Ordinary People Extraordinary Profits [PDF]

Summary
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Ordinary People Extraordinary Profits Book

• Formulate a trading plan and stick to it. It will help you to relax and exercise good judgment, especially when stress and temptation are greatest.

• Know when to cut your losses. If you are quick to bail out of losers, you should be able to make a good living trading by being right only 40 percent of the time.

• Let your profits run. It is often tempting to exit with a small profit, especially to break a losing streak. But this will never suffice to overcome losses, which typically will be more numerous.

• Use a system and stick with it. All systems have the potential to work once you have mastered them through diligent observation and application.

• Manage risk at all times. Traders who learn to do this well can profit even if they are not so good at picking timely entry and exit points.

• Be mindful of the trend. This will help you recognize when to stick with a winning trade and when to exit it.