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Stock chart of the day. Would you trade VLO at this point?

Courtesy of Optionaddict.net

Here is a compilation of my Ten Commandments of Trading. In my sole opinion, these are the “fundamentals” of becoming a successful trader. Look these over and feel free to comment at will. Keep in mind this took a couple hours to compile, so be nice.

1. Thou shalt have a trading plan

If you don’t have a plan, get one. What is your approach? What are your rules? These are questions that you need to answer before you can title yourself a trader. Creating a plan gives you something to follow, an outline of where you want to be, and what is required in between.

2. Thou shalt not trade with emotion

This includes, fear, greed and lack of discipline. There is no room for it in this equation. Find a way to get a better handle on it, and/or walk away from it. I can tell you from experience that you will have an impossible time being successful at trading when making emotional decisions.

3. Thou shalt embrace losing

A trader has to fight a lot of expensive enemies within himself. It is inevitable, it is going to happen, therefore you should plan for it. If I know I am going to lose, I will try and make it easier on myself in anticipation. Please do not judge the success of a trader by the win loss percentage they have. It’s not about winning or losing; it’s about making money.

4. Thou shalt know how to control losses
As a trader, you will have many losing trades. The idea is that if you keep them small, you give your winners a chance to outpace them. If you can successfully do this, you will be a profitable trader. Identify places on a chart that you know prices should not go in order to take your loss (broken support/resistance for example).

5. Thou shalt not turn a trade into an investment

If you didn’t chuckle after you read this rule, then perhaps you need to revisit rules 1,2,3 and 4 again. Have you turned a trade into something longer in duration than expected? Do you remember why you did this? Sure…it was because the stock went against me and I figured “It will come back.” When you feel the need to stay in a trade until you are right, something is wrong. Know where you are getting out before you get in. STICK TO THE PLAN!

6. Thou shalt remember: Tips are for waiters

Jesse Livermore said it best…”The fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking and reaching your own conclusions” He goes on to further state…”The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.” Wouldn’t you agree? It is so easy to take the stock pick from someone assuming they have done all the work for you. Truth is, they probably know less than you. This includes commentary you listen to on the television, something you’ve read on a website, or discovered on this crappy blog. My point is… do your own research, trade your own trades, and be original in your analysis and activities.

7. Thou shalt repeat after me “A gain is not a gain until you sell”

Kenny Rogers said “You never count your money when you’re sitting at the table.” That profit is not realized, so don’t mentally take inventory of it until the trade is closed and you have realized that gain. This will create emotion, and you will stay in trades for the numbers rather than the logical reasons.

8. Thou shalt not know too little about too much

I guess it is hard not to in your position. You are learning to trade. But you need to try to differentiate what you know, and what you are learning. You also must remember that the basics are called basics for a reason. They are the foundation we stand on. Next time you overrule a trend because of a candle formation, or something silly like that, remember that discipline trumps conviction. No matter how strongly you feel that the “*Double Bottom Outside Inverted Triangle Reversal Pattern” will result in a failure of the beautiful uptrend the stock has been trading in, you must defer back to the principles of discipline when you trade. Discipline will allow you to trade tomorrow, whereas the gut feeling of a new trader will send you to the poor house later today.

*- This is not an actual pattern, so please don’t e-mail me and ask where to learn more about it. Just think of it as an exaggeration of a funny role we have all played.

9. Thou shalt trade with the trend

It takes a trader a long time to learn all the lessons of all his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. Try to pick a style that you can easily adapt to a changing market. At times the “motion of the ocean” will differ and different approaches are warranted. It is at these times you need to be able to recognize the changes and adapt accordingly.

10. Thou shalt take the easy opportunities

You don’t need to trade everything. There are opportunities that present themselves everywhere and everyday in this market. Just remember two things: Number 1: Its not necessary to play every move, its only necessary to have a high winning percentage on the trades you choose to make. Number 2: Don’t go for the trades that don’t totally jump out at you as an easy analysis. I call these the “Easy Trades.” The trades where you are not 100% sold and convinced of what is going to happen, stay away from them.