Valuable Lessons learned from trading

[gunner_trader]

Hi Guys
Just sharing a few lessons I have learned over the course of many years that I have turned into my own rules. This is mainly for new traders. They work for me.
I never buy pre market.
I never buy after hours.
I never buy a big gap up at the open.
I never buy at 9:30, I wait a minute or 2 and sometimes longer. You would be surprised how this in particular has helped me.
I dont trade low volume stocks.
I usually dont trade stocks under $20.
I never let a loss get too big. If a trade fails, I bail..
Again, these rules work for me.

 

[Robert Morse]

Nice first post. Welcome.

 

[gunner_trader]

Thank You Robert.

 

[mason macgregorson]

Hi Guys
Just sharing a few lessons I have learned over the course of many years that I have turned into my own rules. This is mainly for new traders. They work for me.
I never buy pre market.
I never buy after hours.
I never buy a big gap up at the open.
I never buy at 9:30, I wait a minute or 2 and sometimes longer. You would be surprised how this in particular has helped me.
I dont trade low volume stocks.
I usually dont trade stocks under $20.
I never let a loss get too big. If a trade fails, I bail..
Again, these rules work for me.

Well said; and for last 100 trades, what was you aver P/L per $500 trade? What is the definition of "get a loss too big"?

 

[Scataphagos]

I never let a loss get too big. If a trade fails, I bail..

That's "Rule #1*".

(*It's also rules #2 and #3).

 

[Jack1960]

Good rules!

 

[tomkat22]

Am I having a Deja Vu or didn't this exact same post appear about 3 months ago?

 

[gunner_trader]

A post like mine probably pops up once per month. These are just rules that work for me.

 

[qlai]

Cool, welcome. You listed what you don’t do, but what is it you do - trading style wise?

 

[Mazedonia]

My thinking as well. It's one thing to not blow up an account in record time (and the above are generally the rules to prevent just that) but those are not rules for long-term profitable trading. I miss risk management rules, trading strategies and approaches to actually make money... not just to prevent losing money fast. Most traders who have blown up once don't blow up quickly the second time but they usually bleed slowly to death. That's my observation from hearing from most other retail traders.

Cool, welcome. You listed what you don’t do, but what is it you do - trading style wise?