Day Trading rules

1.)      Cut Losses Quickly

3.)    Don’t Over Trade (If You Don’t See Any Plays Then Don’t Trade That Day – Less Is Better)

4.)    Trade The Meat Of The Move (Don’t aim for homes runs)

5.)    When In Doubt Get Out

6.)    Don’t Trade Out Of FOMO (Fear Of Missing Out)

7.)    Don’t Chase Or If The Stock Is Up A Lot Wait To See Another Pattern Form After Consolidation

8.)    If The First Trade Of The Day Goes Wrong Then Don’t Take Any More Trades That Day

9.)    Always Have A Risk Vs Reward Of 3-1 More

10.) Trade With Maximum Of 30% Of Account To Stop Myself Blowing Up My Account In One Trade

11.) Always Use The Sykes Sliding Scale Before Trade

12.) Look for at least 5 reasons Before Longing Or Shorting A Stock

a.)    More Than Average Trading Volume

b.)    Good News

·         FDA Approval (Bio Tech or Health Care Sector)

·         New Product Announcement on TV/Radio

·         Presentation To A High Up Association About New FDA Approved Drug

·         Billionaire Play

·         New Software (Technology Sector)

·         New State Or Country Legalization (Marijuana Sector)

 

c.)     Hot Sector

d.)    Good Predictable Pattern

e.)    Trading Over Or Under VWAP

f.)     Over Extended Chart

g.)    Earnings Winner

h.)    Contract Winner

i.)      Low Float

13.) Be Disciplined (Track Every Trade)

14.) Write What I did Wrong With Every Losing Trade (Even Winning Trades You Could Have Traded Better)

15.)  Don’t Get Stung Up By Looser Just Take The Important Lesson So You Know For Next Time You Trade A Stock

16.) Take Time Off When Needed To Clear The Mind (Mabye After A Big Loss Like Tim G              

17.)  Utilize The PDA (Pattern Day Trader Rule) Until I Become A Better Trader

18.) Sleep Less Study More

19.) Have Patience’s

20.) Trade Scared (Take Small to Medium Gain and Smaller Losses)

21.) Be Self Sufficient (Take No One Else’s Picks)

22.) Don’t Trade Aggressively (Works For Some Traders Like Steven Dux but not for me)

23.) Wait For The Right Set Up To Come To You

24.) Don’t Fall Into Bad Habits By Breaking Rules

25.) Stick Too Two Set Ups That Our In Play And Be Ready To Adapt If They lose Popularity

 

These Are Just A Few Of My Most Important Rules That I Have Learnt From Various Different Traders (Mostly Time Sykes) Who Have All Made Millions Of Dollars From Day Trading.