Evan Carmichael - Modeling The Masters - 10 Rules
https://www.youtube.com/user/ModelingTheMasters/videos
https://www.youtube.com/user/ModelingTheMasters/videos
Modeling The Masters - 10 Rules
- Thread starter easymon1
- Start date
Here's some good rules.
1) If you are feeling any emotion during a trade, don't take it and/or kill it. Also, before each trade mentally prepare yourself that it can and will be a loss, if you are not ready to accept a loss at that time, don't initiate the trade.
2) Set a daily loss amount for the day for example say $ 500. If you are around that amount, stop trading.
3) If price is headed for your stop, don't move it, hoping that price will not reach it if you move it. Hope is not a trading plan.
4) Set a time for when you want to trade based on statistical evidence, and show up at that time. If it's hours before or after, just don't trade that day or night and wait for the next one.
5) Create a trading plan.
6) Follow that trading plan.
7) Especially when you start, create a spreadsheet of your trades and reasons why each one worked or did not work.
8) Don't take trades based on postings of trades here since your risk vs reward can be vastly different.
9) It can take 10 years and/or 10,000 hours of screen time to become consistent.
10) Understand margin. On Futures and Forex, you have extreme margin which helps you use less money trading, but if you do too many contracts per trade you can easily take a big loss on just a single trade. Also, remember in volatile markets you should cut back the number of contracts per trade and instead look for expanded targets and stops.
1) If you are feeling any emotion during a trade, don't take it and/or kill it. Also, before each trade mentally prepare yourself that it can and will be a loss, if you are not ready to accept a loss at that time, don't initiate the trade.
2) Set a daily loss amount for the day for example say $ 500. If you are around that amount, stop trading.
3) If price is headed for your stop, don't move it, hoping that price will not reach it if you move it. Hope is not a trading plan.
4) Set a time for when you want to trade based on statistical evidence, and show up at that time. If it's hours before or after, just don't trade that day or night and wait for the next one.
5) Create a trading plan.
6) Follow that trading plan.
7) Especially when you start, create a spreadsheet of your trades and reasons why each one worked or did not work.
8) Don't take trades based on postings of trades here since your risk vs reward can be vastly different.
9) It can take 10 years and/or 10,000 hours of screen time to become consistent.
10) Understand margin. On Futures and Forex, you have extreme margin which helps you use less money trading, but if you do too many contracts per trade you can easily take a big loss on just a single trade. Also, remember in volatile markets you should cut back the number of contracts per trade and instead look for expanded targets and stops.
Luckily they ain't required nor mutually exclusive. lol
"
...top 10 best luck quotes:
http://sourcesofinsight.com/luck-quotes/
- “Chance favors the prepared mind.“ – Louis Pasteur
- “Depend on the rabbit’s foot if you will, but remember it didn’t work for the rabbit.“ – R.E. Shay
- “Diligence is the mother of good luck.“ – Benjamin Franklin
- “If you think you can, you can. And if you think you can’t, you’re right.“ – Henry Ford
- “In short, Luck’s always to blame.“ – Jean De La Fontaine
- “Luck is the residue of design.“ – Branch Rickey
- “Success is simply a matter of luck. Ask any failure.“ – Earl Wilson
- “The only sure thing about luck is that it will change.“ – Wilson Mizner
- “The only thing that overcomes hard luck is hard work.“ – Harry Golden
- “The winds and waves are always on the side of the ablest navigators.“ – Edward Gibbon
Here are more luck quotes:
- “Ability is of little account without opportunity.“ – Lucille Ball
- “Bad things happen to good people.“ – Anonymous
- “Being deeply learned and skilled, being well trained and using well spoken words; This is good luck.“ – Anonymous
- “Don’t luck into success.“ – Anonymous
- “Everything in life is luck.“ – Donald Trump
- “Fortune brings in some boats that are not steered.“ – William Shakespeare
- “Good luck beats early rising.“ – Proverb
- “Good luck is another name for tenacity of purpose.“ – Ralph Waldo Emerson
- “Good luck is the willing handmaid of a upright and energetic character, and conscientious observance of duty.“ – James Russell Lowell
- “Good things come to those who wait.“ – Anonymous
- “I believe in luck: how else can you explain the success of those you dislike?“ – Jean Cocteau
- “If one does not know to which port is sailing, no wind is favorable.“ – Seneca
- “I’m a great believer in luck, and I find the harder I work, the more I have of it.“ – Thomas Jefferson
- “If you view all the things that happen to you, both good and bad, as opportunities, then you operate out of a higher level of consciousness.“ – Les Brown
- “In the middle of every difficulty lies opportunity.“ – Albert Einstein
- “It’s hard to detect good luck – it looks so much like something you’ve earned.“ – Frank A. Clark
- “Life is what happens to you while you’re busy making other plans.“ – John Lennon
- “Luck affects everything; let your hook always be cast; in the stream where you least expect it, there will be a fish.“ – Ovid
- “Luck has a peculiar habit of favoring those who don’t depend on it.“ – Anonymous
- “Luck is believing you’re lucky.“ – Tennessee Williams
- “Luck is tenacity of purpose.“ – Ralph Waldo Emerson
- “Luck is the idol of the idle.” – Proverb
- “Luck is what happens when preparation meets opportunity.” – Seneca
- “Luck is what you have left over after you give 100 percent.” – Langston Coleman
- “Luck never gives; it only lends.“ – Proverb
- “Luck never made a man wise.“ – Seneca
- “Luck, bad if not good, will always be with us. But it has a way of favoring the intelligent and showing its back to the stupid.“ – John Dewey
- “Luck? I don’t know anything about luck. I’ve never banked on it and I’m afraid of people who do. Luck to me is something else: Hard work – and realizing what is opportunity and what isn’t.“ – Lucille Ball
- “Lucky at cards, unlucky in love.“ – Proverb
- “Maybe I’m lucky to be going so slowly, because I may be going in the wrong direction.“ – Ashleigh Brilliant
- “May good luck be your friend in whatever you do and may trouble be always a stranger to you.“ – Anonymous
- “May your pockets be heavy and your heart be light. May good luck pursue you each morning and night.“ – Anonymous
- “Nature creates ability; luck provides it with opportunity.“ – François de la Rochefoucauld
- “Opportunity is missed by most because it is dressed in overalls and looks like work.“ – Thomas Edison
- “Small opportunities are often the beginning of great enterprises.“ – Demosthenes
- “Shallow men believe in luck. Strong men believe in cause and effect.“ – Ralph Waldo Emerson
- “So it’s probably eighty percent luck and twenty percent skill.“ – Chris LeDoux
- “The day you decide to do it is your lucky day.“ – Proverb
- “The meeting of preparation with opportunity generates the offspring we call luck.“ – Tony Robbins
- “The only sure thing about luck is that it will change.“ – Bret Harte
- “Unlucky at cards, lucky in love.“ – Proverb
- “When I work fourteen hours a day, seven days a week, I get lucky.“ – Dr. Armand Hammer
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