Rules and discipline: this will make you a winner

 In Trading Thoughts

Often traders are in rush to trade.  Greed and FOMO are 2 of the worst enemies for a trader.

This can happen to anyone, experienced or novice. So how can you fight this?

 

1) don’t be in rush to take trades, think always am I shorting frontside or backside?

2) make a plan and set rules, this will prevent you from jumping in

3) track a setup and only when this setup has proved to be successful use it. Trade only with this setup

4) don’t anticipate a pattern, wait it forming and use tape to have confirmation

5) always have set risk, know how much you are risking

6) always have targets, this tells you how many R you are trading for

7) whenever you want to short frontside, looking for a rejection from an overhead resistance, consider always that you are early and that the trade will go against you. Size only on backside

8) Place stops (risk) and respect them. Don’t be afraid of losing a trade, a stop is a controlled loss. When the stop becomes uncontrolled means you didn’t stick to the plan

9) if you are stubborn, leave it together with your ego outside of the door.

10) hold you balls whenever you are in a homerun trade, respect your tp

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