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The Traders Wheel
12/7/98 by Alan Farley

MORE Golden Rules for Traders

Want to trade successfully? Just choose the good positions and avoid the bad ones. Poor trade selection takes a heavy toll as it bleeds our confidence and our wallets. We face many crossroads during each market day. Without a system of discipline for our decision-making, impulse and emotion can undermine skills as we chase the wrong stocks at the worst times.

Technical analysis teaches traders how to execute positions based on numbers, time and volume. Markets echo similar patterns over and over again. The science of trend allows us to build systematic rules to play these repeating formations and avoid the chase:

1. Sell the second high, buy the second low. The first test of any high or low always runs into resistance. Look for the break on the third or fourth try.

2. The trend is your friend in the last hour. As volume cranks up at 3:00pm don’t expect anyone to change the channel.

3. Avoid the open. They see YOU coming sucker.

4. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.

5. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.

6. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.

7. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action.

8. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds buyers and the first sharp rise always finds sellers.

9. Bottoms take longer to form than tops. Greed acts more quickly than fear and causes stocks to drop from their own weight.

10. Beat the crowd in and out the door. You have to take their money before they take yours, period.

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Reversals at the first test of a new high or low are common. Investors jump out at double tops after missing the first exit while value players buy double bottoms. Skilled traders also use this known reversal tendency to enter counter-trend positions.
Article contributed by The HARD Right Edge, which presents highly original tutorials, strategies and resources on multi-trend technical analysis and and short term trading. Article reprinted here with permission, which presents highly original tutorials, strategies and resources on multi-trend technical analysis and and short term trading. Article reprinted here with permission.
 
 

 

 
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Last modified: April 02, 2001

Published By Tulips and Bears LLC