https://mytradingskills.com/day-trading-strategies 22 day trading tips. Which 4 or 5 are most important? What's missing? 1. Prepare for your trading day 2. Analyse the first trading hour 3. Check an economic calendar 4. Read relevant market news 5. Find oversold and overbought financial instruments 6. Take trades in the direction of the trend 7. Counter-trend trades can be risky 8. Have strict risk management rules in place 9. Always risk a fixed percentage of your trading account on any trade 10. Analyse the reward-to-risk ratio of potential setups 11. Follow the 6% rule 12. Use pending orders where possible 13. Keep a trading journal 14. Make regular retrospectives of your trade history 15. Wait for confirmation before entering a trade 16. Don’t let emotions interfere with your trading decisions 17. Always use stop-losses 18. Protect your profits 19. Use trailing stops where possible 20. Don’t trade during important market reports 21. Holding trades overnight can be risky 22. Create a portfolio of trades What would you say belongs in a solid trading plan? https://elitetrader.com/et/threads/what-would-you-say-belongs-in-a-solid-trading-plan.340340/
Without these four, you don't have a chance to make it over the long-term: 8. Have strict risk management rules in place 15. Wait for confirmation before entering a trade 16. Don’t let emotions interfere with your trading decisions 17. Always use stop-losses
Put the short term chart (5 min) in context with the long term (60 min), and look at the previous 20+ bars before entering a trade.
These rules are all very good but the fact of the matter is that what destroys new traders is leverage and not accepting a loss. Doesn't matter what rules you have, you will go through this a few times before learning. Like quite a few times.
yes over leverage under capitalization and very little market knowledge and experience. and about 1000 other things. what is most important : the one you do not do