61.If a market doesn’t do what you think it should and you’re tired of waiting ， you’d better be out of it.
62.Stay calm and maintain clear thinking when trading big positions.
63.Reevaluate your position in the market if charts have deteriorated and fundamentals have not developed as you expected.
64.Above all be mentally prepared for 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 and 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 and you’ve missed the first leg you should still consider jumping in even if it is dangerous and 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.
2 comments:
Have to disagree with #69; for one, it tends to #68, which I wholeheartedly agree with. I understand still getting in if you've missed the first move, but not if it's "dangerous and difficult", as you describe. Why do something characterized as dangerous and difficult (presumably more d&d than normal trading)? The market will still be there tomorrow. That's why, if you do miss a move, you wait for a pullback and then a resumption of the trend, so it's no longer that dangerous and difficult.
Sorry; first sentence should read, "...tends to contradict #68".
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