#7: KNOW YOUR GAME "If a man knows not to which port he sails, no wind is favorable."

- Seneca


"A trader does not take random trades. A trader looks for specific market conditions that he is able to take advantage of. Do you know what you are looking for?  You cannot surf the market waves if you don’t."

#6: WITHDRAW FROM THE MARKET "It is in your power to withdraw yourself whenever you desire. Perfect tranquility within consists in the good ordering of the mind, the realm of your own."

"Traders think that they have to trade. After all, if they don’t trade, they are not traders.
Wrong, wrong, wrong.
One of the most powerful weapons of a trader is the ability to stop trading.
To improve your trading, withdraw from the market under the following circumstances.
• You are mentally fatigued.
• You cannot find an edge in the current market.
• Your trading connection is unreliable. (For e.g. when travelling in less developed areas)
Withdrawing yourself from the market is not just an option. It is a powerful one that distinguishes the best traders."

#5: OPINION-LESS "You always own the option of having no opinion. There is never any need to get worked up or to trouble your soul about things you can’t control. These things are not asking to be judged by you. Leave them alone."

"If you think that a trader must always hold an opinion about the market, you are wrong. It’s okay to say that you have no opinion. In fact, having no opinion frees your mind to consider all opportunities. A less opinionated trader is one that will cut losses without hesitation When you find yourself trying too hard to defend your opinion, take a step back. Remember that you cannot control the market. Hence, there is no reason to get worked up over your opinion of the market."

#4: UNCERTAINTY IN MARKETS "How ridiculous and how strange to be surprised at anything which happens in life."

"Anything can happen in the market.
The largest trading blow-ups are always related to the words “…will never happen”.
The most notable example is Long-Term Capital Management’s (LTCM) collapse. This hedge fund excels in convergence trades, which assume price convergence of two assets over time.The fund had a sound strategy, as long as major market disruptions do not occur. It used huge leverage. It assumed that market disruptions that will affect the convergence relationship will never happen. Well, they did happen.A more recent case involves Marko Dimitrijevic, a hedge fund manager. He thought that the Swiss National Bank will never let the Franc float freely against the Euro.In a nutshell, anything can happen. Welcome to the markets."

#3: THE FUTURE MARKET "Never let the future disturb you. You will meet it, if you have to, with the same weapons of reason, which today arm you against the present."

"Traders worry constantly about the next price tick. This anxiety is prominent when you are in a trading position, or overly eager to trade.
The minds of anxious traders are filled with “what-ifs”.
What if the market goes up? What if it goes down? Should I exit now? Should I target further? These hypothetical questions will mess up your trading perspective.
You don’t need to worry about the future. You will simply interpret every incoming price tick with the same trading tools. Stay confident with your trading skills. Stop thinking about the future, and focus on the present market."

#2: PAIN OF TRADING LOSSES "If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment."

"Feeling distressed because of a losing position or consecutive losses? Remember this quote. The losses are affecting you as much as you allow them to.
Revoke the pain, now."

#1: MIND OVER MARKET "You have power over your mind – not outside events. Realize this, and you will find strength"

- Marcus Aurelius

"As a trader, you cannot be a control freak. A key aspect of learning how to trade is to recognize the parts you cannot control.
The best example is the market. You cannot control the market. You cannot control if your broker screws up. If you think deeply, you cannot even control how much you lose in most cases. This is because most stop-loss orders are not guaranteed.
Hence, as a trader, you can only control your mind. Realizing this is a big step forward. This is why you hear the common claim that trading is 90% psychology and 10% strategy."

MACK

MACK

                                 historical high 12.50

on the markets:
"We are in a unique environment with an optimistic yet dovishFederal Reserve regarding the US economy and any hints at a rate increase (as in doubtful for the time being). Simultaneously, we see Emerging Markets adding liquidity and China’s ETFs on new multi-year highs. Add to the mix, concerns in Iran, Yemen and Syria. Total all those factors together and what do you get? Warning Phases now confirmed in the Dow, S&P 500 and NASDAQ and a Bullish Phase in the Russell 2000s"