Trading
After 2 stop-outs in a row, stop trading for the day
Always go to break even when 2 points ahead in ES
Always know what kind of trade I am taking (Counter trend or trend trade)
Be selective with trades.
Don’t chase trades.
Don’t let a big winner turn into a loser.
Don’t sell/buy at extremes of a range. (Sell low or buy high)
Don't be the first to buy/sell
Don't let a bad day turn into a worse day.
Don't trade a figure release.
Don't wait so long for confirmation. (Have a fast and easy way to confirm then take the trade)
Don't zoom into price action. Take a step back.
Guessing what the market is trying to do will lead to missed opportunities. Let the charts tell me.
Impulse trades will cause me to FAIL
Never add to a losing position.
Only take serious trades based on my methodology.
Take all trades that fall under the guidelines of my methodology.
Trade my plan and always have a developing trade plan.
Trust my levels and analysis.
Mindset
Always understand where i am mentally and emotionally.
Don't trade when sick or not feeling well.
Don't trade unless I’m in a clear state of mind and not distracted by outside influences. (Like work)
Don’t take the markets home with you.
Maintain a winning attitude.
Analysis
Always understand context.
Always know the probabilities of a trade.
Always know the trend and trade with it.
Keep Trend lines (Technical analysis) up to date.
General
Breaking my rules WILL cause me to FAIL
Complete my daily routine every day without fail.
Keep things simple
Keep honest and meticulous records.
You and only you are held accountable for every trade.
Great start, here are some of my general rules that I use, feel free to make changes as you see fit...
ReplyDelete- Keep things simple
- Breaking your rules WILL cause you to FAIL
- After 2 stop-outs in a row, stop trading for the day
- Only place trades when you are in a calm, cool, and collected state.
- Be selective with trades.
- Keep honest and meticulous records.
- Don’t chase trades.
- Impulse trades will cause you to FAIL
- You and only you are held accountable for every trade.
- Don’t let a big winner turn into a loser.
- Never add to a losing position.
Fairly broad, but to the point. Looking forward to reading more.
~Tim
Hey Tim thanks for the feed back. My trading rules page is a working progress I add to it as the situation arises. I like the suggestions you have made and im gonna think about them and internalize them and add them to my page. thanks again
ReplyDelete