How is it that some traders only last a few months while others carve out a career in markets over a lifetime?
One word… Discipline.
Discipline keeps us alive when a series of bad trades threatens to extinguish our account.
Discipline lets us change with the market.
Discipline helps us fight our worst enemy — emotions.
While each trader forges their own path, successful traders share common elements. We believe these are the top 25 most essential rules necessary to become a disciplined trader.
TABLE OF CONTENTS
PREPARATION
01 Journal your trades
02 Develop a trading plan
03 Create an economic data release schedule
04 Pick a trading style that works with your lifestyle
 PERFORMANCE
05 Schedule a regular performance review
06 Use an accountability partner to maintain objectivity
07 Try and study ideas in a simulated account first
08 Avoid analysis paralysis
09 Simplify indicator usage
10 Make friends with expected value
 MANAGING EMOTIONS
11 Be OK with losing
12 Take breaks from the markets
13 Take an emotional inventory regularly
14 Reset your account from time to time
 TRADE MANAGEMENT
15 Start small
16 Trade often
17 Focus on decisions, not outcomes
18 Every trade should have an entry, target, stop, and size before it starts
19 Don’t touch your stops
20 Understand market correlations
 RISK MANAGEMENT
21 Manage your position and portfolio size
22 Set daily and weekly loss limits
23 Never leave trades unattended
24 Your first loss is your best loss
25 Don’t trade what you can’t afford to lose
I will make 5 additional articles, each dedicated to one of the above mentioned segments of trade.
You can find already written articles that cover these rules in detail in our Blog
We are offering a special discount on Amazing Trader Charting Algo – please contact Jay Meisler for more info [email protected]
Add comment
You must be logged in to post a comment.