The Big Picture | Ten Commandments of Trading

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Ten Commandments of Trading

Sunday, January 30, 2005 | 09:32 AM

Rev Shark does an excellent job writing the trading diary for Real Money. Shark is one of my must reads everyday on RM.

Last week, he revealed his Ten Commandments of Trading:

There are many different ways to successfully trade the market, but there are certain things that all successful traders seem to have in common. Live those Ten Commandments and they shall reap a bountiful harvest! Go forth my friends and sin no more!

The Ten Commandments of Trading

I. Thou shall never stop educating thyself.

II. Thou shall have a plan.

III. Thou shall be disciplined.

IV. Thou shall be patient.

V. Thou shall strive to stay objective.

VI. Thou shall be humble and hold no fear of admitting mistakes.

VII. Thou shall act aggressively when the odds lie in thy favor.

VIII. Thou shall be persistent and stay optimistic.

IX. Thou shall stay mentally and physically healthy.

X. Thou shall protect thy capital.

Why is that common sense advice is surprisingly uncommon? Rev Shark has it in spades . . .