I believe we can learn a lot from other traders, and the mentality that keeps us willing to learn is the same one that allows us to take a small loss or book profit on the way up. We don’t need to be perfect in the trading business to do quite well! Having some trading rules in place sure can help, though.
Recently I ran across Dennis Gartman’s Rules of Trading, which I highly suggest you check out. Dennis a well-known trader and market analyst, and his rules can help any trader in any market.
My favorite rule of his?
“Do more of what is working and less of what is not working.”
Easy to remember and a great reminder to maximize winning trades and minimize the losses. Simple but not always easy!
What is your favorite trading rule?
President, The Stock Bandit, Inc.