Like life, there are certain trading rules that you have to follow if you want to be successful. The following 5 trading rules and the 1 key to success are used in one way or another by every professional trader I know.
For those members that have been with us for a while, you may have seen these rules before. For those members who have recently joined MarketClub, you will find these 5 trading rules and the 1 key to success to be an important building block to your future success.
Rule #1: Attitude
Attitude is so important in your approach to investing and trading.
Rule #2: Game Plan
Trading without a game plan is like crossing the ocean without a compass, you are going to get lost and run into a lot of problems without a game plan.
Rule #3: Trend
I'm sure you have heard the expression, "the trend is your friend." Well, truer words were never spoken in trading. This article will show you how to quickly determine the trend in any market.
Rule #4: Diversification
One of the easiest ways to reduce your risk in any market is to diversify your holdings. As they say, "do not put all your eggs in one basket." This article on diversification, you will earn which markets you should be looking at and why non-correlating markets are so important to have in your portfolio.
Rule #5: Money Management
Perhaps some of the most-asked questions we get from members are about the use of stops and money management. This is a crucial cornerstone to your success as money management plays just as much an important role as picking out the right stock or market to trade.
The #1 Key To Trading Success
There is an old adage in trading that goes like this, "once you find the key to the market they change the locks." The 1 key to success that can never be changed is discipline. Unless you're disciplined in your own trading approach, you are going to find it very difficult to find true and lasting success in the markets.
Have a question about any of the above videos or the markets? Then I invite you to join in the conversation with the MarketClub Team every day as we answer your questions on the blog.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Adam,
Great comments.
Thanks for sharing.
Loic.