Those rules had made me a better trader and i think it will help some of you guys out there also when trading.
1) 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
Sorry and yes i started trading before Tim room I did not do any challenge because i have a good sense of knowledge but his lessons are good and i do listen to Tim videos lesson from time to time! I was only in his chat for a year. I am not in currently any chat rooms. I trade with friends in a office (4) of us. Maybe i might come back and see people in chat not sure yet!
Thank you ! Great info! I REALLY wish I wasn't in PST. Getting up and waking up for 5:30/6am is going to be the absolute hardest thing I've done in my life (and I've done a lot of things)!
Yup i'm in calif so i wake up at 5am to start my day! On the bright side at 1pm i still have my day to do as i wish!
Thanks for sharing those rules you use!
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