5 Rules to Success by A 36 Year Trading Veteran...
According to Stephen Kalayjian who is a thirty-six year veteran of the markets he attributes success to five factors. What are they:
1. Consistency 2. Discipline 3. Confidence 4. Patience 5. Passion
The consistency part comes down to having a plan of what you want to accomplish. When he started he had a plan that he wanted to make a $100.00 a day in the pits. Then gradually bump it up as the account grew. For example, he might go from 100 to 200 dollars. The idea, of course, is capital preservation and making consistent amounts of money. He never said what size account he started with to do this so I leave that up to you. If I had that sort of goal I would want at least $5000.00 in the account.
Discipline is the second point. Apparently, Stephen had $3000.00 to his name and he executed a trade (an option) on the New York stock exchange. It was a Dow stock and a February call (It was October when he took it). He was hoping for a rise in stock price. As luck would have it the stock tanked much lower and the $3000.00 account that he had was worth very little because he kept buying all the way down. He got lucky and the stock rose back up a week before expiry. He got out with decent profits. The moral of the story is one that you need to remember which is to never average down. I have told you this many times unless you build it right into the position using money management.
Confidence comes down to utilizing the same tools that you have and knowing that you will do well in the long run. Doing the same things day after day. That was the reason he built Ticker Tocker. Novice, Intermediate or advanced traders can use all these tools including AI.
Then (which is my favorite) he talks of patience. Somedays you have to wait patiently for the patterns to set up. You see even the most advanced guys use patterns. My brain is like an algorithm but it is very dependent on me not having any distractions. I can see patterns before they form. However, I have been trading for twenty years too. Patience is the key to most markets. In reality, only a few key opportunities open up every month for retail traders. The rest of the time you should probably be out of the market.
Lastly, he talks about passion. He goes on to say that he is fifty-six years old and is more passionate now than he was when he first began. Stephen enjoys talking to people about the days trades and sharing ideas and knowledge. He says that he still enjoys learning and that he enjoys seeing others learn.
That's it, fellow traders. These are the big five according to Stephen Kalayjian. I hope that you enjoyed the post.
1. Consistency 2. Discipline 3. Confidence 4. Patience 5. Passion
The consistency part comes down to having a plan of what you want to accomplish. When he started he had a plan that he wanted to make a $100.00 a day in the pits. Then gradually bump it up as the account grew. For example, he might go from 100 to 200 dollars. The idea, of course, is capital preservation and making consistent amounts of money. He never said what size account he started with to do this so I leave that up to you. If I had that sort of goal I would want at least $5000.00 in the account.
Discipline is the second point. Apparently, Stephen had $3000.00 to his name and he executed a trade (an option) on the New York stock exchange. It was a Dow stock and a February call (It was October when he took it). He was hoping for a rise in stock price. As luck would have it the stock tanked much lower and the $3000.00 account that he had was worth very little because he kept buying all the way down. He got lucky and the stock rose back up a week before expiry. He got out with decent profits. The moral of the story is one that you need to remember which is to never average down. I have told you this many times unless you build it right into the position using money management.
Confidence comes down to utilizing the same tools that you have and knowing that you will do well in the long run. Doing the same things day after day. That was the reason he built Ticker Tocker. Novice, Intermediate or advanced traders can use all these tools including AI.
Then (which is my favorite) he talks of patience. Somedays you have to wait patiently for the patterns to set up. You see even the most advanced guys use patterns. My brain is like an algorithm but it is very dependent on me not having any distractions. I can see patterns before they form. However, I have been trading for twenty years too. Patience is the key to most markets. In reality, only a few key opportunities open up every month for retail traders. The rest of the time you should probably be out of the market.
Lastly, he talks about passion. He goes on to say that he is fifty-six years old and is more passionate now than he was when he first began. Stephen enjoys talking to people about the days trades and sharing ideas and knowledge. He says that he still enjoys learning and that he enjoys seeing others learn.
That's it, fellow traders. These are the big five according to Stephen Kalayjian. I hope that you enjoyed the post.
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