Some people learn better by reading, others by seeing or listening. I am a listener/seeing type so for me music association is helpful and I hope you find these points usable in your daily practice of trading. So, below is the expanded version of each point posted Friday, but first about the music.
Friday, I featured a very successful debut album by Boston, named "Boston", which was released July of 1976. It has been certified to be the 2nd best debut album so far, with 17x platinum sales by 2003. According to Wikipedia.org, all eight of the songs on the album still receive regular airplay across the country. I know we all wish that our trades were as successful, but that is what we work on daily when we sit at our desk trading.
So Let's review some of the most basic steps which successful traders practice. Each point is set a title on the album, so you can listen as you learn. Be sure to use "open in new tab" for the links to play each cut so you won't lose this page or copy and paste the blip.fm links directly on a new tab. Alternatively you can listen to the entire album posted below. Anyway you listen, or not, I hope you enjoy this learning journey: a posse ad esse (from the possible to the actual.
"More Than a Feeling" A successful trader is doing this work because of passion not because of need. Need is a feeling that will take you down, passion will drive you on. More Than a Feeling ♫ blip.fm/~1c1vu2
"Peace of Mind" While trading always use "STOPS". It helps keep your peace of mind. It is important to be the most relaxed when trading. If you don't like your stop loss, you are not trading correctly. ♫ blip.fm/~1c1vy2
"Foreplay/Long Time" Always take your time ~ keep on chasing that dream but not the markets. Markets will always be there ready for you to trade, so it's not important to catch each trade and if you use hindsight, you will miss the next one too. ♫ blip.fm/~1c1w4e
"Rock and Roll Band" Takes a lot of practice on the way to "riches" ~ never worry about things you're missing. Be patient with yourself and don't hurry to "get there". If you focus on what you're missing you are not learning. ~ ♫ blip.fm/~1c1wbc
"Smokin'" Fast and furious trades are rare, when you get 'em keep dancing with them. In other words, successful traders know that not all trades will be record breakers but when one happens, they know how to ride the wave. ♫ blip.fm/~1c1wg2
"Hitch A Ride" When trades seem to freeze, it's time to trade the other side (yes, it's the same album). Markets can change quickly and we all find this the hardest to accept sometimes. It's like the flip side of the record (old fashioned term, when records had an A and B side. OK there's no flip side on a CD, so think of a coin then) ♫ blip.fm/~1c1wir
"Something About You" If you get a "feeling", check it out. Your gut or instinct can be your best guide. Trading is mostly gut not brain and although many may disagree, it's why women are considered better traders. ♫ blip.fm/~1c1wq3
"Let Me Take You Home Tonight" Take your profits home, DayTraders(withAnni) always do ;). Yes, day traders cash out each night if they are true day traders but no matter what kind of trader you are, profit is your ultimate goal, so learn to cash it in before giving it all back. ♫ blip.fm/~1c1wui
You've been listening to the debut album of Boston, released July 1976, here is the entire album:
Happy Trading, Living and Dancing
Anni
The Daily Pick NDX
©DayTrading with Anni 2012 All Rights Reserved
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