1. Do not fight the trend if a trade is going against you
2. Cut losses quickly at 2-3%
3. Be mechanical at cutting losses quickly without hesitation because you can always re-enter
4. Do not size up into a bad trade especially if it is going against you
5. Have dollar risk/reward levels established before entering any trade
6. Have a set dollar amount that you enter every trade with – for example if using $500 on every trade, your shares amount will vary based on the share price
7. Analyze charts on multiple time frames before entering any trade
8. Make a watchlist every night even if it stays the same
9. Only concentrate on no more than 2-3 trades at a time
10. Go over all of your losing and winning trades & learn from them
11. Journal all your trades
12. Be transparent with yourself about your trading weaknesses & strengths because this transparency will help you improve in the long run
13. Do not be stubborn because you will make bad emotional decision
14. Do not leave your computer while in a position
15. Do not revenge trade
16. Do not FOMO/Chase
17. Do not break the above rules & stick to your plan
Great exercise and great lessons! Thanks for sharing!
excellent!!
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