I don't know about you, but I prefer to learn from other's mistakes. I hate making mistakes i.e. losing money! In trading I have had to tweak that point of view. Not every trade is a winner. What counts is the value of your account at the end of the week, the end of the month and most importantly, at the end of the year. So, I wanted to share with you an experience I had awhile back that did not work out so well. I am hoping you will learn from me and it will save you money!

I admit, I did not quite follow the rules one sour trading day. I got into a trade that did not meet all four of the RDS rules. In fact, it did not even meet 3 of the RDS rules, which is our minimum recommendation. It met one. I got "cocky" and thought I knew what was going to happen so I took a shot. Need I say more? Well, this trade took me for a ride. I had my stops set and my stops go t filled. I was mad, but how dare I be mad! I didn't follow the rules.

Interestingly enough I talked with Mike about this wretched trade and asked him some pointed questions which led me to a whole new level of learning. I immediately peeled off my anger and was rejoiced in knowing that by asking these questions and really taking a look at the experience, I took my trading to a new level of knowledge. By the way, leaving the anger behind so quickly was something I have had to learn to do, too, although that story is for another day. I came to realize I was trading differently when I was down money compared to how I traded when I was up money. The same rules have not applied to both sides. Uh oh. What was I thinking?

Since that day and that conversation, I have righted my wrongs. Of course I am back on track trading only the highest percentage trades with at least 3 out of 4 RDS rules being met before I put on a trade. I am also much more aware of the way I play when I am up and when I am down money. Its got to be consistent. Think about this...do you ever step into other people's shoes? Maybe you should try it and see things from another perspective. Can you still walk in someone else's shoes? I hope so.

Lastly, as your mentor I want to leave you with one more morsel of learning. Do you follow the market after you close out your trade? Do you know where it goes once you're out, or do you go onto bigger and better things like checking your email? It is important to see where the market follows through. Were you right to get out or should you have stayed in? Know your market! Watch it, study it.

Learn from my mistakes. Save your cash. Prosperity is at your finger tips. Go grab it!!


For more RDS articles on trading, visit www.rdstrader.com.