Stanley Kroll on trading
Analyse your markets and lay out your strategy and tactical moves in advance, and in privacy. Don't ask anyone's advice, and that includes' brokerage advisories, tips and even well-intentioned market gossip. And, don't offer your advice to anyone else. You shouldn't care if Shearson is buying ABC or if Salomon is selling XYZ. You should stick to your objective analysis and market projection based on whichever method or technique has proven viable for you; and you should revise that strategy only on the basis of pragmatic and objective technical evidence. Such evidence could be a signal from your chart analysis, your computer system or from the margin department, which reminds you that your position has moved adversely and that your
account has become undermargined.
In short, if you make money in your trading, stand up and accept the accolades and the ﬁnancial rewards. But if you lose money, you alone should accept the responsibility. You must have conﬁdence to trade in the marker, because the most serious 'loss' of all is the 'loss' of
conﬁdence in your ability to trade independently and successfully. If you don't have that conﬁdence, you probably shouldn't be making any trades, except to close out adverse positions to limit your loss exposure. The list of speculators' laments goes on, but they all seem generally
related to carelessness or poor trade timing, misjudgement of the market trend, ignorance of the basic tenets of sound strategy, or lack of self-conﬁdence and discipline. Serious introspection suggests this thesis: a sound strategy, viable tactics and good money management, and
consistent risk control are even more important to overall success than a good technical or charting method.
Traders on BMD however are persistent non opinionated schizophrenics with no confidence, always asking others' opinions and offering their opinion as to market direction.(due to EGO)