Linda Raschke – Time Tested Classic Trading Rules

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Author: Linda Raschke

Linda discusses five choice trading patterns she uses. Based on a logical set of market principles, these five patterns work equally well in equity and commodity markets. Understanding these enduring market setups provides you with a solid foundation for trading technically. They simplify analysis for the beginner and give the aggressive trader added confidence. Linda has used these patterns as the core of her intermediate-term analysis but they work well on any timeframe.

Time Tested Classic Trading Rules

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Time Tested Classic Trading Rules

for the Modern Trader to Live By

This is a list of classic trading rules that was given to me while on the trading floor in 1984. A senior trader collected these rules from classic trading literature throughout the twentieth century. They obviously withstand the age-old test of time.

I’m sure most everybody knows these truisms in their hearts, but this list is nicely edited and makes a good read.

  1. Losses make the trader studious – not profits. Take advantage of every loss to improve your knowledge of market action.
  2. The most difficult task in speculation is not prediction but self-control. Successful trading is difficult and frustrating. You are the most important element in the equation for success.
  3. Always discipline yourself by following a pre-determined set of rules.
  4. Remember that a bear market will give back in one month what a bull market has taken three months to build.
  5. Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point.
  6. You must have a program, you must know your program, and you must follow your program.
  7. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
  8. Split your profits right down the middle and never risk more than 50% of them again in the market.
  9. The key to successful trading is knowing yourself and your stress point.
  10. The difference between winners and losers isn’t so much native ability as it is discipline exercised in avoiding mistakes.
  11. In trading as in fencing there are the quick and the dead.
  12. Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.

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