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Day Trading Success- The Key Is SurvivalMost new traders tend to focus just about all their time and energy on finding nearly perfect "setups", but trade setups, even very good ones, are *not* the key to successful trading. It's the *way* you trade your setups that keeps your losses smaller than your gains. And this is the single most essential key to trading success. To me, the process of limiting losses is more than just money management...it is survival. I can't give you a list of mechanical survival rules that will take the place of experience and make you a successful trader overnight, but if you stick to the following principles in your trading, you'll be on track. You'll be doing just about the opposite of the crowd, and you'll eventually learn to limit your losses. Limiting your losses is the only way I know to make money in this business. The following guidelines will sound radical, but they have guided me in making my living from trading for many years. 1. If a trade doesn't go your way within the first one
to five minutes, get out. I usually get out within one or two
minutes as soon as my perceived edge is gone. 2. If a trade goes against you in the first few
seconds, begin drawing in your hard stop and/ or your target,
trying to get out of the trade at break even. 3. Never let your hard stops get hit. When it happens,
you may want to take a break and get some fresh air. 4. Hard stops are adjusted to market conditions. At the
moment (July 6,2005) I am using 1.50 point hard stops on the SP
futures. 5. Never move your hard stop away from your entry
point, hoping that a bad trade will turn around. 6. If you find yourself *hoping* as you trade, it is a clear sign that you are not following good survival (money management) principles. It will be impossible to put these principles together without a set of high-probability setups. Without good setups, trading is just a flip of the coin. Mike Reed is author of TradeStalker's RBI Trader's Updates. He has been trading the Market for 23 years. When he got his start as a trader, Mike was plotting prices on paper tape as the internet had not yet been "born" as we know it today. Years of experience have really given him a feel for the Market action. His support and resistance numbers have been published on the internet since 1996. He has a wide readership that includes day traders, floor traders, locals and hedge fund managers. Mike's nightly support and resistance zones are specific and incredibly accurate. He offers an unlimited free trial of his nightly TradeStalker RBI Trader's Updates. http://www.TradeStalker.com
 MORE RESOURCES updated Sat. December / 21 / 2024How Currency Trading Works Investopedia Euro FX EUR/USD Futures Overview CME Group VCG Markets Unveils Cutting-Edge Forex Trading App Markets Insider IG US Bucks Trend in Sluggish Forex Trading Market Finance Magnates Forex Demo Account Trading Investopedia AUD/USD, USD/CAD, NZD/USD: Commodity Currencies Hitch a Ride on China’s Yield Curve Rollercoaster FOREX.com US Currency Pairs: What They Are and How They Work Investopedia Stop Hunting With the Big Forex Players Investopedia China is considering softer currency Reuters.com When Foreign Exchange Intervention Can Best Help Countries Navigate Shocks International Monetary Fund How Leverage Works in the Forex Market Investopedia 8 Forex Trading Tips Investopedia Top 5 Books for Beginner Forex Traders Investopedia USD/JPY Forecast Benzinga How to Trade Forex on News Releases Investopedia 5 Forex Careers for Financial Professionals Investopedia A perfect storm for the Canadian dollar ING Think How Would a New BRICS Currency Affect the US Dollar? (Updated 2024) Investing News Network What Is the BRICS Group and Why Is It Expanding? Council on Foreign Relations EUR/USD Analysis Today 19/12: Nears Parity (Chart) DailyForex.com Dollar Dominance in the International Reserve System: An Update International Monetary Fund What Are the Most Commonly Traded Currency Pairs? Investopedia FOREX.com vs. Robinhood: Which Broker Is Right for You? The Motley Fool Fed forces Asia to choose: Accept weaker currencies or push back The Economic Times What Is the USD/JPY Currency Pair? Investopedia Indian Rupee Decline: Rupee falls 12 paise to all-time low of 85.06 against US dollar in early trade The Hindu Most used currencies SWIFT 2024 Statista Is the Iraqi Dinar a Wise Investment? Investopedia Most traded currencies in forex 2022 Statista Carry trades: What are they and why are they impacting the global economy? World Economic Forum USD/BRL Analysis Today - 17/12: Buying Stays Strong (Chart) DailyForex.com What Is an ECN Broker? Investopedia USD/JPY Analysis Today 19/12: Five-Month High Gains (Chart) DailyForex.com EUR/USD Forecast Today 19/12: Weakened Before FOMC (Video) DailyForex.com How Forex PAMM Accounts Work Investopedia Best Forex Brokers In 2024 Bankrate.com USD/CAD Analysis Today-18/12: Bullish Yet Vulnerable (Chart) DailyForex.com Forex Spread Betting: What It Is and How It Works Investopedia USD/PHP Forecast Today 20/12: Tests 59 Resistance (Video) DailyForex.com 15 Banks and Credit Unions That Exchange Foreign Currencies Business Insider USD/TRY Forecast Today 19/12: Extends Losses (Chart) DailyForex.com FX Spot+ CME Group Gold Analysis Today 18/12: Prices Steady (Chart) DailyForex.com EUR/USD Forecast Today 20/12: Drops Amid USD Strength -Video DailyForex.com Bilateral Currency Trade a la Africa: Understanding Trends Driving Currency Integration Across the Continent TRENDS Research & Advisory WTI Crude Oil Forecast Today - 19/12: Crude Oil Dips (Chart) DailyForex.com Gold Analysis Today 17/12: Continued Upward Trend (Chart) DailyForex.com Forex Christmas & New Year Holiday Trading Hours 2024 DailyForex.com Gary Stevenson: This Is How You Make Money Trading New York Magazine EUR/USD Analysis Today 16/12: Rising in Coming Days? (Chart) DailyForex.com Currency Market Today: Rupee rises from all-time low, gains 10 paise to 85.03 against US dollar BusinessLine Dax Forecast Today 19/12: Looks Positive (Video) DailyForex.com BTC/USD Forecast Today 19/12: Sees a Small Pullback (Video) DailyForex.com
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