Dick Diamond began trading his personal account in 1965. Before that, he spent the early 1960s on the Amex floor.
He has seen it all -- and loves to tell about it.
Trading in all kinds of markets taught him a lot. What began as "trial and error" became "trial and success." Diamond absorbed what worked and what didn't.
Let me share some insights from the 174-page manual which students received last December during one of his 4-day courses:
"In gambling -- when you let go of the dice you don't have control. In trading -- you should always have control. Good traders are not gamblers -- good traders stay in control.
Don't be inflexible (be open to change). A good trader lets market conditions dictate his/her short-term feelings. Market conditions can change many times during an active day.
Learn how to handle short-term success & failure in your trading life. Never get aggressive after either situation.
Don't dwell on the past, good or bad. Focus on the NOW.
Don't worry about leaving something 'on the table.'
Sell when you can -- not when you have to.
A sign of a bad trader is one who focuses blame away from himself. You are the cause of your success or failure!
Taking losses and handling losses well is part of everyday trading.
It's ok to have a bad day, it's questionable to have a bad week, it's unacceptable to have a bad month!!!
Wait for the 80-20 trades. This is the trade that you want to buy or sell immediately -- leave the 60/40 trades alone.
Never force a trade.
A good trader plays excellent defense. Don't allow small losses to turn into bigger ones by riding them down.
If the market is giving mixed signals, stand on the sidelines.
Think in terms of getting on base as opposed to hitting a homerun.
Trade small to win small -- Trade small to win big.
Everybody has good days in this business -- what matters is how you can control the bad days.
Buy and sell to take advantage of the emotion of the moment.
Short-term traders are not overly analytical. They are able to pull the trigger. Generally speaking the better the opportunity the shorter the time it will be available.
Focus on executing the trade as opposed to making money.
Think for yourself. The indicators on your computer along with the background work are all you need."
Dick Diamond teaches you the best way to perform your background work and extensively reviews trading indicators during his trading course.
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November 6-9, 2011 in Chicago
Technically-intensive trading course with NEW lessons added in 2011