I have finished reading ‘Trading in the Zone’ and I highly recommend the book as Mark explains why trading is so difficult and what approach you should use if you want to be successful. [My only quibble with the book is that it would have been even better book if it was edited properly.]
Armed with this knowledge, I am going to give trading another shot. Before I place another trade, I am going to prepare a list of trading rules which I will follow.
Here are few:
1. Define and accept the risk for each trade before I execute it. [The book explains what it means by 'accepting' the risk.]
2. Never trade without a stop loss in place. Depending upon the trade, I have decided to keep 5% as my maximum stop loss amount.
3. Never add to a losing position.
That’s it for now. I have few more thoughts and I will write about them as I explore the trading world again.
Trade well,
RJ
6 responses so far ↓
1 Yngvai // Jun 22, 2009 at 7:28 pm
Welcome back!
2 RJ // Jun 23, 2009 at 1:08 am
Thanks Yng!
3 MarketMonk // Jun 23, 2009 at 5:10 am
Nice to see you blogging again. Good luck getting back up and running.
4 sJ // Jun 26, 2009 at 2:33 pm
make sure u follow #2
5 sJ // Sep 23, 2009 at 3:55 pm
no updates ???
6 Tort // Nov 22, 2009 at 12:10 am
i sent you email, and if youre back trading i have all kind of neat shit. easy stuff, you dont need indicators, just price and volume. execute your trades. trade like a market maker make couple hundo every 5m bars etc
-Tort
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