These are few rules I am putting in here today. Hopefully I intend to read them daily.
· · Try to keep a current P&L; it’s easier to take losses.
· TRADE; you’re a trader, not an investor; but
· Never trade for trading’s sake; it’s better to do nothing.
· Never trade without a healthy attitude.
· Watch liquidity before trading.
· When there is nothing to do ---- DO NOTHING.
· Trade what you see and not what you think (this is a personal favorite).
· The trend is your friend.
· If you are having a good day, read these rules again!
· Always keep track of all your open positions.
· Don’t sweat it, trade it.
· If you are not sure, don’t do it.
· Never trade against the biggies; if anything, trade in front of them.
· Never use hindsight; instead look ahead to the next trade.
· Never say “never” and never say “forever”.
· The tape tells the story.
· Relax when nothing is going on.
· Never listen to opinions; deal only with facts.
· Never fantasize; focus on the next trade.
· Buy rumors, sell news.
· Keep expectations low; the profits will grow.
· Don’t carry mistakes home overnight.
· Be Patient; profits for the whole day (week/month/year) can come from one good trade.
· Never, never average down.
· Recap all trades at the end of the day.