Day Trading RULES & OPINIONS
Hopefully this quick reminder helps your trading
Our mindset is an important part of your trading.
How you think, will impact how you trade.
Your mindset will determine what you focus on, how well you learn, how you react to trades, and so on.
Focus on Process Over Money
Your trading can be a reflection of other areas of your life. Chaotic life = chaotic trading.
Always Aim for Improvement
As a trader, you are your own boss, which means YOU are responsible for your performance assessments.
Be Honest With Yourself
Trading is simple.
When you are right, you get paid. When you are wrong, you lose money. Simple as that.
The key to increasing profits and decreasing losses is recognizing when you are RIGHT and when you are WRONG. The only way to do this effectively is to be honest with yourself...
Trading is a solo sport. There are no teams and no sides.
The only "side" is the right side of the trade.
Trading isn't about feeling right or feeling good.
It is about being right and collecting profits accordingly.
Embrace diverse opinions and seek truth over validation.
Be Able to Define Your Strategy
Good trading is purposeful.
In order for your actions to be "purposeful," you need to be able to define your purpose.
Focus on Quality Over Quantity
The best traders are focused on the QUALITY of traders over the QUANTITY. They recognize that one good trade can be better than ten sub par trades.
Understand When You Have an Edge and When You Don't
If you want to be a successful trader, you need to recognize your strengths and weaknesses.
Be honest with yourself and determine what you are good at and what you should avoid.
Wait for Your Edge
Once you know your edge, WAIT for your edge.
Be patient and strike when an opportunity presents itself.
Traders are always trying to reach the next level. It's a never-ending process.
This ambition can fuel you at times and cause you to act recklessly at others.
Remember Your Purpose
Chasing monetary goals is an endless pursuit. What REALLY drives you? WHY do you trade?