From Good to Great ---

http://www.stockmarketmentor.com/public/1737.cfm

Dan Fitzpatrick provides a number of free videos through his Stock Market Mentor service. Stock Market Mentor is a paid service, but like most folks, Dan provides entrees into the value of his service through these free videos. I do not subscribe to his paid service, but I eagerly await and enthusiastically watch his videos. I suggest that you do as well, and you can do so with your own adverbs.

What I like so much about DF's series, is that they are straightforward and to the point. And if you want to understand how to manage risk reward on a chart, then his videos will help you. Finding lower risk entry points that are closer to points that will tell you with anvil-on-the-head clarity that you are wrong, provides smaller price space and reduces your losses. If you buy when the space between right and wrong are wide, you'll have to pay up for being wrong.

It's such a simple concept, but very hard to do in practice if patience is not in your investor/trader psychological arsenal. Lack of patience in entering, leaving or staying in a trade can cost you money (to include selling before significant move--I do that frequently). The antidote for impatience is clarity and discipline. Find low risk entry points and clarify what will happen in the chart to prove you wrong. Walk away when the space is wide between being right and wrong, but keep a good watch list.

Your watch list is your reminder of things to look for when the the space between right and wrong narrows. I'm better about my lists, but I'm not great. I want to go from good to great.