When Amateurs Become Pros

Trading Advice: From My Journal to Yours…

  1.   Trading is simple, but it’s not easy. If you want to stay in this business, leave “hope” at the door and stick to your stops.
  2.   When you get into trade, make risk management the priority. Profits take care of themselves.
  3.   Trading should be boring, like factory work. If there is one guarantee in trading, it is that “thrill seekers” get their accounts ground into parking meter money.
  4.   Amateur traders turn into professional traders when they stop looking for the “next great technical indicator” and start controlling their risk on each trade.
  5.   You are trading other traders, not the actual stock. You have to be aware of the psychology and emotions behind trading.
  6.   Be very aware of your own emotions. Irrational behavior is every trader’s downfall. If you are yelling at your computer screen, imploring your stocks to move in your direction, you have to ask yourself,”Is this rational?” Ease in. Ease out. Keep your stops. No yelling.
  7.   Watch yourself if you get too excited – excitement increases risk because it clouds judgment.
  8.   Don’t overtrade – be patient and wait for 3-5 good trades.
  9.   If you come into trading with the idea of making “big money”, you are doomed. This mindset is responsible for most accounts being blown out. Focus on making good trades. Big wins happen because of good ideas.
  10.   Don’t focus on the money. Focus on executing trades well. If you are getting in and out trades rationally, the money will take care of itself.

Click Here for More of My Journal Entries

Learn to Trade Stocks:
Enroll in our trading boot camp...

Related Articles

Stocks & Options For Breakfast | Bull Market Breakouts

Stocks  Long stock ideas Financials (BAC, GS) with potential for pullbacks but overall bullish  Healthcare (BHVN, JNJ) showing relative strength  Technology (DOCS) early uptrend Short stock ideas Basic materials (AEM, STLD) clearly bearish sector Energy (XOM, CVX) at support levels but potential to go lower  Risk management Position sizing critical in volatile markets  Use stop…

Podcast: Stocks & Options 3-23-24

Trade Stocks With Pete  |  Trade Options With John Summary Navigating the late-stage market cycle: How to stay cautiously bullish while avoiding potential pitfalls   Mastering the art of chart-reading: Discover why respecting technicals is crucial for trading success, no matter your opinions   Traders vs. Investors: Uncover the surprising differences in how they approach…

Stocks To Watch: Earnings Season Begins

Stock Trading Pro Pete Renzulli discusses the start of earnings season and provides insights on various stocks to watch. Pete emphasizes the importance of not letting headlines scare investors away from good ideas and highlights the financial sector, specifically mentioning JP Morgan and American Express. They also suggest categorizing stocks into different lists based on…

Stock Market Ends Bullish On Quarter 1

0:00 – 4:48 Tradeable Opportunities4:49 – 8:32 Options LULU Trade Broken Down8:33 – 12:03 VWAP From the Institute Side 12:04 – 18:38 Using Sector Rotation for Options Strategies 18:39 – 20:08 Biggest Mistakes Options Traders Do20:09 – 26:41 Sector Rotation Break Down Stocks26:42 – 29:47 Sector Rotation Break Down Options29:48 – 34:22 Is A 10%…

Responses

Your email address will not be published. Required fields are marked *