Rule # 1 & 2

Of all the trading rules, I Phil Peck promise to never break trading rule # 1 & 2 for as long as I live. I make this promise today Monday November 29, 2010
Rule # 1, I will never move a stop back even if I have put it in a stupid place.
Rule # 2, I will never add to a losing position In hopes of the market coming back to make the trade profitable.

I realize that some traders do this and some even have trading systems that use this way to trade all the time. I will not be one of them, and should a trader encourage me to do so I will tell him to go __________.

Before I enter a trade I will find a good spot for a stop and leave it at that. The trade will either work of it won't. I don't care. I would rather get out at a loss. so that I can re-enter with the market. Adding to a position is only hoping. And I no longer hope. I see a trade, I enter- it works or it doesn't. I cannot move the market by hoping, cheering or any other type of emotion.

I am taking over as my own trading coach and I am looking upon today as a very good learning day. A day that will keep me from hurting myself in the future days and years of trading. With rules 1 & 2 ingrained in me I can now move onto the other lessons that will need to be learned so that I can become the professionial trader that I want to be.