Just found this. I did get out of the trade at 3.57 so I lost a little off the top but still almost doubled my account today so I'm happy. Opening with a second broker tomorrow to get 3 more trades.
Good.
who did you pick for your second broker? sub10k min
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These are my 7 rules i follow and i think if you really stick to the rules you will do well also... 1) I Always cut your losses quickly! This is by far the BEST rule of the bunch! 2) I NEVER average down. Why add more to the misery? BUT i LOVE to average UP, meaning he/she adds to a WINNING position! 3) Chart support & resistance are the two MOST IMPORTANT chart indicators u will ever need to know. 4) Trading w/o a Level-2 and live charting you're already losing the battle before it even begins...It's a big no no! 5) It's very hard to make $1,000 but much easier to make $50-$100. So i try to pick trades wisely to gain that $50 or $100 dollars at a time. Patience is key when building up a small account. 6) Nothing is worse than when you're UP on a stock only to let it turn into a loser. To avoid that you sell on way up (or down if shorting the stock) in partials! Money in bank! 7) Keep your EMOTIONS out of the trade. Four Psychological States Of Emotion – Greed, Fear, Hope, and Regret.
The best risk management rules come from Tim Grittani's blog. I suggest everybody read it.
in going to borrow these rules if its ok i like them..
I agree with everything you stated but averaging down works if you have a solid company, like an earnings winner but the dip isn't justified and your timing is off. Typically, I use this for swing trades only.
#6! I'm getting better at that one. My early losses were watching $100 gains turn into $100 losses.


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