Read everything, but accept nothing.
Posted by Book Eater in Trading notes
Great stuffs:
1.) 35 Important Trading Tips
I copied them here with my own comments.
1. Enter strong stocks when stochastics are oversold.
(---Take note of "A Bear in a Bull Market's blog on phil stocks as well as pinoyfitnesstrader's blog." This has been one of their strategies this bear market (judging by the stock picks they make in their blog.) and i personally think this will work and pay off. just not easily. There might be some short term pains.
2. Make sure volume confirms entries.--- Always!
3. Analyze the top and bottom 20 sectors every Sunday.- hope I can do this!
4. Keep a daily list of stock breakouts and breakdowns. --- yup! need to.
5. Do not let your watchlist get too big. --- true true.
6. Weed out your watchlist on a weekly or monthly basis. --- tough work but hafta.
7. Keep it simple. Complexity leads to wasted time and subpar results.
8. Watch for OBV divergences. - dunno what this is
8. Make sure uptrends are on strong volume. --- sometimes they aren't but average volume is fine. Strong volumes though suggest better probabilitie of going higher. 8089! rocks.
9. Always journal why you entered a trade the same day you enter it. --- yup
10. Review completed trades monthly. - already doing.
11. Pay attention to market sentiment. -- yep.
12. Check S&P support and resistance levels daily. -- yep, doing this via tradermike.net
13. Do not confuse breakouts of support or resistance with breakouts that are within a range. ---good tip.
14. Manage risk with stops and targets, and stick to the plan. - valuable valuable tip.
15. Master a basket of 5-10 different trading setups that will work in different markets. --- dis is something ive yet to do.
16. Never chase a stock. --- sigh, true but minsan kakahinayang like 2318 ping an!
17. Ignore the pundits, news, media and dare I say it, some bloggers. --- hehe.
18. Stick with your own analysis, so long as you have well tested setups. -- correct.
19. Create a "daily prep report" for each trading day. - hard ta do.
20. Become a slave to price, volume and support and resistance levels. --- discipline!
21. Unless you daytrade, do not watch every tick. -- hehe. stop being a trading whore.
22. Let your stops and targets work for you. - correct.
23. Do not "micro-manage" trades. ---hmm?
24. Understand your own trading psychology. -- VERY IMPORTANT
25. It gets a bad rap, but I believe in "paper trading" as a learning tool. -- pwede na rin but its better tlga to do actual.
26. Read everything, but accept nothing. - BEST tip i believe.
27. Do not get discouraged by a few bad trades. - yes.
28. Manage risk by position sizing. - double yes
29. Only take your best trades --- compromise? hay...kaya siguro minsan nadadali kasi dapat nga BEST trades.hehe.
30. Learn when not to trade. - TRUE!!! stop the pinas market na! transfer na!
31. Never allow fear or greed to consume your trading. - very true.
32. Trust your setup. - paulit ulit siya ah.
33. One last time: PRICE, VOLUME, SUPPORT and RESISTANCE - haha. paulit ulit.
34. Stocks do not go up or down in a straight line. - yes i know.
35. Study past market winners and losers -- Correct!!!!