25 Rules of Trading Discipline

Quote from ZAL:

One's comfort level with holding a position overnight has nothing to do with the equity in the account. It has everything to do with the profit or loss on the account. A good rule of thumb is: don't take a losing position home overnight. Just because you can afford to lose on a trade doesn't mean that you should lose your discipline on the trade.
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Interesting perspectives and commentary, that's fer sure.
 
I'll give an example of what a rule is.

Do not go short if market trades above previous day high.
Do not go long if market trades below previous day low.

If you noticed it is not a statement and doesn't give any specifics for an entry, yet it is specific enough that can be used immediately.
 
I want to emphasize how realistic for rule #23. We have to believe ZAL, it happened to everyone of us and very often. Concrete example, yesterday I felt that NYSE:WNR was a good buy at $14.55 but I missed it and now it trades at around $16.30. :mad:
 
Quote from balda:

I'll give an example of what a rule is.

Do not go short if market trades above previous day high.
Do not go long if market trades below previous day low.

If you noticed it is not a statement and doesn't give any specifics for an entry, yet it is specific enough that can be used immediately.
More...


It most certainly is a rule. It makes no sense, but nevertheless it is a rule.
 
For those of you who have read through the 25 Rules:

I'd like to take a poll of what you feel are the three most important of the 25 and what are the 3 least important or relevant.

Please offer your list(s)

I think it will be interesting to see the results from ET members.

Thanks,
 
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