Saturday, July 31, 2010

Quotes by Mike Bellafiore

On Improvement:
"Your goal everyday is to improve. Each day is a gift from the market to improve. Work hard. Each day is an opportunity to get better. Focus on the progress."

On Defeat:
"The day doesn't end until 4. If you are down on the Open, you make One Good Trade and the One Good Trade, until the bell rings. You don't pick up your stuff and head home for th day. You don't complain, or pout, or feel sorry for yourself. The market doesn't care.".....P&L swing is not important. Show resilience and fight back. Go back to work the next day with the attitude that today will be a great day. - pg. 101-2

"Every rip can make you a better trader. Embrace these tough days as a learning experience. Thank the market for offering this opportunity." - pg. 100


On Eliminating mistakes:
"At the end of every day in your trading journal you must make a list of things that do not work for you. And then eliminate them." make 2 sides on a trading journal. 1 side mark down what trade setups don't work; which premarket routines not effective; which trade rules aren't effective. 2nd side mark down work is working well. Do more of the 2nd side and non of the 1st side. pg. 102-3

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