Steve Burns: 65 lessons after 30 years of trading
4 min readMar 23, 2023
- A trend can go farther and longer than I ever expect.
- The best traders are open-minded and flexible in their trades.
- For most traders less trades is better than more trades, focusing only on the best setups and stocks.
- Be opened minded to the potential of new stocks and markets.
- Price action is the only truth in the stock market.
- Never add more capital to a trade that is already losing money, that is a trend fighting with more size and hope.
- Only enter a trade if you know where you are getting out with a stop loss, trailing stop, or profit target.
- I prefer end-to-day stops over hard-set stops in the market.
- Volume in the market is like votes being cast at different price levels.
- Breakouts usually retest back to old resistance that will be new support.
- A time stop out of a trade not going anywhere can free up capital to trade on better setups.
- The best trades work right from the start.
- Some of the best trading systems are simple, it is the trader’s psychology that creates the biggest edge.
- You only need a few technical indicators and price action to trade…
