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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 Wed. February / 05 / 2025EUR/USD Pulls Back Ahead of December High FOREX.com US Russia adds Nigeria, Tunisia, and Ethiopia in currency trading list Business Insider Africa Integral Provides FX Trading Tech to Access Bank in African Push Finance Magnates In the kickstart video for Feb 5 the USD is lower as US traders enter the fray for the day ForexLive What is Forex? FXCM How Currency Trading Works Investopedia Exclusive: MetaTrader Fee Bill Arrives with a 25% Increase Finance Magnates EUR/USD Analysis Today 05/02: Recovery Stalls (Chart) DailyForex.com Exclusive: Trump's meme coin made nearly $100 million in trading fees, as small traders lost money Reuters Gold Analysis Today 05/02: Reaching All-Time High (Chart) DailyForex.com VFTradings Review 2025 Investing.com Stocks rapidly cut steep earlier losses as Trump pauses Mexico tariffs, Dow down just 150 points: Live updates NBC Connecticut Research: 2024 Overall Situation and Regulatory Trends of Virtual Currency Crimes in China ChainCatcher 6 Most Popular Currencies for Trading Investopedia FxSpotStream Reports Near-Record Trading Volume in Early 2025 Finance Magnates Rupee falls 39 paise to close at all-time low of 87.46 against dollar Business Standard GBP/USD Forex Signal Today 05/02: Head and Shoulders (Chart) DailyForex.com USD/MXN Forecast Today 05/02: Stable (Video) DailyForex.com Forex Trading: Comprehensive Guide for Beginners and Experts Business Insider Aussie, New Zealand dollars get respite ahead of China's reopen The Economic Times Forex Trading for Beginners NerdWallet BTC/USD Forecast Today 05/02: Holds Near $100K (Chart) DailyForex.com Currency Pairs: What They Are and How They Work Investopedia AUD/USD Forex Signal Today 05/02: Continues to Rally (Video) DailyForex.com Top 5 Books for Beginner Forex Traders Investopedia Russia expands its currency trading list to 40 countries, adding Nigeria, Tunisia and Ethiopia The North Africa Post 8 Forex Trading Tips Investopedia How Leverage Works in the Forex Market Investopedia EUR/USD Forecast Today 05/02: Relief Rally (Video) DailyForex.com When Foreign Exchange Intervention Can Best Help Countries Navigate Shocks International Monetary Fund GBP/USD Forecast Today 05/02: Look for Higher Levels (Video) DailyForex.com BYD resorts to forex trading strategy to counter yuan’s volatility South China Morning Post Research: Overall situation and regulation trends of virtual currency crimes in China in 2024 Binance 5 Forex Careers for Financial Professionals Investopedia MT5 Brokers Gain Access to STICPAY’s E-Wallet and Payment Services Finance Magnates EUR/USD Analysis Today 04/02: Further Losses Expected -Chart DailyForex.com Forex Trading Online | Forex Currency Trading CMC Markets How to Trade Forex on News Releases Investopedia 15 Banks and Credit Unions That Exchange Foreign Currencies Business Insider GBP/USD Forex Signal Today 03/02: Drops Amid Tariffs (Chart) DailyForex.com AUD/USD Forex Signal 05/02: Pullback Ahead? (Chart) DailyForex.com Dollar Dominance in the International Reserve System: An Update International Monetary Fund EUR/USD Analysis Today 03/02: Renewed USD Strength (Chart) DailyForex.com BTC/USD Signal Today 05/02: Bullish Signal (Chart) DailyForex.com Best Forex Brokers: Top Choices For Currency Trading Bankrate.com What Is an ECN Broker? Investopedia Kickstart the FX trading day for Jan 29, w/ a technical look at the 3 major currency pairs ForexLive Russia adds Tunisia to currency trading list African Manager EN Mexico & Canada Pause Tariffs, USD Falls DailyForex.com GBP/USD Forex Signal Today 04/02: Weakly Bullish (Chart) DailyForex.com Gold Analysis Today 03/03: Strong Overbought Levels (Chart) DailyForex.com USD/CAD Forecast Today 03/02: Can the CAD Hang On? (Video) DailyForex.com Gold Forecast Today 03/02: Continues to Rally (Chart) DailyForex.com How Forex PAMM Accounts Work Investopedia Dow Jones Forex Signal Today 03/02: Eyes Breakout (Chart) DailyForex.com How Would a New BRICS Currency Affect the US Dollar? (Updated 2025) Investing News Network Weekly Pairs in Focus - February 02 (Charts) DailyForex.com USD/JPY Analysis Today 03/02: Buying Opportunities (Chart) DailyForex.com
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