By:ShortMeTina The truthful answer to that question is, I don’t know. I started “ShortMeTina.com” because of my own personal story with a subscription service. Without going into tons and tons of detail, when I started out many years ago in the stock market; I subscribed to a service that in my humble opinion, “sold me a bridge”. Because I was new to the trading world, I was an easy target and believed just about anything I was told. This complete trust in “my guru”, along with my naivety, contributed to a loss of tons of money.
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By: ShortMeTina This list by no means, is an end all, be all but I got to thinking and wondered; is there something successful traders share in common? While I don't know every single successful trader to compile an "error proof" list; I can't imagine being a successful trader without the attributes listed below. 1. Resilience An ability to recover from or adjust easily to misfortune or change. You will be tested time and time again in the markets. You will get knocked down quite often and for extended periods of time. Your ability to bounce back or to be resilient will determine your level of success in the markets
By: ShortMeTina This is as idiosyncratic to the individual as I suspect their trading style is. Knowing when to sell isn’t an easy task. I try my best to simplify my life and tend to lean towards “half and quarter moves”. This is entirely for profitable trades. What I do to manage an anticipated loss is discussed in “How I Manage Losses”. By:ShortMeTina
What is this all about and why is it important? Unless you are EXTREMELY good at picking solid companies and have the patience level similar to that of Warren Buffett to hold for decades and decades; trading requires you to be governed by rules. A few weeks back I stressed to folks to not spend any amount of energy "personalizing" a loss because: 1. Losses are to be expected when trading (every trader experiences them) and 2. The markets are uncertain, and therefore there's no way to predict the direction of the markets with great accuracy because most traders don’t have the money to create a direction. It then begs the question, if there's no certainty in the markets; what's the point of trading? Well, while there is no certainty, you can still trade in a manner which allows for consistent profits. By: ShortMeTina Thus far, I have paid great respect and spoke in an idolizing manner about famed trader, Jesse Livermore. If you haven't done so, check out some insightful quotes from my all-time favorite trading book, “Reminisces of a Stock Operator”. If you want to achieve a certain level of success in the markets; it makes sense to at least, understand how the best view the markets. With that said, I have complied a list of spot-on quotes from Paul Tudor Jones throughout the years. By: ShortMeTina Several years ago when I pursued a graduate degree in Counseling, most of my professors stressed the importance of “self-care”. Students were told as Clinicians; you needed to take care of yourself before making any attempts to assist others. It was so fundamental to the therapeutic field that I had to once write a 10-page paper, describing why “self-care” was important and ways in which I managed to care for myself. Without going in depth, in essence, the argument is... By: ShortMeTina This has to be a personal choice but I do have my opinions. I always have opinions. Some profoundly sound; others “rubbish” nonsense. To be clear; PDT was never an issue for me as my account stays above the required 25K. With all of that said, this is an ongoing issue in the trading community. You don’t have to venture far to realize many traders are beyond frustrated with this government-implemented rule. Click here for a thorough explanation. By:ShortMeTina
This is yet another blog to reinforce the discipline that’s needed to succeed in the stock market. It’s also a stark lesson for many new and seasoned traders to understand that the Market-on a short term basis- is uncertain. By: ShortMeTina
I wrote an article a few weeks back essentially describing my comfort with taking losses in a trade when proven wrong. I made the argument that you can take a loss quite often and still have a net positive by ensuring your “winners outweigh your losers”. It didn’t dawn on me that while the concept of winners overshadowing losses might be easy to conceptualize; the “how” might not be so easy. |
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