StockTickr features a series of interviews with (fulltime & parttime) traders that are both informative & inspirational; and while the people featured are mostly in the US, the trading principles they share apply to Indian markets as well.

The latest interview is with Tim Knight, “Senior VP of Technology at an investment education firm, and also an active equity and options trader”. He’s also the founder of technical analysis site Prophet.Net and a blogger.

On stops:  “Never do an ad hoc close. I can’t tell you how much money it took me to learn that lesson. What I mean by that is, once you’re in a trade, set a stop, and forget it. You are welcome to adjust your stop price as the markets move through time, but rushing in to close out a position just because you think you should is insane. Let your stops do the hard work for you.”

For system traders: “I think that takes years of trading to figure out. I remember an old saying that “If you don’t know yourself, the market is an expensive place to find out.”

Check out other interviews as well.

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