Greed is one of the reasons why 97% of traders FAIL
When stocks hit your target level, you book your profits and move on to the next trade setup.
I had only 3 trades so far this year (AAPL , GOOG & C). All 3 trades worked well, but Citi was the only runner that PAID(runner +50% Jan 40 calls, from posted entry on twitter)
Now, PATIENCE remains the key. Everyone wants the next trade, so bad. You need to stay disciplined and remain patient for the next trade setup(I gave you some this week, in CWUS).
Nobody bats .999, but if you wait patiently for the next calculated setup with defined risk, you will have the odds on your side. Also, if you are a day trader ,you DONT have to trade everyday. Take time to study charts and educate yourself on how you can improve on your trading plan. Lastly, always try to learn from you mistakes. As one great mind once said, the definition of insanity is doing the same thing over and over again and expecting a different result. Only you can prevent from going insane.
Patience and discipline pays, and GREED KILLS
Wisdom…big time wisdom there…for sure.
Love the new blog. You are a great trader and excellent teacher. One of the best on Twitter!
looking forward to subscribing to your new site. Hope it is up before early Feb. Subscriptions will raise more money for your fav. charity. I have been following you for 2 months and only took a few trades while i watched your performance. I am so impressed and ready to start. PS thanks for keeping this aapl trader out of aapl during its collapse. Best wishes for your new site.
There are no truer words
So true.
So glad you are becoming more high profile, Fitz! It’s awesome and much appreciated.
Very true – greed is the true enemy of successful trading. Can’t wait for the premium site!
thnx for the comment
see ya Feb 2nd, when Fitzstock Charts Premium Service begins
David