"ALWAYS LOWER YOUR TRADE SIZE WHEN YOU’RE TRADING POORLY."

ALWAYS LOWER YOUR TRADE SIZE WHEN YOU’RE TRADING POORLY.

All good traders follow this rule. Why continue to lose on five lots (contracts) per trade when you could save yourself a lot of money by lowering your trade size down to a one lot on your next trade? If I have two losing trades in a row, I always lower my trade size down to a one lot. If my next two trades are profitable, then I move my trade size back up to my original lot size.
It’s like a batter in baseball who has struck out his last two times at bat. The next time up he will choke up on the bat, shorten his swing and try to make contact. Trading is the same: lower your trade size, try to make a tick or two ‐ or even scratch the trade ‐ and then raise your trade size after two consecutive winning trades. 

"BE DISCIPLINED EVERY DAY, IN EVERY TRADE, AND THE MARKET WILL REWARD YOU. BUT DON’T CLAIM TO BE DISCIPLINED IF YOU ARE NOT 100 PERCENT OF THE TIME."

BE DISCIPLINED EVERY DAY, IN EVERY TRADE, AND THE MARKET WILL REWARD YOU. BUT DON’T CLAIM TO BE DISCIPLINED IF YOU ARE NOT 100 PERCENT OF THE TIME.. Being disciplined is of the utmost importance, but It’s not a sometimes thing, like claiming you quit a bad habit, such as smoking. If you claim to quit smoking but you sneak a cigarette every once in a while, then you clearly have not quit smoking. If you trade with discipline nine out of ten trades, then you can’t claim to be a disciplined trader. It is the one undisciplined trade that will really hurt your overall performance for the day, Discipline must be practiced on every trade.

"THE MARKET PAYS YOU TO BE DISCIPLINED"

THE MARKET PAYS YOU  TO BE  DISCIPLINED. Trading with discipline will put more money in your pocket and take less money out. The one constant truth concerning the markets is that discipline = increased profits.

"You are most likely to find success in markets if you can draw upon the best of who you are–your distinctive strengths–and find ever new ways to apply those to ever-changing markets."