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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who started this subject10/15/2000 7:56:49 PM
From: Don Pueblo   of 18137
 
Eric, I've been working on some things for pro traders and wanted your readers to see this. I've worked up a preliminary list of "rules" for successful pros. I've purposefully left the 'explanations' out because these should all be self-explanatory to a pro. Let me know what you think of these if you want to.

Suggested Rules for Professional Day Traders

© 2000 Afterburner Design and TLC may not be reproduced without written permission

1. Let your strategy fit the stock; don't try to make the stock fit your strategy.

2. Let the trade come to you, don't force a trade that you don't like. Missing a trade does not deplete your account.

3. You can let your winner run and take a profit at the same time if you get out of part of the winning trade the first time the stock retraces.

4. Take a small loss before you have to take a big loss.

5. Know your reward/risk ratio before you make the trade.

6. Fight for you entry point and the exit point will take care of itself.

7. Look at what happened, not what you thought should have happened. The market doesn't care if you are up or down for the day. The market doesn't care how much you need to get to wherever you want to be.

8. If you must be emotional, then fear a loss and hope for a profit; don't hope for a smaller loss and fear a smaller profit.

9. Maintain a tight stop on every average up or average down and exit that position the moment the market tells you you're wrong.

10. It's OK to add to a winning position.

11. Only play with what you can afford to lose after taxes.

12. If you can't read the chart, stop trading the stock until you can.

13. Leave psychology for the rookie that is taking you out of your winning position.

14. Learn something every day.

15. Make your own rules and stick to them.

© 2000 Afterburner Design and TLC may not be reproduced without written permission
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