Stand Up and Admit It

I’m not totally comfortable with this market, especially when some top fund managers are coming out suggesting a crash could be possible later this year. We all get lax. Getting lax at possible market tops can be costly. From now on, in my newsletter I’m going to emphasize, and repeat and repeat, basic trade tips and money and risk-management principles.

Many readers are relatively new to short-term, active trading. But even you experienced ones, even after all these years, still occasionally make mistakes. Right? Come on, look me in the eye and admit it.

I still make mistakes. My most common two are that I sometimes forget to check for upcoming earnings announcements on a trade I’m excited about, and there are times I still don’t watch positions closely that should be watched – I miss making adjustments or getting out with limited losses. There. I’ve gotten it out. Now you. Stand up and admit your mistakes to the rest of the group. It will make you a better trader.

The little bits of humor and other techniques I use in my newsletter are not because I’m a great psychologist. It may only be because I write most of these newsletters at 4 in the morning and I’m trying to amuse myself to keep awake. A couple of traders that I learned a lot from were good teachers. They repeated important things over and over, mixed with a little humor.

As an aspiring short-term trader, you must keep repeating key trading and risk management tips over and over to yourself. Review, and refine if necessary, your trading plan. Review your current positions. As far as entering new trades, ask yourself a simple question on each one. The underlying stock – would you be comfortable holding it in the account you are saving for your kid’s college tuition?

Of course, there’s much more you need to know and many more stocks you can capitalize upon each and every day.  To find out more, type in www.markettamer.com/seasonal-forecaster

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