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#Knowledge: Stock Trading Rules of Jesse Livermore
-Buy rising stocks and sell falling stocks.
-Do not trade every day of every year.
-Trade only when the market is clearly bullish or bearish.
-Trade in the direction of the general market.
-If it’s rising you should be long, if it’s falling you should be short.
-Co-ordinate your trading activity with pivot points.
-Only enter a trade after the action of the market confirms your opinion and then enter promptly.
-Continue with trades that show you a profit, end trades that show a loss.
-End trades when it is clear that the trend you are profiting from is over.
-In any sector, trade the leading stock – the one showing the strongest trend.
-Never average losses by, for example, buying more of a stock that has fallen.
-Never meet a margin call – get out of the trade.
-Go long when stocks reach a new high. Sell short when they reach a new low.
We all have our list of “shoulds”:
I should have a complete trading strategy
I should journal & review my past trades
I should stay in my winners
I should find my own trades
People usually don’t do their shoulds
“What changes ppl is when ur should become a MUST” – Tony Robbins
Losses are evidence that you’re trying.
Let yourself be playful.
This game is all about taking your chances, time and time again, while never experiencing a loss of confidence or enthusiasm.
The “holy grail” of trading:
-Tune out noise
-Develop your mindset
-When in doubt stay out
Your trade size always feels too small when the trade works out and it seems too large when you lose.
Fight the urge to constantly mess with your trade and follow your plan.
…and if you don’t have a plan, start there!
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