LF,
I am sure there are other traders on this thread that can give you a better response to your questions than I, but while we're waiting for those answers here is my advice.
1. While you still have money left in your account, DO NOT TRADE WITH MONEY!! Paper trade only.
2. Start tracking your paper trades and equity curve in a spreadsheet. Start with a balance in your paper trading account that is equal to your current balance in your real account, and trade only stocks that you can afford with your balance. Make sure you also track commissions. Write down the Date, Entry/Exit time, stock, shares, buy price, sell price, and/or short price, cover price, stop loss, point gain/loss, $ profit/loss, commission, and Actual $ profit/loss minus commission. Subtract all paper trades from your account balance and keep a daily log of your total profits and losses. Review all your trades, especially the losers.
3. Make/take your paper trading as seriously as your real trading but don't worry about overtrading. Here is your chance to develop your own trading style.
4. Develop trading rules and NEVER break them, even while paper trading. Practice (paper trade) as you would perform (trade with money).
5. For heaven's sake do not worry about missed opportunities. Concentrate on current opportunities.
6. Do not trade with real money until you are making a profit paper trading. Expect your daily profit from trading to be only half (if that) of your daily profit from paper trading.
Best of luck,
Alex |
