Having A Trading Plan
Whether they use a strictly mechanical trading system or a set of general
trading principles, successful traders have concrete trading goals and logical
plans (based on market behavior) to reach them. They do not wish or hope for
trades to go their way, expect trading to be painless, or look for instant
success or overnight millions.
Through careful study of the markets, they develop an idea of what is
possible, establish reasonable trading goals, and implement a plan to achieve
them.
—from the
TradingMarkets.com Guide to Conquering the Trading Markets (1999, M.
Gordon Publishing, Malibu, Calif.).