Today's Quote: “Failure is only the opportunity to begin again more intelligently.” Henry Ford.

There are several good books out there about trading that should be on every trader’s must read list. If you were forced to choose one and only one, the only possible pick would be “Tools and Tactics for the Master Day Trader”. We are going to run a series of excerpts from the best selling book for the next series of lessons. Now in the words of the master trader himself, Oliver L. Velez…

LESSON 06: BRAINS OR A BULL MARKET?

Being able to profitably capitalize on negative market environments places the trader head and shoulders above the rest of the pack. Why? Because most market players can only experience gains in the most bullish of markets, but totally lack the ability to adequately handle themselves when the environment turns sour. I call this "confusing brains for a bull market." Please be aware that it requires no talent whatsoever to make money when 90 percent of all stocks are rising, but a trader's true talent will certainly be revealed when the market turns ugly, and agility, pinpoint accuracy, and above-average stock picking become necessary requirements. To find out the true colors of your broker, financial advisor, mutual fund manager, and/or newsletter writer, you must monitor how they fare when nearly everyone else on planet Earth is losing money. We have demonstrated our ability to shine in these environments. We suggest that you demand the same from all your "paid" advisors, unless of course they're willing to forego the "paid" part.