New Trader, How To Make - DropPDF
New Trader,Rich Trader:How to MakeMoney in theStock MarketBy: Steve BurnsWith Janna Burns
Reviews for
"How I Made Money Usingthe Nicolas Darvas System"Steve Burns wants you to follow thetrend and make money. That is a goodthing. Listen up! – Michael W. Covel,bestselling author of "Trend Following"& "The Complete Turtle Trader"Awesome work! This quick read is full
of golden nuggets of market wisdomand I encourage everyone to learn fromthose who have been thissuccessful.Darvas and Burnsalike.this is a must read to add to anytrader or investor's arsenal! – TimothySykes, author of "An American HedgeFund"Go read Steve’s book, “How I MadeMoney Using the Darvas System.” It’sa fast read, purposely kept as simple aspossible, so that even total newbies canunderstand it. And, it shows a real-lifeexample of how you can use the Darvas
System to make big money and trulychange your life for the better. –Darrin Donnelly, “DarvasTrader.com”This book is powerful because itsimplifies a subject that many peoplefind hard to understand. This bookoffers people a clear strategy forbecoming financially free. – KeithCameron Smith, Author of "The Top 10Distinctions between Millionaires andthe Middle Class"
This book is essential reading forDarvas followers. I have read all of theDarvas books in print and Steve Burns’book not only uses all Darvas'techniques but compliments andconfirms what Darvas has done usingreal examples and making real money.– Fred Chen, Amazon.com ReviewerThis book reminds us all that it's notenough to make money in the market, ifyou don't keep the money you make.Steve Burns gives time tested and lifetested instruction in how to make sure
you keep the money you make in themarket. – C. Oliver, Amazon.comReviewer, Vine Voice
New Trader,Rich Trader
Also by Steve Burns:How I Made Money Using theNicolas Darvas System
New Trader,Rich Trader:How to MakeMoney in theStock MarketBy: Steve Burns
With Janna Burns
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IntroductionThe purpose of this book is toshare with readers theprinciples of successfultrading: methodology, riskmanagement, andpsychology. New tradersusually learn these the hardway, by losing money.When a new trader entersthe stock market with
money but no experience,the odds are he will quicklygain experience by losingmoney.This book was writtento give new traders a headstart in the markets. Withonly about one in 10 tradersactually making money in themarket, I believe this bookcan increase these oddssubstantially. It is critical to
begin trading with a soundmethodology which gives youan advantage over themarkets. But even moreimportant is the trader’sability to take losses andpersevere through the rougheducation that will ensue.You will be competing withother traders whose only goalis to make money. Profits aremade by being on the rightside of the trade.
Unfortunately, new tradersfind themselves on the wrongside of trades the majority ofthe time when they are firststarting out. Make nomistake: it is a journey worthtaking. The profits are therefor those who follow the rightprinciples, manage theirlosses, and run their tradinglike a business. Successfultraders made it because theypersevered through the initial
losses and learned how to winin the long term. In this bookI share with you the lessons Ilearned in the markets overthe past 12 years. Theselessons come from manysources. I learned many ofthese lessons and principlesfrom my own personalexperiences of winning andlosing. I also have read andstudied over 150 books oninvesting and trading. I have
friends and mentors who havebeen an inspiration with theirsuccesses and who I learned agreat deal from. I also havepicked up many powerfulprinciples from reading bookswritten by great traders abouttheir methods of success. Thisbook is meant to be a shortcutto the principles necessary tobe a successful trader –without having to trade for adecade, spend thousands of
hours reading, or learn thehard way by losing thousandsof dollars. It is my hope thatyou find this book helpful anduseful on your tradingjourney. I wish I had it whenI began trading.
ForewordI was thrilled when Ifirst heard Steve Burns’ story.First off, here wassomeone who not onlysurvived one of the worstperiods in the history of thestock market, but he actuallytraded his way to a six-figure
fortune during this period.But beyond the fact thatBurns thrived during such atough investors' period, Iloved learning that he wasjust a “regular guy” tradingwith his retirement account.He wasn’t some Wall Streetbig shot who managed otherpeople’s money to make hisfortune, and he wasn’t sometype of financial academic
who looked back on the rockymarket and offered ahypothetical model of whatan investor should have done.No, Steve Burns waslike most people. He had ajob, a family, and a mortgageto worry about. He wassimply interested in securinghis own financial future withwise investment decisions.But Burns was unlike
most people in that he didn’tblindly follow the traditionalbuy-and-hold “Wall Streetwisdom,” and he didn’t trusthis money in the hands ofothers. He took charge of hisfinancial future by studyingwhat actually worked andimplementing his strategy inthe simplest way possible.Burns found hisinvestment method of choice
in the trendy trading strategyknown as “The DarvasSystem.” This system wasinvented in the late 1950s bya successful ballroom dancer(read: non-Wall Streetprofessional) named NicolasDarvas who used his strategyto turn 30,000 into morethan 2 million in less thantwo years. The DarvasSystem implements a simplecharting method for riding the
upward trends of big-earninggrowth stocks and thenexiting positions when thetrend is broken.While the DarvasSystem has evolved a greatdeal over the past 60-plusyears, it has remained, at itscore, a very simple way totrade stock trends: you buy agreat stock when it breaks outof its top base, you hold it for
as long as it remains in asteady uptrend (ignoring the“normal” pullbacks along theway), and you sell it when itfinally breaks its uptrend.This very simple and proventheory is actually quitedifficult for most people tofollow due to the humanemotions and psychologicalbarriers which come withholding a stock during a longuptrend despite pullbacks.
The keys to successfultrend trading are removingyour emotions from the trade,avoiding the Wall Street“noise” and stock guru“predictions,” and keepingyour buy-and-sell rules assimple, clear, and easy toimplement as possible.Steve Burns hasmastered the keys tosuccessful trading, and in this
book he reveals the rules,techniques, and lessons thatare essential to tradingsuccess.If you’re new to thestock market, understandingthese rules will save youyears of frustration andpainful losses. If you’re aseasoned pro, consider thisthe “commandments oftrading” that need to be
repeatedly pounded into yourhead.I believe that anyonewho wants to earn big moneytrading stocks (or steadilygrow their nest egg withoutlosing big money) shouldkeep this book on their deskat all times. I see it as anessential handbook of trendtrading, and I believe ageneration of traders will be
very thankful that SteveBurns took the time to writethis wonderful book.Darrin DonnellyEditor of DarvasTrader.comMarch 2011
ContentsIntroductionForwardPart I Psychology1. New Traders are greedyand have unrealisticexpectations; Rich Tradersare realistic about theirreturns.2. New Traders make the
wrong decisions because ofstress; Rich Traders are ableto manage stress.3. New Traders are impatientand look for constant action;Rich Traders are patient.4. New Traders trade becausethey are influenced by theirown greed and fear; GoodTraders use a trading plan.5. New Traders are
unsuccessful when they stoplearning; Rich Traders neverstop learning about themarket.Part II RISK6. New Traders act likegamblers; Rich Tradersoperate like businesspeople.7. New Traders bet the farm;
Rich Traders carefully controltrading size.8. For New Traders hugeprofits are the #1 priority; forRich Traders managing risk isthe #1 priority.9. New Traders try to provethey are right; Rich Tradersadmit when they are wrong.10. New Traders give backprofits by not having an exit
strategy; Rich Traders lock inprofits while they are there.Part III Methodology11. New Traders quit; RichTraders persevere in themarket until they aresuccessful.12. New Traders hop fromsystem to system the moment
they suffer a loss; RichTraders stick with a winningsystem even when it's losing.13. New Traders place tradesbased on opinions; RichTraders place trades based onprobabilities.14. New Traders try topredict; Rich Traders followwhat the market is tellingthem.
15. New Traders trade againstthe trend; Rich Tradersfollow the market trend.16. New Traders follow theiremotions, putting them at adisadvantage; Rich Tradersfollow systems which givethem an advantage.17. New Traders do not knowwhen to cut losses or lock ingains; Rich Traders have anexit plan.
18. New Traders cut profitsshort and let losses run; RichTraders let profits run and cutlosses short.Appendix A: ResourcesAppendix B: Authortrading/investing results2003-2010Appendix C: MyRecommendations: The TopTwenty Trading Books
Appendix E: My Top TenBook Recommendations forSuccess in Life and TradingAbout the AuthorAcknowledgements
Part 1Psychology
1New Traders are greedyand have unrealisticexpectations; Rich Tradersare realistic about theirreturns.When New Trader awoke,bright and early, he could feelhis excitement building with
every moment.Booting up his computer, hecouldn’t help but rememberevery excruciating detail thatwent into building hisaccount, the many hours ofovertime at his regular joband delivering pizzas onweekends to earn some extracash.But now that part of his lifewas over. His heartbeat
quickened as he typed in hisusername and password forhis 10,000 account.He was ready.How could he not be? NewTrader had been tradingthrough simulated accountsfor over a year, watchedCNBC, and followed manytrading gurus.The way he saw it, it was
easy.When an account lost toomuch money, he simplyopened up a new one. Andwhen he made a great return,his selective memory decidedto forget the account that hadlost so much This fed his ego, convincinghim that he could easilyoutperform the market.
New Trader projected that hecould double his account in afew months, then do so againby the end of the year,bringing his account to 40,000.It wouldn’t be so hard, hethought; he had read a fewbooks about legendarytraders, so now all he had to
do was repeat what they haddone.Unfortunately for NewTrader, he either didn’t reador didn’t comprehend the factthat these very same traderssuffered losses and faceddifficulties before theiramazing successes.Many had blown up, losing50% or more of their startingcapital. Some even went
bankrupt when they didn’tcontrol their risk or brokefrom their trading plan.But unfortunately, NewTrader, who was still high onthe excitement of his shinynew 10,000 in buyingpower, could not conceiveany loss. His excitementoverruled any fear or doubtthat may have entered hismind.
New Trader was eager andhungry to trade, quicklyfamiliarizing himself with thetools. All of these were newto him: the charting software,the real time streamers, howto enter trades.So now there was only onequestion left: What to trade?First he would need a stockthat would double to help himreach his first goal, or trade a
stock for a 26% return threetimes.He knew the math; hewas always great at math inschool and was used toalways finding solutions toproblems.Trading was simplymath. And math was simplylogic. New Trader waslogical.
Or so he thought, as his headswam in the results ofcompounded returns; hewould be a millionaire in afew years, just like his tradingheroes!Actually, one of his heroes,Rich Trader, lived in the city.New Trader found himselffrequently going to the manwith questions about how tobecome a trader perhaps he
should ask him for some lastminute advice before hestarted trading not that heneeded it, of course!And that was how NewTrader found himselfknocking on his mentor’sdoor. They exchanged theirusual greeting and RichTrader let him in.“I suppose this is about thataccount of yours?” Rich
Trader said with a wry smile.This wasn’t the first timeNew Trader came to RichTrader’s home about theaccount.“I really appreciate you beingable to answer my questions,”the younger man said as RichTrader poured himself somefreshly brewed coffee, gettingNew Trader a mug as helistened.
“My plan is ” New Traderbegan speaking as soon as thecoffee was in his hand, “ todouble my account in a fewmonths, then double it againso I can build it up to 40,000to trade with next year what?”Rich Trader was looking athim with an amused grin.“Wow ” he took a sip ofcoffee. “So you’re planning
to be one of the top traders inthe world the first year youtrade? That’s a veryaggressive goal for abeginner.”“I just need to find a stockthat doubles twice, or have26% returns compounded sixtimes!” New Trader said, inthe overeager exuberanceRich Trader had come toexpect from him.
Rich Trader shook his head,the wry smile back on his lipsas he removed his glasses andrubbed his eyes, as if inthought.“Well, New Trader,” he saidafter a moment, “while thosereturns are possible, theyusually only happen duringspecial time periods – like thebooming late '20s bullmarket, or the Internet stock
boom of the late '90s.Historically, certain ultrahigh growth stocks likeCisco, Google, or Apple didperform very well for longperiods of time, but those arevery special stocks, and notonly do you have to pickthese stocks, but you have tohave the right plan to buy andsell at the right time; your hotstock could just as easily fall50% instead of doubling ”
He paused, taking a breath.“Notonly that, but the marketwould have to trend in favorof your style for you to makesuch outstanding returns. Itdoesn’t do you any good toplan to buy a stock that’sgoing to double if the marketturns bearish and the stockfalls. In a downturn in theeconomy, or when fear takeshold of investors, they tend to
sell just about everything andmove their money where theythink it will be safe.Sometimes this meansconsumer staple stocks, butsometimes it will be bonds oreven commodities like goldor oil.”When Rich Trader put hisglasses back on, he saw thatNew Trader's hopefulexpression had fallen into one
of confusion.“Soyou’re saying I maynot get my 200% return thisyear?” New Trader asked.“Thereis a highprobability you will losemoney this year,” RichTrader replied in a matter-offact tone.“But I didn’t gothrough all the trouble of
saving money and opening anaccount to lose; my onlypurpose is to win,” NewTrader responded, voice fullof pride.Rich Trader sighed.“Themarket will teachyou many lessons before youconsistently make money –the most dangerous thing youcan do is make a great deal ofmoney from the start. That
usually leads to recklessnessand losing big long term.”“Isn’t that what I want to do,win big?” New Trader asked,incredulous.“No,you want to getrich slowly. You want tomake consistent returns overa long period of time; youraccount can grow rapidly bycompounding your gains.While you’re doing this, you
have to manage your risk forminimum draw downs inyour equity. Successfultrading is based on everincreasing account equitywith minimum draw downs.Properly managing youraccount also sets you up forthose trades that will return25% during a trend or for theyear you do have a 200%return. Your first job as atrader is to focus on
trading, not profits,” RichTrader said, taking a sip ofhis coffee.“Okay so if I dofocus on trading, what returnscan I expect?” New Traderasked, curious.“Realistically,a goodtrader can get a 20% to 50%return or more a year.However the odds are a traderloses money the first year, but
gains an education. You haveto look at it like payingtuition. Trading is aprofession like any other, andyou are trading againstprofessionals most of thetime. A doctor doesn't justread a book and startpracticing medicine; he mustgo to medical school to learnthe proper procedures fromother doctors. He also willhave to make mistakes before
he gets paid to be a doctor.With doctors, hopefully theirmistakes are made in medicalschool and not on a patient!”Rich Trader looked atNew Trader, who waslistening studiously.“Tradingis nodifferent.” He continued, “Iwould also assume there’s ahuge difference betweenoperating on a corpse and on
a live person during surgery. Iam sure there is a real factorof stress that comes into playin the operating room, and thedoctor must manage stressand have confidence in hisperformance and his ability tofollow the correct procedures.A doctor doesn’t think abouthow much he’s getting paidwhile he is performingsurgery. You need to focus ona sound strategy, style, and
trading plan – not profits.Good trading will create yourprofits, while focusingprimarily on your profits willlikely lead to bad trading.”New Trader could feel hisagitation and disappointmentgrowing. This advice mighthave been good for someother beginner, but he wasdifferent. He was sharp andhad a better feel for the
market than others did. Hewas the exception.When he finally responded, itwas difficult to hide the snidetone from his mentor.“So you think I could make a50% return, or 5,000 inprofit this year, and thatwould be realistic andpossible.”Rich Trader could obviously
sense his attitude, but it didn’tseem to bother him.“I think that would put you inthe top 1% of all traders. Thequestion is: are you willing todo the work to beat the other99%?” Rich Trader asked.“Ofcourse I am!” NewTrader replied, even as he felthis hold on the dream of easymoney loosening.
"People who look for easymoney invariably pay forthe privilege of provingconclusively that it cannotbe found on this earth." –Jesse LivermoreRecommended reading for
this chapter’s lesson:
The UniversalPrinciples ofSuccessfulTrading:EssentialKnowledge forAll Traders in
All Markets,by BrentPenfold
2New Traders make thewrong decisions because ofstress; Rich Traders areable to manage stress.New Trader had beenwatching his stock allmorning.
It had gone from 9.25 to 9.55 and then back to 9.45– he loved watching thevolume change to higher andhigher numbers. He lovedwatching his stock glow abrilliant green while theothers fell red.The Dow Jones was red, andthe NASDAQ was clutchingto green by just barely a tenthof a percent.
Now his stock was 9.40, andnow he was ready.He wanted a thousand shares.He had 10,000 in hisaccount, and he knew thisstock could easily rise to 12.00 over the next twomonths, giving him 2,600profit.He decided to get in at 9.25;it was showing strong support
at 9.00 and hadn’t beenbelow that in weeks.It had over the past monthbeen around 9.03, butreversed and rallied on highvolume before it hit 9.00. Inthe past month, it had alsoreached as high as 9.89 butstalled there at a new all-timehigh.As the price fell to 9.30,then 9.25, New Trader felt a
rush of excitement as hequickly keyed in the stocksymbol, and ‘1000’ besidequantity.His heart was racing as heclicked on his mouse again tosee the current positions.Glancing at his accountscreen, it showed:1000 shares SRRS BUYExecuted 9.35
“ 9.35?!”New Traderexclaimed, shocked.Looking back at his realtime streamer, his blood frozeas he saw the current quote: 9.10.He felt sick.“I just lost 250?! Ittakes me an entire weekendof delivering pizzas to make 250,” he muttered, fear
tightly gripping his stomach.His heart waspounding, though this time itwas from fear, notexcitement.Looking back at thequote, he saw that accordingto the daily high and lowprices, the stock had fallen allthe way to 9.08. But it wasnow at 9.15. He tried tocalm himself.
“Itwill hold at 9.00,then turn around and get to 12.00 before earnings. I gota great price to buy in at,” hesaid to himself.Paper trading andsimulations was one thing,but this was different. Thiswas his money – every centcame from his blood, sweat,and tears, and to have 250snatched away just like that
It felt like he’d justbeen robbed.Why wasn’t it going theway he planned? Thispressure, stress, and fear werenothing like what he hadexpected especially forsuch a small drop in price.While he was pullinghimself together, the stockrose to 9.40, yet it didn’t
calm him down, despite the 50 in profit.He still felt gripped byfear, and he wavered onwhether to take his profits orto do as he had originallyplanned and hold untilearnings in the next fourweeks.It was as though hecould physically feel everypenny of his 10,000
perilously crossing atightrope without a safety net.It was like his 10,000 couldfall into oblivion at anymoment. He had never beenin this kind of real dangerbefore, and he didn’tunderstand it.With shaking fingers,New Trader called hismentor, who answered on thethird torturous ring.
“Hello?”New Trader began to feelashamed, certain that hisreactions would seem silly toRich Trader. Even so, hemanaged to force out thewords.“I placed my first trade.”There was a pause, and NewTrader could swear the olderman was sporting one of
those amused smiles.“That’sgood ”“Howdo you controlyour stress when trading?”New Trader asked so quicklyhis mentor could barelyunderstand.New Trader heard adeep chuckle that grated onhis nerves – how can he be socalm?!
“Moststresses arisefrom unknown variables –fear of loss, uncertainty ofmarket trend, or the need tomake money. Sometimestraders allow their ego to getso wrapped up in a trade thattheir self-worth gets wrappedup in the need to be right,”Rich Trader replied easily.“Buthow do youcontrol stress?” New Trader
urged.“Youcan limit yourstress level by removing asmany unknowns as possiblefrom your trading. Youshould know your tradingplan before you start trading.You should already have awatch list of what you’ll buy.You have to decide howmany shares of what specificstock to trade even before you
execute the trade.”Rich Trader cleared histhroat and continued.“Beforeyou place thetrade, you need to have inplace an exit strategy of how,when, and why you will takeprofits and what your stoploss will be. You have to planto sell your stock at a specificpercentage loss, price supportbreach, or trend change.”
“Well,I suppose thatmakes sense.”“Alltraders experiencestress and must manage it likein any other job. If your stresslevel is still excessive afteryou have a working tradingplan, then you are eithertrading too big or don’t havefaith in your trading system.If you know your system is awinner in the long term, then
try cutting your position sizein half. If 1,000 shares stressyou out, try trading 500.”“But ”New Traderstarted, before silencinghimself so Rich Trader couldcontinue.“Ifyou’re stilloverwhelmed, go down to400 or 300 shares per trade. Ifyou believe your stress iscaused by not having faith in
your system, then you need toback-test your strategy.Depending on your systemand its complexity, this mayrequire back-testing yourbuy-and-sell signals withcomputer programs or withpast charts. You can also testyour trading method bysimply trading your exactentry and exit signals onpaper or in simulators; youwill need at least 30 trades
over different types ofmarkets to get a real feel foryour win/loss statistics.”“SoI need to make sureI have a system that I follow.Then I need to design atrading plan with which I’mcomfortable trading. Then Ihave to test my system toensure it’s a winner, so I candevelop faith in my strategyand limit my stress. If I still
feel too much pressure, I canjust decrease my trading sizeuntil I‘m comfortable.”“Yes,exactly; you needto have a plan to control theoutcomes of what’s in yourpower to control – like stoplosses, trailing stops, positionsize, timing, and technicalindicators. You will need tobe comfortable with thevolatility of the stock you are
trading. Traders need atrading style that’scompatible with theirpersonality. Aggressive typeslike a stock that moves andgives them huge profitpotential. Others like a nicesteady stock they can trade atpredictable price support andresistance levels. Some lovethe activity of day trading,while others prefer systemswhich only require
adjustments a few times amonth. The important thing isthat you are trading a systemyou that is comfortable to youand that is profitable. If youare stressed to an unhealthylevel, then your lack of faithin your system or your lack ofconfidence in yourknowledge or abilities are thecause; alternatively, you maysimply be trading too big of aposition for your comfort
zone.”“Isee you sound likeyou’re speaking fromexperience.”Rich Trader laughedagain.“Well,I understandnow. Thanks again for takingthe time to talk to me.”“Oh,it’s no trouble,”Rich Trader replied.
Now New Trader felt asthough he had a betterunderstanding. A thousandshares were obviously toomuch for him, but now heknew what he had to do.“Ifyou experience highlevels of stress duringtrading, either you are
trading too big of a positionor you do not have enoughconfidence in your system.Reduce your position or dofurther testing on yoursystem to cure your stress.”– Steve BurnsRecommended reading forthis chapter’s lesson:
Enhancing TraderPerformance: ProvenStrategies from the CuttingEdge of TradingPsychology, by BrettSteenbarger
3New Traders are impatientand look for constantaction; Rich Traders arepatient and wait for buysignals.New Trader woke two hoursbefore the stock marketopened, excited about finallyhaving a day off to trade.
He made a strong cupof coffee to prepare for theday, signed into hiscomputer, and began to lookat the market action in Asiaand Europe.All markets were up anice half a percent on themajor indexes. His stockSRRS was at 9.70 in pre-
market trading.He grinned.I’m up 350 in just oneday; I really have a talent fortrading But first things first: Imust reduce my position sizeto what I am comfortablewith and create a trading
plan that follows a profitablesystem.As the market openedhe sold 500 shares of SRRSfor 9.75 a share. He made 200 in capital gains minus 10 for the commission totrade in and out of the stock.He was very pleased
with the 180 in profits on hisfirst trade. He was stillholding the 500 shares ofSRRS to go into earningswith, and was aiming at his 12 price range.He felt a sense of reliefwith a stock position of lessthan 5,000 instead of onecloser to 10,000.He wasn't experiencingthe accelerated heart rate or
stress he had felt at 1,000shares, and concluded that500 shares or 5,000 shouldbe his size per position.He was hoping,however, that as hisexperience and account grewhe would be morecomfortable with biggertrades. Time would tell.Now he felt like he hadto get the money in his
account back to work.Since his account was amargin account, he couldtrade with this money todayand not have to wait threedays for the trade to clear, asothers with cash accounts fortrading must do.He felt much morecomfortable with a 500-shareposition of 5,000, which wasto be his trading plan. If a
stock was 50 he would trade100 shares. If a stock was 5,he would trade 1,000 shares.He also figured he might haveto factor in the volatility of astock.He wanted to tradestable stocks in up trends. Hewould trade stocks with nomore than a 2% to 5% dailyprice range. He then wentonline and checked his stock
SRRS for its price history.It was a volatile stock,just barely averaging lessthan 5% a day in pricemovement.This didn’t stress NewTrader; he wanted a stockwith movement. He neededsome volatility to show himthe movement of the trend, tomake a profit, and to coverhis trading costs.
He began askinghimself questions to build histrading plan. With CNBCplaying in the backgroundand his live streamersflashing on the computerscreen, he settled in to think.He glanced back at hisposition; his stock was now at 9.92; it had broken throughthe 52-week high.
This made him happy.He felt a sense of satisfactionhaving picked a winner andhaving purchased it at a goodentry point.But then he thought:why exactly did I buy at thatprice? Was it because it was ashort-term price support?Was it a hunch? Did he reallyhave a system that he traded,or was he merely a
discretionary trader, tradingon his opinion?He had trouble findinganswers to these questions. Atthe same time he had a strongdesire to put the other 5,000in his account to work in atrade.He looked at his watchlist for action. The overallmarket was now up almost1% across most indexes, and
DMY, a supplier to SRRS,was at a new 52-week high of 4.90.He didn’t think; he justbought 1,000 shares at 4.91of DMY. The stock then wentto 4.95, then stalled andreversed to 4.92. He washoping for a strong trend upfor profits.While he was watchingthe Bid/Ask spread hang
around the 4.92/ 4.93 areafor a few minutes, hequestioned himself:What am I doing? Ihave no exit strategy. I don'teven know why I bought theshares.He didn't realize it atthe time, but greed was hismotivator – and in the futureit would ask him to makesome bad decisions. But for
now he was just confused.Maybe creating atrading plan during tradinghours was not the bestdecision.With the stock goingnowhere after 30 minutes ofstaring and strai
Rich Traders carefully control trading size. 8. For New Traders huge profits are the #1 priority; for Rich Traders managing risk is the #1 priority. 9. New Traders try to prove they are right; Rich Traders admit when they are wrong. 10. New Traders give back profits by not having an exitFile Size: 1MB
“New Trader, Rich Trader” is a book filled with timeless trading principles. If you’re a new trader, it will teach you what works in the market and help reduce your learning curve. Seasoned traders will be delighted to see that the key principles of trading are reinforced,
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