Currency Trading Information Channel
Day Trading Success- The Key Is Survival
Most 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
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. January / 23 / 2021
The 6 Best Online Forex Trading Classes of 2021 Investopedia
A beginner's guide to Forex trading BusinessMole
What Are the Best Forex Trading Platforms? Market Realist
Injective Protocol Launches Decentralized Forex Futures Trading - Product Release & Updates - Altcoin Buzz
Injective Protocol Launches Decentralized Forex Futures Trading - Product Release & Updates Altcoin Buzz
Vietnam's trade numbers aren't evidence of currency manipulation East Asia Forum
What is OTC? Definition, where and how to invest over-the-counter - Business Insider - Business Insider
What is OTC? Definition, where and how to invest over-the-counter - Business Insider Business Insider
XRP Climbs 10.42% In Bullish Trade Investing.com India
How does forex trading work? | MyWalletHero Motley Fool UK
Virtual Currencies Comparative Guide - Technology - Taiwan Mondaq News Alerts
EUR/GBP to move back to 0.87 by late-2021 –... Forex Crunch
What Is Forex Trading? Forbes
EUR/USD defies gravity, ready to challenge strong... Forex Crunch
Virtual Currencies Comparative Guide - Technology - Guatemala Mondaq News Alerts
Bitcoin on track for biggest weekly fall since September as Janet Yellen and 'double spend' spook traders - Business Insider
Bitcoin on track for biggest weekly fall since September as Janet Yellen and 'double spend' spook traders Business Insider
5 Things to Know Before You Start Forex Trading Soko Directory Team
GBP/USD Forex Signal: Very Bullish Above 1.3710 DailyForex.com
An early bitcoin investor says the best time to buy is when nobody's talking about it - and warns this is.. - Business Insider
An early bitcoin investor says the best time to buy is when nobody's talking about it - and warns this is.. Business Insider
Asian shares rise on optimism for more stimulus from Biden Alton Telegraph
Kiwi Boosted as CPI Calms RBNZ Rate Cut Bets Currency Live
EUR/USD advances above 1.21 ahead of ECB Currency Live
BTC/USD Forex Signal: Bull Traders Take Profit DailyForex.com
USD/PKR: Rupee Extends Losses As Risk Sentiment Falters Currency Live
Forex Brokers: Are They a Scam? | Investing | US News U.S News & World Report Money
What You Need To Know Before Starting A Forex Trading Business NuWire Investor
Forex Trading Terms You Need to Know Before Trading North Forty News
A Forex Trading Guide For Beginners | Sponsored | state-journal.com State-Journal.com
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors - Fortune
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors Fortune
The FINANCIAL - Making Money By Forex Trading The FINANCIAL
Everything To Know About Getting Into Forex Trading GQ Australia
FOREX-Dollar gains after three-day fall as risk rally takes a breather Investing.com India
How Forex Trading Works Market Realist
Facts You Need To Know About Forex Trading Forbes India
Forex Market: Unlocking Opportunities for Investors Visual Capitalist
AUD/USD bulls look to retake 0.7800 Currency Live
A guide to forex trading instruments - Boca Raton's Most Reliable News Source - The Boca Raton Tribune
A guide to forex trading instruments - Boca Raton's Most Reliable News Source The Boca Raton Tribune
The Future of Securities Trading - Thought Leaders Securities.io
Forex vs. Cryptocurrency Trading, Explained Cointelegraph
What You Should Know About Forex Trading Signals Robotics and Automation News
AUD/USD slides to daily low 0.7740 Currency Live
Forex: best currency pairs to trade at night Capital.com
What is Forex Trading And Is It Right For Me? Your Money Geek
Timing Entry And Exit When Forex Trading - NuWireInvestor NuWire Investor
Forex Today: Stocks Soar as President Biden Takes Office DailyForex.com
Dispute brews between EU and currency traders on Mifid reform Financial Times
Volatility in North Korea's Currency Trading: Does a Rising Won Mean Trouble Ahead, or Progress? - 38 North
Volatility in North Korea's Currency Trading: Does a Rising Won Mean Trouble Ahead, or Progress? 38 North