Great Tips From Stock Market Masters
Great traders are created, not born. Those who lack discipline, persistence and self-confidence lose the never-ending challenge of trading profits. But those who survive the battle by using the tools used by the masters enjoy the fruits of consistent success.
Different master traders use different methods and approaches. But what is that one aspect that the greats all agree on, masters ranging from George Angell, day-trader, technical analyst par excellence; Gerald Appel, father of MACD, one of the most widely followed timing tools; Bruce Babcock, developer of trading software; George Lane, father of stochastics and one of the most experienced technical analysts in the world; Robert Prechter, the pre-eminent Elliott Wave analyst whose forecasts are followed by traders throughout the world; Welles Wilder, the man behind Delta and RSI and developer of technical tools that have revolutionized the trading world; and Larry Williams, colourful, controversial - a legend in his own time.
No, it’s not some glamorous or sexy new fail-safe technique. Rather the one aspect of universal agreement among master traders is the importance of discipline. Discipline is probably the most worn-out term in trading. But that doesn’t alter its importance. Also, saying the word is one thing; truly understanding its dimensions on an operational or behavioral level is another. Here are the golden rules of disciplined trading.
Be persistent
This is perhaps the single most important quality a trader can possess. Trading requires the ability to continue trading even when results have not been good. Due to the nature of markets and trading systems, good times frequently follow bad times, and bad times frequently follow good times. Some of a trader’s greatest successes occur following a string of losses. This is why traders must be persistent in applying their trading methods and continue using them for a reasonable period of time.
Accept losses
Another important quality that the market masters emphasise is the ability to accept losses and to take them promptly. Perhaps the single greatest downfall of all traders is the inability to take a loss when it should be taken. Losses have a nasty habit of becoming worse rather than better. Unless they are taken when they should be, the results will not be to your liking.
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