Here's another installment
of your newsletter from
1stDayTradingInformation.
Just a short note today.
Whenever you buy or
sell a stock you need to know the answer to 3 questions BEFORE you place your
order.
1)
Your entry price...at what price do you buy or short sell a stock.
2)
Your goal...at what price do I close my stock position and pocket my profits.
3)
Your stop price...at what price do I exit my position if prices go against me.
If you do not know
these answers before placing your order in the market you are
gambling....period!! Just taking a chance and hoping.
And the 10% of you that
say yes to the above, statistics show that 80% of those do not have the
conviction/discipline to follow the criteria.
"Maybe I can get
more" or "it will bounce back, I'll just wait." This type
of thought process will destroy you. Maybe you can get lucky a few times
but overall...you lose.
The key to breaking
this habit is having confidence in your guidelines/criteria.
Knowing that you will consistently make profits over and over again. Not
every, time but way more profits then losses. Then when a goal or stop is
met you exit without hesitation, without regard.
This
really is the key to the equity markets.
Much Success,
Bill
The "Insider
Day Trading Secrets, Tips and Strategies Program"
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