Hey everyone! A lot of people go into the market with the thought of making a lot of money and end up just doing the opposite and losing money. You should always remember all of the things you learned and all of the things that you should be doing. Today I made just a small list of things I still need to work on while trading.
I will list out what all I have put on these 5 sticky notes.
- "Be patient and wait for the right setup."
- You always want to wait for the setup that YOU are most comfortable trading. Do not trade other people's trades. What I mean by that is, don't trade a security because someone else is trading it. This is a sure way of losing money.
- This is common sense really, but some people forget. Manage your risk right and only trade as much as you can afford to lose.
- This is probably one of the most important rules in trading. If you fail at this, you might as well save the money you have left and stop trading.
- This one is really for me personally because I go into every trade with WAY too much size. I try to make a quick scalp trade but am always on my toes if the trade goes backwards and this can leave a big dent in your account.
- Just a little quote I kinda copied from the Dos Equis commercials. (Stay thirsty my friends). But anyways, your main goal should be to be green at the end of the day. Better to be green than to be red.
I hope you guys liked this list and it is very easy to forget even these simple rules when it comes to making money. But take a couple cheap sticky notes and stick them either on your monitors or on your desk and it will help a lot!
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