10 Trading Rules I picked up from Nick McDonald
A few years back, I went to the Trading Symposium where Nick McDonald was given a presentation. Nick has been featured in many trading journals and founded Trading with Precision. Nick’s a self made trader and as he was given his presentation, I was busy scribbling down notes.
Well, I’ve found those notes again, they are starting to look a bit tatty so I thought it’s best to put them up somewhere and there’s no other place better than the blog here, so here they are:
Ok, so here are 10 rules which will make you a losing trader:
1. Failure to have a trading plan
2. Not using stops
3. Lack of money management
4. Lack of patience and discipline
5. Letting losing positions ride too long
6. Not paying attention to related markets
7. Not getting a bigger perspective on the market
8. Failure to accept complete responsibility for your actions
9. Failure to use a demo account
10. Trying to find the ‘holy grail’
