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Trading Rules

 

I have compiled a list of investment and trading advice from various sources. It is meant to be a mind tickler only but in some ways these advice are good reminders for our investment attitude.

 

 

 

The Golden Rules of Competitiveness.

What countries must do to become or stay competitive:

1. Create a stable and predictable legislative environment.

2. Work on a flexible and resilient economic structure.

3. Invest in traditional and technological infrastructure.

4. Promote private savings and domestic investment.

5. Develop aggressiveness on the international markets as well as attractiveness for foreign direct investment.

6. Focus on quality, speed and transparency in government and administration.

7. Maintain a relationship between wage levels, productivity and taxation.

8. Preserve the social fabric by reducing wage disparity and strengthening the middle class.

9. Invest heavily in education, especially at the secondary level, and in the life-long training of the labor force.

10. Balance the economies of proximity and globality to ensure substantial wealth creation, while preserving the value systems that citizens desire.

From IMD World Competitiveness Yearbook 2003, Stephane Garelli, 2003, IMD.

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Principles of World Competitiveness.

I. Economic Performance

1. Prosperity of a country reflects its past economic performance.

2. Competition governed by market forces improves the economic performance of a country.

3. The more competition there is in the domestic economy, the more competitive the domestic firms are likely to be abroad.

4. A country's success in international trade reflects competitiveness of its domestic economy (provided there are no trade barriers).

5. Openness for international economic activities increases a country's economic performance.

6. International investment allocates economic resources more efficiently worldwide.

7. Export-led competitiveness often is associated with growth-orientation in the domestic economy.

II. Government Efficiency

1. State intervention in business activities should be minimized, apart from creating competitive conditions for enterprises.

2. Government should, however, provide macroeconomic and social conditions that are predictable and thus minimize the external risks for economic enterprise.

3. Government should be flexible in adapting its economic policies to a changing international environment.

4. Government should provide adequate and accessible educational resources of quality and develop a knowledge-driven economy.

III. Business Efficiency

1. Efficiency, together with ability to adapt to changes in the competitive environment, are managerial attributes crucial for enterprise competitiveness.

2. Finance facilitates value-adding activity.

3. A well-developed, internationally integrated financial sector in a country supports its international competitiveness.

4. Maintaining a high standard of living requires integration with the international economy.

5. Entrepreneurship is crucial for economic activity in its start-up phase.

6. A skilled labor force increases a country's competitiveness.

7. Productivity reflects value-added.

8. The attitude of the workforce affects the competitiveness of a country.

IV. Infrastructure

1. A well-developed infrastructure including efficient business systems supports economic activity.

2. A well-developed infrastructure also includes performing information technology and efficient protection of the environment.

3. Competitive advantage can be built on efficient and innovative application of existing technologies.

4. Investment in basic research and innovative activity creating new knowledge is crucial for a country in a more mature stage of economic development.

5. Long-term investment in R&D is likely to increase the competitiveness of enterprises.

6. The quality of life is part of the attractiveness of a country.

From IMD World Competitiveness Yearbook 2003, Stephane Garelli, 2003, IMD.

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Martin Pring's Nineteen Trading Rules for Greater Profits.

1. When in doubt, stay out.

2. Never trade or invest based on hope.

3. Act on your own judgment or else absolutely and entirely on the judgment of another.

4. Buy low (into weakness), sell high (into strength).

5. Don't overtrade.

6. After a successful and profitable campaign, take a trading vacation.

7. Take a periodic mental inventory to see how you are doing.

8. Constantly analyze your mistakes.

9. Don't jump the gun.

10. Don't try to call every market turn.

11. Never enter into a position without first establishing a risk reward.

12. Cut losses, let profits run.

13. Place numerous small bets on low-risk ideas.

14. Look down, not up.

15. Never trade or invest more than you can reasonably afford to lose.

16. Don't fight the trend.

17. Wherever possible, trade liquid markets.

18. Never meet a margin call.

19. If you are going to place a stop, put it at a logical, not convenient, place.

20. Follow the other nineteen rules without question.

From Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Martin Pring's Attributes of Great Traders and Investors.

1. Every successful market operator is interested in the markets and how they work, not because they promise instant or even distant wealth but because of the fascinating inner workings and the challenges they offer.

2. All successful traders and investors are loners because they are constantly called on to take positions opposite to those held by the majority or by the consensus view of the market. They also need to be creative and imaginative independent thinkers.

3. All great investors and traders utilize a philosophy or methodology. It does not matter which approach an investor takes as long as it works and the individual practitioner feels at home with it. He has to be utterly dedicated to his chosen craft, for only then can he truly excel.

4. To achieve success in the markets, investors must be disciplined and patient. Discipline means constantly gathering new facts and sticking to your rules.

5. All great market operators are realists. They are quick to recognize when conditions change and the original reason for holding the position no longer exists. They are married to nothing and are not afraid to admit a mistake, however painful it may be at the time.

6. All successful market operators have the ability to think ahead and figure out what may lie ahead. They are constantly looking ahead to anticipate what could cause the prevailing trend to reverse. They have trained themselves to question the status quo constantly and to anticipate a possible change of course. By trying to maintain a flexible outlook, the successful market operator is far less susceptible to the element of surprise.

From Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Warren Buffet's Six Qualities for Investment Success.

1. You must be animated by controlled greed and fascinated by the investment process.

2. You must have patience.

3. Think independently.

4. You must have the security and self-confidence that comes from knowledge, without being rash or headstrong.

5. Accept it when you don't know something.

6. Be flexible as to the types of businesses you buy, but never pay more than they are worth.

From The Money Master, John Train, 1980, Harper & Row, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Warren Buffet's Eleven Characteristics of a Healthy Business.

1. Offers a good return on capital.

2. Sees its profits in cash.

3. Is understandable.

4. Has a strong franchise and thus freedom to price.

5. Doesn't require a genius to run it.

6. Delivers predictable earnings.

7. Should not be a natural target for regulation.

8. Should have low inventories and a high turnover of assets.

9. Should have owner-oriented management.

10. Offers a high rate of return on the total of inventories plus physical plant.

11. Is a royalty on the growth of others and requires little capital itself.

From The Money Master, John Train, 1980, Harper & Row, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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John Templeton discussed successful investing as being objective, flexible, and consistent. He practiced eleven winning strategies.

1. Buy a stock only as a share in a good business that you know a lot about.

2. Buy when stocks have few friends - particularly the stock in question.

3. Be patient. Don't be rattled by fluctuations.

4. Invest, don't guess.

5. High yields are often a trap. Growing companies need all the cash flow and paying out a high proportion of dividends robs them of those growth opportunities.

6. Buy only what is cheap right now or is almost sure to grow so fast that it very soon will be cheap at today's price.

7. If stocks in general are expensive, stand aside.

8. Keep an eye on what the smart money masters are doing.

9. Buy investment management if you find company analysis too difficult.

10. Pick an appropriate investment strategy and stick with it.

11. Be flexible.

From The Money Master, John Train, 1980, Harper & Row, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Ed Seykota's Trading Rules.

1. Cut losses.

2. Ride winners.

3. Keep bets small.

4. Follow the rules without question.

5. Know when to break the rules.

From Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Paul Tudor Jones' Trading Rules.

1. Don't ever average losses. Decrease your trading volume when you are doing poorly; increase your volume when you are trading well. Never trade in situations where you don't have control.

2. If you have a losing position that is making you uncomfortable, get out, because you can always get back in.

3. Don't be too concerned about where you got into a position. The only relevant question is whether you are bullish or bearish on the position that day.

4. The most important rule of trading is to play great defense, not great offense. Everyday I assume the position I have is wrong. If they are going against me, then I have a game plan for getting out.

5. Don't be a hero. Don't have an ego. Always question yourself and your ability. Don't ever feel you are very good. The second you do, you are dead.

From Market Wizards: Interviews with Top Traders, Jack D. Schwager, 1989, New York Institute of Finance, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Bernard Baruch's Ten Rules.

1. Don't speculate unless you can make it a full-time job.

2. Beware of barbers, beauticians, waiters, of anyone, bringing gifts of 'insider' information or 'tips.'

3. Before you buy a security, find out everything you can about the company, its management and competitors, its earnings and possibilities for growth.

4. Don't try to buy at the bottom and sell at the top. This can't be done - except by liars.

5. Learn how to take your losses quickly and cleanly. Don't expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.

6. Don't buy too many different securities. Better have only a few investments which can be watched.

7. Make a periodic reappraisal of all your investments to see whether changing developments have altered their prospects.

8. Study your tax position to know when you can sell to greatest advantage.

9. Always keep a good part of your capital in a cash reserve.

10. Don't try to be a jack of all investments. Stick to the field you know best.

From Baruch: My Own Story, Bernard M. Baruch, 1957, Holt, Rinehart and Winston, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Robert Meier's Eleven Rules.

1. Ask yourself what you really want. Many traders lose money because subconsciously their goal is entertainment, not profits.

2. Assume personal trade responsibility for all actions. A defining trait of top performing traders is their willingness to assume personal responsibility for all trading decisions.

3. Keep it simple and consistent. Most speculators follow too many indicators and listen to so many different opinions that they are overwhelmed into action. Few people realize that many of the greatest traders of all time never rely on more than two or three core indicators and never listen to the opinions of others.

4. Have realistic expectations. When expectations are too high, it results in overtrading underfinanced positions, and very high levels of greed and fear - making objective decision-making impossible.

5. Learn to wait. Most of the time for most speculators, it is best to be out of the markets, unless you are in an option selling (writing) program. Generally, the part-time speculator will only encounter six to ten clear-cut major opportunities a year. These are the type of trades that savvy professionals train themselves to wait for.

6. Clearly understand the risk / reward ratio. The consensus is that trades with a one to three or one to four risk / reward ration are sufficient.

7. Always check the big picture. Before making any trade, check it against weekly and monthly as well as daily range charts. Frequently, this extra step will identify major longer-term zones of support and resistance that are not apparent on daily charts and that substantially change the perceived risk / reward ratio. Point & figure charts are particularly valuable in identifying breakouts from big congestion / accumulation formations.

8. Always under-trade. It is easy to forget just how powerful the leverage is in futures and options. It is not uncommon to find speculators holding positions two or three times larger than is justified by their account size. By consciously under-trading, that is taking positions much smaller than you might be able to, you will gradually learn to hold back until you find the real money-making opportunities and stay with major trends.

9. Define your broker relationship. A full-service commodity broker can be a valuable ally, but should not be pushed into the position of making your final decisions.

10. Never trade with serious personal problems. Ignoring this rule is a prescription for disaster. The clarity of thought and emotional control required even for part-time speculator is so great that it is impossible to handle along with serious personal problems. Likewise, trading should not be attempted during periods of ill health, even including a bad head cold.

11. Ignore the news media. The true goals of the national news media are to shock, agitate, entertain, and editorialize a socialist agenda - not provide useful information. Many of the finest traders avoid all contact with public news, knowing how profoundly it can undermine a trading plan. The more important trading profits are to you, the less you can afford to follow the "news."

From Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Peter Wyckoff Thirty-two Rules.

1. Speculation demands cool judgment, self-reliance, courage, pliability and prudence.

2. A person's planning buying policy should always dovetail closely with a predetermined selling policy.

3. When in doubt about what to do in the market, do nothing. Nothing can destroy the cool temperament of a man like unsystematic speculation.

4. Look after the losses and the profits will take care of themselves.

5. If you wait too long to buy, until every uncertainty is removed and every doubt is lifted at the bottom of a market cycle, you may keep on waiting ... and waiting.

6. The worst losses in the market come from uninformed people buying greatly overvalued stocks.

7. Whenever hope becomes a chief factor in determining a market position, sell out promptly.

8. Never buy or sell merely on the basis of background statistics. Technical market considerations and psychology must also be taken into account.

9. Don't believe everything a corporate official says about his company's stock.

10. Check over all the facts carefully yourself and view them conjunctively with other known market factors.

11. Never speculate with the money you need to live. If you can't afford a possible loss, stay out of the market.

12. One way to win in the market is to avoid doing what most others are doing.

13. When opinions in Wall Street are too unanimous - BEWARE! The market is famous for doing the unexpected.

14. Never cancel a Stop, or lower it, as the stock nears a trading point in a fast sliding market.

15. Try to analyze your weak points and convert them into strong ones.

16. Forget the idea that speculation depends entirely upon luck, and guard against blind faith in the suggestions of other men.

17. Eliminate trust in any system you do not understand, but still believe in the basic idea of the system.

18. You should consult other market aids besides charts.

19. Never be sentimental about a stock.

20. Before investing in a stock, look into its history.

21. You should be impervious to external forces and have no preconceived opinions to be a successful tape reader. Only the price changes appearing on the tape with attendant trading volume will tell you what to do and when to do it.

22. Always try to look and plan ahead, rather than considering just the last sales bobbing in front of you. The printed prices you see may have already largely discounted the news as it generally is known.

23. Tape reading is no exact science. You cannot form any definite rules, because all markets differ. Therefore, you must work out your own operational methods.

24. Be pliable at all times, but don't overtrade. Plan each campaign carefully, and never blame the tape for any error you may make.

25. You should be able to differentiate between what has been, what is now and what the future will be in planning a trading program.

26. Before taking a position, determine exactly where the stock you are watching, or the general market, stands. A study of price, breadth, activity, time and volume will be helpful in this respect.

27. Whatever is hard to do in the market is generaly the right thing; and whatever is easy is usually the wrong thing to do.

28. Take an occasional mental inventory to find out exactly where you stand.

29. Do not press yourself! "Speculitis" is malignant!

30. When buying a stock, you should consider how far down it might carry in the event your judgment about it is wrong.

31. Try to avoid holding postmortem examinations of the "might have beens" in the market.

32. Buy the stocks of companies that have shown gradually increasing earnings in industries making articles that people cannot do well without.

From The Psychology of Stock Market Timing, Peter Wyckoff, 1968, Prentice-Hall, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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W.D. Gann's Twenty-eight Rules.

1. Amount of capital to use: Divide your capital into 10 equal parts and never risk more than one-tenth of your capital on any one trade.

2. Use stop loss orders to protect trades.

3. Never overtrade. This would be violating your capital rules.

4. Never let a profit run into a loss. Raise your stop loss order level after price increases.

5. Do not buck the trend. Never buy or sell if you are not sure of the trend according to your charts and rules.

6. When in doubt, get out, and don't get in when in doubt.

7. Trade only in active markets. Keep out of slow, dead ones.

8. Equal distribution of risk. Trade in 2 or 3 different commodities, if possible. Avoid tying up all your capital in any one commodity.

9. Never limit your orders or fix a buying or selling price. Trade at the market.

10. Don't close your trades without a good reason. Follow up with a stop loss order to protect your profits.

11. Accumulate a surplus. After you have made a series of successful trades, put some money into a surplus account to be used only in emergency or in times of panic.

12. Never buy or sell just to get a scalping profit.

13. Never average a loss. This is one of the worst mistakes a trader can make.

14. Never get out of the market just because you have lost patience or get into the market because you are anxious from waiting.

15. Avoid taking small profits and big losses.

16. Never cancel a stop loss order after you have placed it at the time you make a trade.

17. Avoid getting in and out of the market too often.

18. Be just as willing to sell short as you are to buy. Let your object be to keep with the trend and make money.

19. Never buy just because the price of a commodity is low or sell short just because the price is high.

20. Be careful about pyramiding at the wrong time.

21. Select the commodities that show strong uptrend to pyramid on the buying side and the ones that show definite downtrend to sell short.

22. Never hedge. If you are long of one commodity and it starts to go down, do not sell another commodity short to hedge it. Get out of the market; take your loss and wait for another opportunity.

23. Never change your position in the market without a good reason. When you make a trade, let it be for some good reason or according to some definite rule; then do not get out without a definite indication of a change in trend.

24. Avoid increasing your trading after a long period of success or a period of profitable trades.

25. Don't guess when the market is top. Let the market prove it is top. Don't guess when the market is bottom. Let the market prove it is bottom. By following definite rules, you can do this.

26. Do not follow another man's advice unless you know that he knows more than you do.

27. Reduce trading after first loss; never increase.

28. Avoid getting in wrong and out wrong; getting in right and out wrong; this is making double mistakes.

From How to Make Profits Trading in Commodities, W.D. Gann, 1976, Lambert-Gann Publishing, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Frank Williams' Rules.

1. Pay all bills before speculating.

2. Don't speculate with another person's money.

3. Don't neglect your business to speculate.

4. If the market makes you irritable or interferes with sleep, you are wrong.

5. Don't use in the market money that you need for other purposes.

6. Don't go "joint account" with a friend - play a lone hand.

7. Don't give a broker "discretionary power." If you can't run your own account, leave the market alone.

8. The broker who demands a large margin is your friend. Only a bucket-shop wants you to trade on a slender margin.

9. Don't buy more stock than you can safely carry. Over-trading means forced selling and losses.

10. Get accurate information. Demand facts, not opinions.

11. Don't take advice from uninformed people - they know no more than you about the market.

12. Such advice as "I think well of it" or "It is a cinch" means nothing.

13. Use only a part of your capital in speculation.

14. Don't buy "cats and dogs" (unseasoned stocks).

15. Buy good standard stocks that have stood the test of time.

16. Remember that good stocks always come back - unknown stocks may disappear.

17. Don't buy in a hurry - there is plenty of time to buy good stocks.

18. Investigate each stock thoroughly before you buy.

19. Remember that it is easier to buy than to sell. The salability of a stock is very important.

20. The market moves up slowly, but goes down fast.

21. Be prepared to buy your stock outright if necessary. If you can't do this, you are taking chances.

22. Buy in a selling market - when nobody wants stock.

23. Sell in a buying market - when everybody wants stock.

24. The market is most dangerous when it looks best; it is most inviting when it looks worst.

25. Don't get too active. Many trades many losses.

26. Long-pull trades are most profitable.

27. Don't try to outguess the market.

28. Look out for the buying fever; it is a dangerous disease.

29. Don't try to pick the top and the bottom of the market.

30. Don't dream in the stock market; have some idea just how far your stock can go.

31. Remember that the majority of traders are always buying at the top and selling at the bottom.

32. Don't worry over profits you might have made.

33. Don't spend your paper profits - they might turn into losses.

34. Watch the news. Remember that the market actually is a barometer of business and credit.

35. Don't buy fads or novelties - be sure the company you are becoming a partner in makes something that everybody wants.

36. Don't finance new inventions unless you are wealthy.

37. Ask who manages the company whose stock you want to buy.

38. Don't follow pool operations. The pools are out to get you.

39. Don't listen to or give tips. Good tips are scarce and they take a long time to materialize.

40. Don't take flyers.

41. Don't treat your losses lightly; they are serious. You are losing actual currency.

42. When you win, don't get reckless; put your winnings in the bank for a while.

43. Don't talk about the market - you will attract too much idle gossip.

44. Sniff at inside information; it is usually bunk. The big people don't talk about their operations.

45. Don't speculate unless you have plenty of time to think about it.

46. Fortunes are not easily made in Wall Street. Some professionals give their lives to the market and die poor.

47. There is such a thing as luck, but it does not hold all the time.

48. Don't pyramid.

49. Don't average unless you are sure you know your stock.

50. Don't buy more stock than you can afford, just to look big. If you a ten-share man, don't be ashamed of it.

51. Beware of a stock that is given an abundance of publicity.

52. Use your mistakes as object lessons - the person who makes the same mistake twice deserves no sympathy.

53. Don't open an account at the broker's just to oblige a friend. Charity and speculation don't mix.

54. Remember that many people believe they can find better use for your money than you can yourself.

55. Leave short selling to experienced professionals.

56. If you must sell short, pick a widely held stock or you may get caught in a corner.

57. Money made easily in the market is never valued - easy come, easy go.

58. Don't blame the Stock Exchange for your own mistakes.

59. Don't shape your financial policy on what your barber advises - hundreds of experts are waiting to give you exact information.

60. Don't let emotion or prejudice warp your judgment. Base your operations on facts.

From If You Must Speculate Learn the Rules, Frank J. Williams, 1981, Fraser Publishing Company, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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H.J. Wolf's Ten Rules.

1. Do not overtrade.

2. Limit losses. Place stops at technical danger points on all trades, and if the location of the danger point is uncertain use a 2-point or 2-point stop, or await a better opportunity.

3. Follow the trend. Do not buck the trend, and do not hedge. Be either long or short, but not both at the same time.

4. Favor active issues. Do not tie up funds in obscure or inactive stocks, and avoid thin-market issues except in long-pull operations.

5. Buy during weaknesses. Buy only after reactions confirming higher support.

6. Sell during strength. Close out on unusual advances at first sign of hesitation; and sell short only after evidence of distribution with lower support followed by lower top.

7. Distribute risk. Do not concentrate in one issue, but trade in equal lots of several different issues, aloof which are definitely attractive. Avoid spreading over too many different issues.

8. Protect profits. Never let a 3-point profit run into a loss, and never accept a reaction of over 5 points unless the favorable trend of the stock has been definitely established.

9. Avoid uncertainty. When the trend is in doubt, stay out. Avoid a trader's market when the ultimate trend is uncertain unless the trade can be protected by a small stop and justifies the risk.

10. Discount fundamental outlook. Never ignore fundamental conditions, and always favor the trade wherein fundamental and technical conditions cooperate. Avoid a trade wherein fundamental and technical conditions are opposed, except in cases of imminent liquidation, or overextended short interest.

From Studies in Stock Speculation, Volume II, H.J. Wolf, 1985, Fraser Publishing Company, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Thomas Hoyne's Eight Rules.

1. Speculation is an art. The first principle of every art is to have at the outset a clear conception of the end aimed at.

2. The second great general rule for successful speculation is, never enter upon any speculation without clearly conceiving precisely the amount of profit that is sought and exactly the amount of loss that will be submitted to in the effort to secure that profit.

3. Every speculator must think for himself.

4. A person must at all times strive to maintain the correct point of view towards the market in which he is trading. This contemplates the effect of the market on himself and other speculators; and their effect upon it.

5. A speculator should first determine never to do anything at all with a haste that precludes forethought.

6. As the first aim of every speculator should be to hold himself free from all crowd influence, he should not, because of greed, at the very outset make his speculation so large in proportion to his available capital that a comparatively small fluctuation against him puts him into a group of speculators psychologically on the verge of fear and on the point of being swept into crowd action.

7. Never should you accept as authoritative any explanation from other person for a past action of the market. Think out that action for yourself.

8. A speculator must think for himself, and must do his thinking rigidly in accordance with the method of reasoning he has laid down.

From Speculation: Its Sound Principles and Rules for Its Practice, Thomas Hoyne, 1988, Fraser Publishing Company, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Victor Sperandeo's Nineteen Rules.

1. Trade with a plan and stick to it.

2. Trade with the trend. "The trend is your friend!"

3. Use stop loss orders whenever practical.

4. When in doubt, get out!

5. Be patient. Never overtrade.

6. Let your profits run; cut your losses short.

7. Never let a profit run into a loss. (Or always take a free position if you can.)

8. Buy weakness and sell strength. Be just as willing to sell as you are to buy.

9. Be an investor in the early stages of bull markets. Be a speculator in the latter stages of bull markets and in bear markets.

10. Never average a loss - don't add to a losing position.

11. Never buy just because the price is low. Never sell just because the price is high.

12. Trade only in liquid markets.

13. Never initiate a position in a fast market.

14. Don't trade on the basis of "tips." In other words, "trade with the trend, not your friend." Also, no matter how strongly you feel about a stock or other market, don't offer unsolicited tips or advice.

15. Always analyze your mistakes.

16. Beware of "Takeunders."

17. Never trade if your success depends on a good execution.

18. Always keep your own records of trades.

19. Know and follow the Rules!

From Trader Vic - Methods of a Wall Street Master, Victor Sperandeo with Sullivan Brown, 1991, John Wiley & Sons, extracted from Investment Psychology Explained, Martin J. Pring, 1993, John Wiley & Sons.

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Disclaimer:

As a disclaimer, the information provided in this website is based on my own views and opinions only and they should not be treated as definitive state of the world. More importantly, visitors to this site should remain solely responsible for their own investment decisions.

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This website is my personal journal, book case, and notepad. ALL past, present, and future information posted on this website is for my personal use, is of my sole personal opinion, and is not meant to be taken as advice or facts of any kind whatsoever. I hereby denounce ALL responsibilities for any information, recommendation, or action derived from this website. All materials contained in this website is maintained by myself. ANY external use, copying or duplication of materials from this web site are strictly prohibited unless authorized AND properly referenced.