The 25 Point Discipline For Day Trader - #12, #13 And #14

I continue my post about The 25 Point Discipline For Day Trader. And below is the 12nd, 13th and 14th point
 
#12 DON’T HOPE AND PRAY. IF YOU DO, YOU WILL LOSE.
When I was a new and undisciplined trader, I can't tell you how many times that I prayed to the "Bond god". My prayers were a plea to help me out of a less-than-pleasant trade position. I would pray for some sort of divine intervention that, by the way, never materialized. I soon realized that praying to the "Bond god" or any other "futures god" was a wasted exercise. Just get out!

#13 DON’T WORRY ABOUT NEWS. IT’S HISTORY.
I have never understood why so many electronic traders listen to or watch CNBC, MSNBC, Bloomberg News or FNN all day long. The "talking heads" on these programs know very little about market dynamics and market price action. Very few, if any, have ever even traded a one lot in any pit on any exchange. Yet they claim to be experts on everything.
Before becoming a "trading and markets expert", the guy on CNBC reporting hourly from the Bond Pit, was a phone clerk on the trading floor. Obviously this qualifies him to be an expert! He, and others, can provide no utility to you. Treat it for what it really is.....entertainment.
The fact is: The reporting that you hear on the business programs is "old news". The story has already been dissected and consumed by the professional market participants long before the ìnewsî has been disseminated. Do not trade off of the reporting. It's too late.

#14 DON’T SPECULATE. IF YOU DO, YOU WILL LOSE.
In all of the years that I have been a trader and associated with traders, I have never met a successful speculator. It is impossible to speculate and consistently print large winners. Don't be a speculator. Be a trader.
Short-term scalping of the markets is the answer. The probability of a winning day or week is greatly increased if you trade short term: small winners and even smaller losses.