Cycle Trading

[Duma]

Saw this on Twitter this morning. Some good thoughts.

Trading Methodology
•New Traders give up. Rich Traders persevere until they are successful.
•New Traders hop from system to system when they lose. Rich Traders stick with a winning system even when it is losing.
•New Traders place trades based on opinions. Rich Traders place trades based on probabilities
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•New Traders try to predict. Rich Traders follow what the market is telling them.
•New Traders trade against the trend. Rich Traders follow the market trends.
•New Traders follow their emotions to their disadvantage. Rich Traders follow systems that give them an advantage.
•New Traders do not know when to cut losses or lock in gains. Rich Traders have an exit plan.
•New Traders cut profits short and let losses run. Rich Traders let profits run and cut losses short.