.Never ***to a losing position.


75.Beware of trying to pick tops ***bottoms.


76. Worry about how much you can lose. Figure risk reward ratio ahead of trade. Strive f***at least 3x potential profit vs. loss.


77. If it appears that lots of bulls are long , be nervous!


78. If you have a good lead in the market ***all the news seems too good to be true you'd better take profits.


79. The news always follows the market.


80. There is only one side to the market; ***it is not the bull side ***the bear side, but the right side.


81. A man must believe in himself ***his judgment if he expects to make a living at this game.


82. It is the big swing that makes the big money f***you. "It was never my wishing that made the big money f***me. It was always my sitting tight." Men who can both be right ***sit tight are uncommon. The market does not beat them. They beat themselves. You must have the courage of your convictions ***the intelligent patience to sit tight.


83. To buy on a rising market is a most comfortable way of buying. Buy on a scale up. Sell on a scale down.


84. Commodities are never too high to begin buying ***too low to begin selling. But after the initial transaction, don't make a second unless the first shows a profit.


85. Realize that the big money comes in the big swing. Whatever might seem to give a big swing, its initial impulse, the fact is that no matter who opposes it, the swing must inevitably run as far ***as fast ***as long as the impelling forces determine.


86. In the long run, commodity prices are governed but by one law , the economic law of dem******supply.


87. A loss never bothers me after I take it. I forget it overnight. But being wrong ***not taking the loss , that is what does the damage to the pocket book ***to the soul.


88. It is profitable to study your mistakes.


89. Of all speculative blunders, there are few greater than selling what shows a profit ***keeping what shows a loss.


90. Nothing is new in commodities! The game does not change ***neither does human nature.


91. In a bear market, it is always wise to cover if complete demoralization suddenly develops.


92. The principles of successful commodity speculation is based on the supposition that people will continue in the future to make the mistakes that they have made in the past.


93. In a bull market ***particularly in booms, the public at first makes money, which it later looses simply by overstaying the bull market.


94. A bull market needs to be fed every day , a bear market only once a week.


95. Never underestimate how much time is necessary to wash out a market that is long.


96. Never buy the first rally ***never sell the first break.


97. Be advised that it is better to be more interested in the market's reaction to new information than in the piece of news itself.


98. Don't diversify , concentrate on a few commodities. More diversity reduces amount you can speculate with. Also too much to watch.


99. Don't pioneer highs ***lows. Let the market tell you a high ***low has been made.


100. Keep some perspective. Trees don't grow to the sky. Values don't go to zero. What are histories ***recent highs ***lows, Loan levels, Loans are not necessarily price floors. CCC selling prices aren't necessarily price ceilings.


101. "If you get in on Jones' tip; get out on Jones' tip". If you are riding another person's idea, ride it all the way.


102. Run early ***not at all. Don't be an eleven o'clock bull ***a five o'clock bear.


103. Woodrow Wilson said, "a governments first priority is to organize the common interest against special interests". Successful traders seek out market opportunities capitalizing on the reality that government's first priority is rarely achieved.


104. People who buy headlines eventually end up selling newspapers.


105. If you do not know who you are, the market is an expensive place to find out.


106. Never give advice—the smart don't need it ***the stupid don't heed it.


107. Disregard all prognostications. In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word—nobody! Thus the successful trader bases no moves on what supposedly will happen but reacts instead to what does happen.


108. Worry is not a sickness but a sign of health. If you are not worried, you are not risking enough.


109. Except in unusual circumstances, get in the habit of taking your profit too soon. Don't torment yourself if a trade continues winning without you. Chances are it won't continue long. If it does console yourself by thinking of all the times when liquidating early preserved gains you would otherwise have lost.


110. When the ship starts to sink, don't pray—jump!


111. Life never happens in a straight line. Any adult knows this. But we can too easily be hypnotized into forgetting it when contemplating a chart. Beware of the chartist's illusion.


112. Optimism means expecting the best, but confidence means knowing how you will handle the worst. Never make a move if you are merely optimistic.


113. Whatever you do, whether you bet with the herd ***against, think it through independently first.


114. Repeatedly reevaluate your open positions. Keep asking yourself: would I put my money into this if it were presented to me f***the first time today? Is this trade progressing toward the ending position I envisioned?


115. It is a safe bet that the money lost by (short term) speculation is small compared with the gigantic sums lost by those who let their investments "ride". Long term investors are the biggest gamblers as after they make a trade they often times stay with it ***end up losing it all. The intelligent trader will . By acting promptly—hold losses to a minimum.


116. As a rule of thumb good trend lines should touch at least three previous highs ***lows. The more points the line catches, the better the line.


117. Volume ***open interest are as important to the technician as price.


118. The clearest ***easiest way to determine a trend is from previous highs ***lows. Higher highs ***higher lows mark an uptrend, lower highs ***lower lows mark a downtrend.


119. Don't sell a quiet market after a fall because a low volume sell-off is actually a very bullish situation.


120. Prices are made in the minds of men, not in the soybean field: fear ***greed can temporarily drive prices far beyond their so called real value.


121. When the market breaks through a weekly ***monthly high, it is a buy signal. When it breaks through the previous weekly ***monthly low, it is a sell signal.


122. Every sunken ship has a chart.


123. Take a trading break. A break will give you a detached view of the market ***a fresh look at yourself ***the way you want to trade f***the next several weeks.


124. Assimilate into your very bones a set of trading rules that works f***you.


125. The final phase in a bull move is an accelerated runaway near the top. In this phase, the market always makes you believe that you have underestimated the potential bull market. The temptation to continue pyramiding your position is strong as profits have now swelled to the point that you believe your account can st***any setback. It is imperative at this juncture to take profits on your pyramids ***reduce the position back to base levels. The base position is then liquidated when it becomes apparent that the move has ended.


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