Axioms ( Part Two of Two )

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 for patience, perseverance, determination, and rational action.

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

16. Avoid getting in or 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 for some good reason or according to a definite plan; then do not get out without a definite indication of a change in trend.

19. Losses make the speculator 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 and 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, and 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 major 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 factor as conditions change.

26. Expand your sources for market info but limit your sources for 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, and the energy to merge the first 3 properly.

30. Expect and 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 and 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.