Saw an interesting post today, on another site...
Summary: How Successful Traders Progress (NOT REFERRING TO "investors" who are long-term blue-chip dividend-collectors):
TRADERS:
1. Newbie: gets lucky & makes some $$, decides to become a 'trader'
2. Knowledgable: learning about 'DD', reads filings, believes in company-management, falls for 'the story', generally focuses on the WRONG STUFF, gets scammed unfortunately, and repeatedly loses $$.
3. Professional: lets the chart do the talking, knows the money is made "in the middle", waits patiently for setups and executes the trade when presented. Often wrong, but uses disciplined exits in both directions to monetize the trade, protect profits, and minimize losses regardless.
I can't argue w/ too much of that.
Be professional: Wait for setups. Take them when presented. Make money. Don't let the bastards take it away from you.
And most importantly: Don't believe msg-board 'DD' and company promises and social-media ticker-promo.
Don't be the "knowledgable" fool in #2 above. Don't be the bagholder.
