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5 Important Day Trading Rules
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3 Strike Rule
To limit over trading, if you lose 3x in a row close up the platform. Your system never has room to fit 15 emotional losing trades into it. Once you try to make money back you’ve lost there’s no going back.
To limit over trading, if you lose 3x in a row close up the platform. Your system never has room to fit 15 emotional losing trades into it. Once you try to make money back you’ve lost there’s no going back.
Emotional Health Rule
Never trade when you have outside situations influencing your trades. When bad things are happening you’re more inclined to try and make up the feeling with a big win. When finding your happiness in trading, you’ll do things that lead to bigger losses.
Never trade when you have outside situations influencing your trades. When bad things are happening you’re more inclined to try and make up the feeling with a big win. When finding your happiness in trading, you’ll do things that lead to bigger losses.
Sacrifice Rule
Do not ever let your trading journey ruin life outside of the computer screen. Many people can ruin relationships because of their commitment to trading. An even worse scenario is when, one is failing at trading and it causes depression and anxiety. STOP IN TIME
Do not ever let your trading journey ruin life outside of the computer screen. Many people can ruin relationships because of their commitment to trading. An even worse scenario is when, one is failing at trading and it causes depression and anxiety. STOP IN TIME
Max Loss
Every trader should have a set loss they’re willing to risk every day. Some brokers will allow you to set up a max loss. This creates a situation where your broker will cut you off before you hit your max loss. Then you’re not able to trade anymore that day.
Every trader should have a set loss they’re willing to risk every day. Some brokers will allow you to set up a max loss. This creates a situation where your broker will cut you off before you hit your max loss. Then you’re not able to trade anymore that day.
Distraction
Always make sure you have a daily checklist for activities. If this is for excercise, journaling, reading, and or seeing friends. These are all ways to protect you from a scary situation where trading takes over your life (negatively).
Always make sure you have a daily checklist for activities. If this is for excercise, journaling, reading, and or seeing friends. These are all ways to protect you from a scary situation where trading takes over your life (negatively).
