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I'm sorry, but some of this seems like very BAD advice! Sorry if it's a joke
and I didn't get it.
>
> 2 . Be prepared to add to losing trades. Remember buying more at lower
prices improves your average entry level and increases your chance of taking
a turn.
>
> 3. Never, Ever, add to winning trades as this will adversely affect your
average entry price and increase your chances of loss.
>
For starters this is exactly backward - Seems like an excellent way to go
BROKE if you're not careful, or to sit around forever and endure horrible
drawdowns. How about increasing your committment(stocks in particular) as
they go UP and prove themselves, and trim the ones that don't. This way you
wind up with your money concentrated in the ones that are performing.
> 4. Stops are for people who get the market wrong, and such stops are often
hunted out by other market players...be flexible......a moving target is
hard to hit.
Umm, you'd better have some plan to limit your losses just in case you ARE
wrong. It's a shame to wipe out all the while believing all the while that
you were right and the market was wrong.
> 5. Markets are about being 'right'. After a position is established, stick
with it....belief in the 'rightness' of a trade is the summary of your
efforts and contrary price action is usually caused by other 'bad' traders
spoiling it for the 'good guys'.
See above comment!!!!!! Wiping out is about being pig-headed.
> 6. When trading well, trade in smaller size, your luck will soon run out..
go down the pub..treat yourself, you deserve it.
>
> 7. When trading badly, trade in bigger size, your luck will change soon...
go down the pub, treat yourself, you deserve it.
>
If you are relying on luck then your results will be random. Or, if your
system is broken and that's the reason for your bad trades then increasing
the size will wipe you out FASTER. Otherwise you should assume the odds are
the same for each trade. Size your position according to the volatility.
> 8. When a market moves quickly and substantially in one direction, fight
it....markets that move 'too far, too fast' come back in the end.
or sometimes they blow out in the same direction and the range-players get
killed
> 9. If you notice that a market is all over the media, you're on a winner,
it's also likely that you're doing too much research...but, relax and stick
with it.
Actually at that point it's probably TOO OBVIOUS and you should close out
the position
> 10. If the fundamentals and technicals of a trade point in different
directions, trade according to your strongest beliefs.
Horse crap! Trade with the statistics, not your beliefs!!
> 11. When central banks are intervening..use them as a backstop...one man
fighting a tank with a rifle is not going to win...remember you are at the
centre of this market.
>
??????????????
> 12. Always be aware that the market is out to get you, this is a personal
game, remember that brokers are thieves in suits, clients are your enemy and
that locals always know your stops.
>
paranoia. Price motion happens
> 13. A market that fails to respond positively to good news is clearly
mistaken, buy some more.
>
This is telling you that the news wasn't as good as it needed to be! Close
the position.
> 14. Build complex strategies and cross books...the more bets you have on,
the more likely one of them is to be a 'banker'
This is a perfectly useless way to piss away MORE MONEY. How about picking
up just one or two market-leading stocks and going for the double or the
ten-banger. You wouldn't be unhappy with the result.
> 15. Markets approaching big 'round' numbers present excellent
opportunities for selling naked volatility at the strike.
>
> 16. Avoid having a fixed plan, trade according to your emotions, markets
change and so should you.
Exceedingly bad advice! Emotional trading will lose money faster than
anything else. And the stress and strain will kill you!
> 17. Stops are for people who get the market wrong.
Pig-headed, see above
> 17 Be patient, the market will turn around if you give it time.
Better pray!
> 18. Be impatient, no one ever went broke taking a profit.
They go broke by averaging losses and cutting short any
profits!!!!!!!!!!!!!!!!
> 19. Remember, the harder you work at a market, the more you will know, and
the greater its debt to you.
>
> 20. If in doubt about executing a trade..do a 'little bit' to see 'how it
feels'
>
> 21. Take profits quickly and move on, always 'leave some for the next man'
>
> 22. Take big positions when feeling positive and lucky, especially after a
losing streak.
>
If you're feeling all that positive you're probably getting sucked up in it
and will be WRONG!
> 23. Information from brokers as to who is buying and selling is vital if
someone else is going to pick up the bar bill.
ridiculous
> 24 Buy low, sell high.
How about "buy something that's going up"
> 25. Equity markets are different, they have an inbuilt upward bias as
economies are continually trending to expansion and inflation, position
accordingly.
TRUE
> 26. Never break the rules
Only if the rules are more helpful than harmful!
regards, phil
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