The Investors Bible

[Knobby22]

There are! I have never met an Astronaut either, yet there existence seems undeniable


It's true that the big money is in longer term trades and you will find that any succesful daytrader also has longer term trades as well.

Can't argue the Astronaut allusion.

I think that statement you made says it all. You may make certain day trades in the right circumstances but generally trade over a longer time line. I think that shows yours and good trader's ability to perceive opportunities and having an open mind.

I would like to have a go at the trader lifestyle one day but truly doubt whether I would have the concentration and enjoyment long term or whether I would just start playing Civilisation!

 

[excalibur]

An Intelligent Investor is not always a succesful one.

 

[michael_selway]

(9) Simply means if its worth buying or selling sell at market dont place limit orders just buy at market.Many a trade I would have missed and much profit would I have sacrificed had I not adopted this rule!

Lack of Knowledge.
Of what knowledge do you speak?

9. Never limit your orders or fix a buying or selling price. Trade at the market.

So true dude, I get pissed when I limit order and it only half fills etc

At the end of the day its long term, a few cents wont make much difference profit/loss.

 

[It's Snake Pliskin]

9. Never limit your orders or fix a buying or selling price. Trade at the market.

So true dude, I get pissed when I limit order and it only half fills etc

At the end of the day its long term, a few cents wont make much difference profit/loss.

I agree, it ensures you get your holding. A few cents in the big scheme of things may cost you more by missing out.

 

[RodC]

I agree as well,

cost myself $500 yesterday on a sell by using a limit order instead of at market. - Too bloody smart for my own good.

Rod.

 

[excalibur]

Here is a small ajurnament of the bible.:

Never add to a losing position

Invest on the side that is winning

Do not hold on to losing positions

Go where the strength is

Making “logical” plays is costly

Markets can remain illogical far longer than you and I can remain solvent

Trading runs in cycles; some are good, some are bad, and then there is nothing we can do about that than other than accept it and act accordingly

Think like a fundamentalist, trade like a technician

Keep your technical system simple

Understand the environment
(Mass psychology is more important than understanding economics)

Do more of what which is working and do less of what which is not
​

 

[Arturius]

Best advice you'll ever get: know where the professional money is going, and WHY. Trend lines etc don't mean jack **** if you don't know what the big boys would be thinking at any particular price.

 

[tech/a]

(Mass psychology is more important than understanding economics)