Analyst by day. Rock star by night. The two have more in common than you'd think... [Shield] AN OXFORD CLUB PUBLICATION [Wealthy Retirement]( [View in browser]( SPONSORED [Did the next EV giant just go public?]( - It could grow 9X faster than Tesla
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- And finally, Marc's No. 1 dividend stock for a LIFETIME of income. [Click here to get the names and ticker symbols now](... before the download link expires. **NO CREDIT CARD REQUIRED!** No. 2: Cut Your Losses and Let Your Winners Run I don't know why, but a lot of musicians are nuts. I don't have time for nuts. With every band I've been in, if a person is too crazy or is a drama king or queen, we've let them go. And if they're unwilling or unable to do their part in the band, we show them the door. No reason to spend all the time necessary to put a good show together only to have someone be unreliable or unable to do their part. Cut them loose and find someone new. In trading, there is no reason to hang on to a loser, hoping it will bounce back. It's like hoping the drummer with terrible timing was suddenly going to improve. It's not going to happen for him, and it won't for your trade. As I said above, not all trades work out. Cut the ones that don't quickly. Doing that will have a more profound impact on your portfolio than your winners. Speaking of winners, they tend to move more than you think they will. Use a trailing stop to get out of a trade if it reverses, but don't sell just because you've made a certain amount of money. Most winning traders have a few big trades during the year that make all of the difference in their results. Don't cut yours short by getting out too quickly. No. 3: It Takes Work In high school, I played in a band with the top guitar player in school. The kid was legendary where I grew up. He went on to be nominated for a Grammy, and playing guitar is the only thing he's ever done for a living. Many years ago, I went to see him play at a small bar. There was no one there. He had just gotten off the road, where he'd played arenas. I said to him, "Last week you were playing at the PNC Center, and tonight you're playing for me and our eight friends." He replied, "I'd be practicing at home tonight anyway... I may as well play for my friends." When we see musicians put on a great show, it looks easy. What you don't see is the hours and hours of practice that it takes to make it look effortless. Same thing with trading. Every great trader had a big learning curve. I've never met one who started making money right off the bat. To be a good trader, you need to trade and learn from your mistakes. You have to put the work in, understand why you made your trades, and understand why they likely did or did not work out. Whether you're learning about technical analysis, trading systems or trading platforms, always look for ways to improve your knowledge about trading. You'll enjoy it more, and your results will improve. A big winning trade comes with the same exhilaration of a successful concert. Make sure you're doing what it takes to set yourself up for the greatest chances of success. Good investing, Marc [Leave a Comment]( MORE FROM WEALTHY RETIREMENT [Buy and Sell]( [A Tremendous Contrarian Indicator]( [Down stock chart]( [Three Recession-Proof Stocks]( [Satellite dish]( [Is Ma Bell a Good Buy in This Market?]( [Fish]( [Insiders Are Bottom-Fishing... You Should Too]( [Facebook](
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