Diamond spends two full days in the course showing you in detail how he picks his 80/20 trades – and then he trades them LIVE – right before your eyes.

As for Diamond's other rule – be defensive – it's the exact same skill that makes a good driver: being defensive on the road. Assume other drivers can’t see you, and your chances of staying out of trouble increase dramatically.

Here's what defensive trading means to Diamond (among other things):

* Trade small. If you trade futures (he trades e-mini, the “mini” version of the S&P 500’s futures), start by trading just one contract. Then gradually increase the size to what Diamond calls your core position – that’s the size of the trade that you don’t lose sleep over at night.
* Reduce your position size when you lose AND when you win. Cutting back when you’re losing is a no-brainer, but let me explain Diamond's approach to winning. On those days when he suddenly starts making 2-3 times more on each trade than he normally makes, Diamond reduces the size of his trades! He knows that you tend to be most vulnerable when you are doing well. Winner’s hubris has destroyed many success stories.
* Don’t worry about “leaving money on the table.” The easiest time to get out of the trade, teaches Diamond, is when the market is moving in your direction. Don’t wait for it to go against you. Get out early, say thank you – and come back for seconds!
* Forget the word “hope.” Hope is the antipode of discipline, says Diamond, and hope is what kills most traders. Stop hoping that a loss will turn into a profit, or that a small profit will turn into a bigger one. Take that profit. Take that loss. Don’t just sit there.

Some people say that speculating in the markets is just gambling. No, says Diamond. The difference between a trader and a gambler is control. When a gambler throws the dice, he gives up control over his future. A good trader never does.

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