Welcome to the second week of Trader's Study Friday where we continue to examine the do's, don'ts, trippin' points and places in the world of trading. In general, the mechanical and psychological journey of trading.
Today I'm featuring Gerry Rafferty the Scottish singer, songwriter with a soft voice, powerful messages, yet easy melodies. A type of teacher who you may not mind reminding you about things you have forgotten. He had a spirit and a soul that marched to a different drummer when it came to the music business. He did not like fame and he wanted to be respected for his music and creativity. He received both. His second solo album, City to City, toppled the Saturday Night Fever soundtrack in the US, July 1978.
"Baker Street" Is Wall Street your Baker Street? Used to be easy but now you're crying? Never assume that Wall St. is "easy street". Find your way to a class or a book to learn and to keep on learning.
"The Way That You Do It" Charts have a way to tell you when you got a trade right or wrong. A way to leave you with no doubt. It can help you stay in a trade and show you when to leave it. Reason to believe that everything can be. They come on strong
"Night Owl" Do you stay awake at nights worried about your positions? "You've seen it all and before and like a fool you come back for more" Sound familiar? Don't get lost in dreams with shadows, use your nights to study and prepare for the next day, not for worry. If you prepare, surprises won't keep you up at night. Otherwise you will only repeat what you have done in the past.
"Can I have My Money Back" Practice your trading methods, strategies, style first on paper. There is no way to get your money back in trading once gone, and preservation of capital is of utmost importance.
"Get It Right Next Time" Resolve to learn from trading mistakes and to do it right the next time and keep your resolution! If you do not bounce back from a bad trade you will continue to spiral downward in spirit and method. Keep studying and learning; the light will eventually become brighter.
"Don't Give Up On Me" Don't give up on yourself. Not every idea, strategy or trade will work in your favor. Recognize & love your mistakes. It's important to keep a positive attitude. Know that it took a long time for each and every trader to become a success and admit that you will not be the first to feel that the market is against you.
"Take the Money and Run" When at first you succeed, this is the tempting way to go. Develop your own strategy to keep your trade going for best gains. Study your exits at least as much as you study your entries.
"Change of Heart" Nothing wrong with a changing your mind when trading. Market rhythms change and so should you along with them. Often traders hang on even when writing's on the wall to be dragged down with the trade. Not surrendering a bad trade is what makes most traders fail.
"It's Easy to Talk" and harder to do, but don't marry your trades. They'll break your heart every time and may even kill your ability to trade. Always remember there is another day and time you can meet again :)
"Home & Dry" Is how you will find yourself when you follow your plan and do everything just right. When you do, study it too. Especially because it was the "perfect" plan. Learn from what is you did right as well as what you did wrong.
Remember that we all struggle with our chosen lifestyle, and it takes courage and perseverance to keep on going when we love the life we have chosen.
Happy Trading, Living and Dancing Anni The Daily Pick - TBA ©DayTrading with Anni 2012 All Rights Reserved
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