1. Follow the rule of three.
Do not enter any trade unless there are three (at least) reasons among
technical indicators for doing so.
2. Keep losses small.
3. Adjust stops and targets at the end of the day.
4. Keep commission low.
Why pay a premium for a brand name?
5. Amateurs at the open, pros at the close.
If you must trade in the morning, be sure to ease into your trades in
smaller portions. You might miss out on some nice move, but in the long run
you will save yourself money. Even better: look to enter your trades within
the last two hours of trading.
6. Know the general market trend, and trade accordingly.
There are five general types of market trends: weak and strong uptrend,
weak and strong downtrend, and range-bound. In weak uptrends and downtrends,
you should focus on continuation plays; in strong uptrend and downtrend, you
should focus on breakout plays: and in round range-bound markets, you should
look for reversal setups.
7. Write down every trade.
8. Never average down on a losing position.
9. Never overtrade.
10. Give at least 10 percent of all trading earning to charity.
Taking from the book of Dr. Thomas K. Carr (2008): Trend Trading for a Living.
McGraw-Hill, New York.
"To achieve superior performance, you have to be different from the majority."
------------------------------------
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