Stock Trading Wisdom: ARTICLE 3
Management Mode
Amateurs think trading is about finding the perfect
- Chart pattern
- Indicator
- Moving average
- Trading system
- Market guru
Pros have been down all of those roads … and found an empty pot at
the end of each one.
So where is the pot of gold?
Look within.
The truth is, there are many professional traders who use different indicators, chart patterns, moving averages, trade different markets, use different software, and employ different time frames.
Profitable traders are NOT ALIKE on any of these factors. So there answer must not be with any of them.
You should be asking yourself:
“What is the common denominator of all profitable traders?”
I’ll tell you if you want to know. But like all great revelations … the real truth is somewhat disappointing.
What you imagined in your mind is much more exciting, enticing and
romantic.
The truth is more mundane and common.
But the difference is, it’s not fantasy. It’s what really works.
Ready? Okay, here it is. The one thing common to all great traders is this:
They are excellent managers.
That may be confusing, so let’s define that. They are excellent managers of 2 things:
- Their money.
- Themselves.
… and if you think about it, it makes perfect sense.
- You can’t control what the market is going to do.
- You can’t predict the future.
So the only thing you CAN control is yourself – how you manage your money and if you stick to your rules.
Most traders fail because they don’t control even themselves – they don’t stick to their money management and trading rules.
If you can’t control the market, and you don’t control yourself …
… well, then your trading is totally out of control!
– Dr. Barry Burns
https://www.topdogtrading.com
barry@topdogtrading.com
(c) 2007
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