Thursday, August 05, 2010 8:09:14 PM
Here a couple of Ol' Oz's tried and true trading rules.
1) Never let emotion rule your decisions. Emotions can blind facts. Don't fall in love with a stock, don't dream of a stock bringing your fortunes and happiness. If you do, it will become a fickle mistress that will break your heart and steal your money.
2) Your trading discipline will make you a success, not any of the stocks/options/futures that you find and are traded. Learn to master that discipline. Set a loss limit and set a profit exit BEFORE you enter any position. Should the stock price move above your profit exit, let it ride, raising your exit point stop behind it. Learn to take losses if you are wrong. Think of a bad stock position as just a bad hand in poker. Fold and look forward to the next deal.
Keep your chin up Smitter my friend. I lost a lot more than what your 22+ million shares represent in my education decades ago...but I'll tell ya what...as expensive as my lessons were, this is still one blast of a way to make money. Everyday can be totally new and different. Remember the old trader's rule..."make sure you protect your bankroll so you can still play in the game".
GLTA
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