My number one trading rule …..

[SimpleMeLike]

My number 1 rule is:

1. Triple account in SIM before risking real money.
2. Observe. Code. Back Test for Edge(s) before risking real money.

 

[Smilingtrader]

#1 Rule, know where to exit when wrong direction before knowing where to enter.

This rule is important in order not to lose what you earned. But it is also very important to know where you exit, when you enter a trade correctly in order to earn money.

 

[vanzandt]

Never buy after hours or pre market. .

10 billion % disagree on that one.
That's where the money's made.
You just haven't been around long enough to understand what to look for and how to do it.
Its the easiest money there is, but it DOES NOT happen daily.
You wait.

 

[KCalhoun]

10 billion % disagree on that one.
That's where the money's made.
You just haven't been around long enough to understand what to look for and how to do it.
Its the easiest money there is, but it DOES NOT happen daily.
You wait.

+1 I often trade premkt 2-3x/week. Great point re specific setups.

 

[Overnight]

...
You wait.

Still waiting for the index dip! Last Thursday was not enough. I want to get in on a good 5% drop or so over a couple days, not a wham-bam thank you ma'am-type dip. It has to happen, because everytime I long at ATH, the indices drop for a few months. This time, I'ma WAIT for it to come to me, not BE THE ONE who makes it happen.

It will suck if it doesn't happen until next year, but I am so sick and tired of DRAWDOWN. I hope Powell's two-day testimony this week freaks out the algos for a while, as that would provide a good dip I reckon'.

P.S. Buy BA. They are going nowhere but up.

 

[ThinkOrSwim Ranger]

yes that is correct.

buy when low but you cannot ever buy lowest......so expect it to go against you...and therein is the biggest problem for today's highly leveraged [read undercapitalised] traders

I believe that you need to buy at the best price in a situation that is understandable for a trader, since objectively the lowest price does not exist. If the price is low, but the situation is unclear, it is better not to buy. You can lose a lot.

 

[Kalanim]

I actually have no only one rule, for me the most significant rules are never rely on luck and think twice before do some actions (it applies to a real life too). I suppose that luck is such a thing which always confuse rookies in trading, because they naively think that luck has 1/3 in trading. However, of course it's not. Luck never matters and thus I advice never rely on it. About the second trule, everything is quite clear here I guess. It would be better to stay off openning a poisition rather than rushing, because it may costs you a lot.

 

[deaddog]

My number 1 rule is:

1. Triple account in SIM before risking real money.
2. Observe. Code. Back Test for Edge(s) before risking real money.

That's a good rule although I don't know if you have to double or triple your money. I'd just say make sure you can be profitable in sym before you use real money.

I'd also suggest trading the same size of account as you plan to trade when you go live.

SLM have you managed to triple your sym account?

 

[deaddog]

because everytime I long at ATH, the indices drop for a few months.

That's a marketable edge. Rather it's a marketable superpower.

 

[Overnight]

That's a marketable edge. Rather it's a marketable superpower.

Yeah, and I have the FOMC on my side to enhance said superpower, now that there are whispers about tapering coming sooner rather than later, like this year.