An important rule and truth about market is that initially everyone loses before he she breaks even and then the third stage comes when he makes profit.
Some people think that a Day Trader puts in a few Beatles CD's and hops on board his Sopwith Camel, travels the big board buying and selling no holds barred and ends at the end of the day a millionaire. But thats only in the Sunday funnies.
I am not sure about anyone else, but for me it's days and days of back testing systems and days and days calculating system draw downs. Aleays looking for a better system.
I Figure when I get in and when I get out. Leaving nothing to chance. To pick up 2 points and wait for another entry point.
Rules hell yes I have rules. Never enter a trade without at least a 2 to 1 risk factor and never risk more than 3% of my bank. Always use stops. Buy in only after the 3 buy signals that I use are all positive or short when all three are negative. Sell when my exit point is reached or I'm stopped out. I usually only have 2 or 3 opportunities during a normal trading day. So it's watching for setups all day and I do all this just to pay the bills and stay in the game. Because Day Trading is the best job that I ever had.
If I don't follow these rules, I know I will be off to worked for someone else 9 to 5.
I never said I was great, but I am still in the game. If I'm flexible, it's not with my trading account. I do have other accounts that I invest with, including my IRA. But my trading account is a business. No emotions, just business.
