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There are so many good tips in the book The New Market Wizards that I had to split it up into several parts. For the first part click here.
Now onto more trading tips.
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Cut losses short and let profits run.
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Do what is correct, rather than what’s comfortable.
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Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.
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Markets gravitate to round numbers. Will buy at $2950 and watch to see if it gets to $3000.
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Grind out 30% gain then go for 100% being aggressive with what you made. Take full advantage of the situation when you are well ahead.
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Preserve capital.
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If you make a mistake respond immediately.
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You can’t win if you have to win.
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Buy high and sell higher. Likes to buy on strength.**
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Good traders are open minded, flexible, and risk takers.