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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Dominick who wrote (5980)12/11/1999 3:40:00 PM
From: Steven Ivanyi  Read Replies (1) of 18137
 
To alL:

Some years ago I devised the following rules. I thought I'd post them and see what some of you guys think of them. The past week I was getting sloppy in my trading habits so I'm going small on Monday to correct myself and get back to consistency.

37 Rules to Follow

1. Understand why you are in the markets. Gambling thrill or to make money?
2. Use your systems and don't deviate from them. The simpler the better
3. Wait for your setup, let the trade come to you and try to enter a trade properly.
4. Use money management at all times.
5. Just try to make some money every day. It will add up.
6. Establish a trading plan before the markets open.
7. Have a detailed plan for each trade. This is managing the trade.
8. Cut losses fast. Do not be complacent about a loss, it will just get worst.
9. Have entry and exit points and understand risk reward rations.
10. Never carry a position overnight.
11. Learn to accept many small losses.
12. Trade stocks from the short side as well as long.
13. Stay away from thin stocks
14. Standing aside from a position is a position.
15. Learn that some days will very difficult to trade profitably.
16. Daytrading is a business and treat it as such . Develop a business plan with goals and revise them every three months.
17. Survival is extremely important.
18. After a series of poor trading days, go small, til you get you're discipline is back.
19. Take windfall profits. It's a gift so take it.
20. Don't blame the market for your losses. You are the sole reason for losses.
21. Do not concentrate on break-even levels when you are losing.
22. Break-even levels have no bearing on the future success of a position.
23. Don't liquidate a winner to keep a loser.
24. Maintain an exit plan. Follow this plan with rigid discipline.
25. Greed kills. Book profits.
26. Never add to a losing position. A losing position means you are wrong.
27. Try to have 2 or 3 trades going. This spreads your risk.
28. Don't have expectations, but be prepared for everything.
29. Nothing new ever occurs in the markets.
30. Don't try to predetermine your profits.
31. The key to wealth in trading is simplicity. Avoid techniques you don't understand. The best techniques are the one's you devised yourself and fit you like a shoe.
32. Be a lone wolf. Don't tell others what you are doing in the markets. You tell them after the trade, because people's opinions or what you might think they are thinking can cloud your judgement.
33. Trade only when you are feeling physically and mentally sound.
34. Don't be overly curious about the rationale behind a move.
35. Trade your money not the markets. All profits are yours and don't think you are trading with the market's money.
36. Keep accurate books every day. Always be aware of how you are performing.
37. Bulls and bears make money, pigs get slaughtered. So don't be pork.

May the trade be with you

Steven
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