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Pit Stops:
There's Gotta Be Rules |
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These rules were given to me by my first clearing firm at the Chicago Board of Trade. |
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1. Practice your trading. The first hundred trades are the hardest. |
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2. Do not overtrade. It's best to begin with one lots. |
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3. If you are caught taking more units than you can handle, immediately get out of excess. |
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4. Use discomfort to your advantage. It may never go away. |
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5. Work on each trade. Don't lay back. |
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6. The ability to let a profit run is a developed skill. |
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7. Try not to be habitually bullish or bearish. |
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8. Never add to a losing position. |
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9. Learn quirks of other traders and brokers. |
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10. Watch disciplined traders. Try to model yourself after them. |
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11. Continuity is important; don't leave the pit. |
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12. Work on one or two reasonable goals at a time. |
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13. Be more interested in establishing a working pattern than making it big on one trade. |
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14. Spreading generates economic advantage and informational edges. |
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