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Trading Rules

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.

10) Emotional decisions suck, don’t do it. If you’re emotional your risk is too high. LOWER YOUR RISK.
And, some additional sage advice here: http://www.drdoug.com/blog/2009/12/13-trader-resolutions-for-2010/

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