Michael Lamothe is one of my favorite traders/mentor’s on Twitter. He has solid knowledge on trading and always provides valuable information for free on his website. I love going through his ‘State of the Market’ NewsLetter every week. It is people like this that keeps me going.
It’s just useless if someone is making millions of dollars and they don’t teach you the trade. All they do is charge a subscription fee and tell you the buy points. How long can that last right? Well, I agree that might work for people who are not interested in learning the art of trading but if you are interested in being a good trader, find someone who actually responds to your questions (at least on twitter if not via email). My sincere advice is not to blindly subscribe to some millionaire’s service and hope that’s the beginning of a winning strategy. From my personal experience I can tell you that you must find a mentor you respect and can answer your questions at least one a week or a month.
Here are the awesome trading rules from Michael.
1. Have a plan & stick to it
2. Have conviction to see the plan through to the end
3. Position sizing is very important for both limiting risk & maximizing returns. Have a sound strategy.
4. You never really know what is going to be the big winner. Accept it & follow the trend.
5. Stick with the leaders (PCLN, AMZN, LNKD, GOOG etc..)
6. Have a strong set of time test rules & then add to them as you gain experience.
7. Following 1-6 will solve most of your problems
Quote Of The Day: “Self-distrust is the cause of most of our failures. In the assurance of strength, there is strength, and they are the weakest, however strong, who have no faith in themselves or their own powers. ”