Wednesday, April 30, 2008

More discipline

a .) Always stay out of an indecisive market.

b.) Take care of your loses.Do not run your losers longer then the initial stop.

c.) Learn from your mistakes,evaluate your trades at the end of every trading day.

e.) Have confidence in your trading ability .Take responsibility for your own action do not blame the market makers or choppy market.

f.) Learn how to deal with your emotions. You will not gonna win every trade ,you will win some and lose some.Try to play the game without any bias.

g.) Make your plan. write down the risk ,the reward, entry & exit target.

h.) As a day trader you must be flat at the end of each day, no matter what happens.

i.) Keep a journal ,write down every detail of your trade.


OONR7 said...

nice stuff. However, with A... how do you know ahead of time if it's an indecisive market?

And with E, I agree with most of that sentence except a choppy market or stock can be blamed. My first PRNA trade yesterday was proof of that. Speaking of yesterday.. great trading.

PRD trader said...

Ty oonr7, is not possible to know the movement of the market ahead but we will be able see the market is ranging or trending.if we do not like to be chopped then better not to trade in a range bound market.
2. we will not be benefited blaming the market or MM.My opinion is , better not to blame anyone .if we trade small amount of shares & diversify our trade(4-5 trades),we will not care what the MM or choppy action will do to us,out of 4-5 stocks at least 1-2 stocks will trend,thats what we need.