Chief among the recommendations is to review the market on nights and weekends. Do not, I repeat DO NOT, watch the market all day. It will mess with your head!
Here are some of the nuggets I have found to be most helpful:
- Review stocks when the market is closed (nights or weekends).
- Don't watch quotes all day long because it can lead to over-trading.
- Resist the temptation to trade all the time.
- Don't trade on hunches. Have a system. See my prior post on using a checklist.
- Don't announce ideas to your friends because you will the become too attached to those ideas, lest you look like a fool.
- Doing nothing is harder than it sounds.
- Don't sell too early, stay with winners (let your winners run) and sell the losers.
- The trades not taken matter as they preserve capital.
