The Market Guys’ Five Points for Trading Success is based on a philosophy developed by Swope and Monte that focuses on the basics of trading. In fact, they developed their Five Points for Success to keep traders focused on the five points that really matter when it comes to trading:
1. Trade in the direction of the trend;
2. Establish a clear support level so you can determine where you will exit if the trade moves against you;
3. Be sure the pivot point is going up on the day you buy;
4. Calculate your maximum loss as 10f your account value;
5. Take action — once you buy your stock, place your stop loss order below the support level.
These five lessons were developed by Monte and Swope during their own years as traders, as well as through their years speaking to hundreds of thousands of traders (both amateur and professional) during seminars.
In The Market Guys’ Five Points for Trading Success, Monte and Swope touch upon some of the biggest issues in the field, including the emotional and psychological issues related to trading, technical analysis techniques, and how to find the right broker.
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