Decided to document my trading rules so I stick to them. This list is an evolution in progress and does not represent any sort of advice!
1) Never attempt to ride a rally because the price has spiked despite indicators being exhausted
2) ALWAYS wait for the next 5 minute candle. Do not predict where a candle will finish.
3) 3 losing trades == You’re done for today. Period.
4) Never close a trade on one direction then immediately open in the opposite. Wait for market to confirm next move.
5) Always consider a Stop Loss that is wide enough to consider fomo spikes
6) Always set a Stop Loss at breakeven once confirmation of prediction has occurred
7) Confirm prediction with at least 1 other timeframe. 2 additional time frames is better.
8 ) Don’t open a trade towards the end of a session because you might miss out. If you’re considering sleeping only aim to close existing trades not open new ones.
9) Do not set a daily earnings target. Trade with the market not with the dollar sign.
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