There is another point that I think is as important: You should expect the unexpected in this business; expect the extreme. Donโt think in terms of boundaries that limit what the market might do. If there is any lesson I have learned in the nearly twenty years that Iโve been in this business, it is that the unexpected and the impossible happen every now and then
Richard DennisThe market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple idea. Being consistent and making sure you do that all the time is probably more important than the particular characteristics you use to define the trend. Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend.
Richard DennisI always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.
Richard DennisWhen you have a position, you put it on for a reason, and you've got to keep it until the reason no longer exists.
Richard DennisTrade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.
Richard DennisI always say that you could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80 percent as good as what we taught people. What they couldnโt do is give them the confidence to stick to those rules even when things are going bad.
Richard Dennis