William O'Neil's most challenging rule to follow...
1 year ago
9
I struggled with William O'Neil's '8-week hold rule' for a very long time. The rule says that if a stock should go up 20% or more in 3 weeks that you should try to hold it for at least 8 weeks.
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I struggled not because that sometimes meant that I would give up nearly all of the gains I had, but because I didn't have the mindset to hold.
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When we try to adopt trading rules that are in conflict with other thoughts, ideas, or beliefs we have, we'll struggle to follow the rules no matter how good they seem on paper. This is why mindset is so important and why its such a huge theme in my book 'The Trading Mindwheel.'
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When you're aware of your beliefs, you can change them.
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#tradingmindset #tradingpsychology #canslim #shorts
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