Maximize Gains and Control Risk in Your Trading, with Patrick Walker

Do you want to learn how to MAXIMIZE GAINS and CONTROL RISK in your trading?

Patrick Walker, founder of Mission Winners  helps us learn how to consistently generate great returns from the stock market while minimizing risk. Pat has 30+ years of trading experience and is dedicated to helping traders win!

Watch the full Trader’s Mindchat Show episode with Patrick Walker HERE:

LISTEN TO THE SHOW HERE:

Here are Top Ten Trading Highlights with Patrick Walker

  1. Simplicity: when price is above 50 day moving average its good and worse below the 50 day moving average.
  2. Position sizing and diversification is key.  Don’t overthink it.  And never argue with price.
  3. Nobody knows the future. “When we accept the fact we do not know the future, we can see the future more clearly.”
  4. Turn off the Noise. Focus on two types of stocks. If you focus on a stock that has had great earnings and/or great sales in its categories (top 40 groups) you can make money.
  5. Study past winners. He learned from the market wizards, O’Neil, Ed Seykota, and that’s what helped him create a process that worked for him.
  6. Think of the 5 W’s for survival (Who, what, where, when and why) and apply this to your trading. If this, then that…
  7. Don’t make idols of this. Take care of yourself.  The hand you have, look at it, this is the hand you will be buried with.  Puts things into perspective.
  8. Run your Race. Don’t compare yourself with others.
  9. Focus on clean and simple price patterns that everyone can see. Remember that chart patters repeat themselves because based on human emotions such as fear, greed, complacency.
  10. “Only the Still Pool reflects the stars.” When you get rattled or don’t feel at your best, step away to help limit losses.  If you don’t feel good, sell a little into strength, put in your stops ad go lie down.  This isn’t life or death, but some people make it so.  Control stress and risk.  If force it, it’s a mess.

 

Subscribe to the Mara Wealth YOUTUBE channel https://www.youtube.com/marawealth for more great trading education and guest interviews!

 

No matter how you get started, the most important thing I’ve learned is to start!  MARA Wealth is here to help guide you, so you don’t get kicked around as much as we did. Click here to get your free 10-Step course download of The Trader’s Thoughtbox today!

 

To continue crushing it with your trading, check out the following MARA blog posts:

4 Ways to Boost Trading Confidence!

Win the Mental Battle of Trading with Dr. Brett Steenbarger

Top Ten Trading Highlights with Siam Kidd, Founder of Realistictrader.com

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