Dr. Charles B Schaap a.k.a. TraderDoc, is a turn of the Millenium Philosopher and Chartologist. I have gathered some of his trading wisdom to share with you.
From ADXcellence, Dr. Schaap - " There is only one trader you will ever trade like, and that is you!"
"Volatility is movement. Trend is volatility with direction."
"Successful trading requires knowledge, skill, and the proper mindset. The most important of these is mindset."
"It's not how many times you trade right; its how many trades you time right."
"You can't put into your trading plan, what your discipline leaves out."
"Amateurs manage money by taking risk, professionals manage risk by taking money."
"I trade, therefore I am." (ancient DOWist wisdom) <------Click here to buy the T-Shirt!
"How you trade is more important than what you trade." - Dr. Charles B. Schaap
Plan your money carefully. Dr. Schaap says, "When you get a bright idea, go back to bed and pretend you didn't."
"Price doesn't know or care what you think about it."
"It's better to prepare than predict."- wisdom from Dr. Charles B. Schaap
"Stop your mind and mind your stop."- wisdom from Dr.Charles B. Schaap
"Thinking without learning can be dangerous, learning without thinking can be disastrous." - wisdom from Dr. Charles B. Schaap
"Lightning reflexes are necessary in trading; they're necessary to get you out of bad trades, not into good trades."
"Poor discipline is knowing what to do, and not doing it; knowing what not to do, and doing it; or "not" knowing what to do, and doing anything." -wisdom from Dr. Charles B. Schaap
"You can't predict when it will happen, and you can't trade it after it has happened; so you must recognize when it happens."
"Trading is basically simple; but getting to simple is complicated."
"You can lead a trader to knowledge, but you can't make them think."
"Price is what happens while you're watching your indicators."
"Put the trade on right; then you relax, and let the trade work." Click here for a K.I.S.S. chart
“Ticks is a momentary event with no trending predictions.” - Dr. Charles B. Schaap
"Some people just trade to manage their money; some people just manage to trade their money." - wisdom of Dr. Schaap
"There are no secrets in the market, only knowledge. And there is no magic to the market, only the magic of how to grow wealth with the knowledge."
Correct mind set is part of trading. TraderDoc says, - " You can't have a good mind set if you have a bad set mind." Trader Commandment # 4. Know Thyself.
“Losing traders place too much emphasis on calling direction. Winning traders let price show the direction and then jump on for as long as the trade is profitable.” Dr. Charles Schaap, ADXcellence The Ultimate ADX Indicator Site www.ADXcellence.com
I love to quote my husband. He has a great way of saying things very simply. Here is what Charles says about volatility:
“Volatility is movement. Trend is volatility with direction.”
