After my first week of trading, this is what I have learned so far @timothysykes

- FOMO = failure

- Failing? ditch your initial rules and strategies and try new ones?

Don't. Verify first if you are actually executing them. They might not be the problem, you and your emotions might be the problem. After you actually stick to them and really try them out, you'll have a clear idea of what works and what not.

- Stick to your rules and strategies and prove them right or wrong by executing them.

- Emotions (FOMO). Work on them, is better not to trade than trade out of fear of missing out. 

 

This is in what I am working on right now, besides studying. Here are my set of rules and strategy:

 

RULES:

1) Cut loses quickly (can we sure we have heard this one enough? nope)

2) Goals met for the day? or, Day trades reach? Walk away, stop trading, study more

3) One trade at a time (take your time to watch carefully and closely to what's happening, learn)

4) 3 trades max a day

 

STRATEGY:

1) Trade Listed Stocks

2) Stock price $1 to $5

3) Positions from 40 to 200

4) Catalyst / History (study the stock before getting in)

5) Patterns: Morning Spiker / Dip-Buy

6) Pre-market with good volume and depth (Half or higher to Float)

7) Trading hours: 9:30am to 10:30am

8) 3 to 5 min to determine exit

9) Aim 5% - 10% Gains

 

I am not looking for big gains only learning and grow my knowledge and money accounts, one step at a time.