New Market Wizards Trading Tips Part 2

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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.

  • Cut losses short and let profits run.

 

  • Do what is correct, rather than what’s comfortable.

 

  • Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.

 

  • Markets gravitate to round numbers. Will buy at $2950 and watch to see if it gets to $3000.

 

  • 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.

 

  • Preserve capital.

 

  • If you make a mistake respond immediately.

 

  • You can’t win if you have to win.

 

  • Buy high and sell higher. Likes to buy on strength.**

 

  • Good traders are open minded, flexible, and risk takers.

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