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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 Mon. August / 15 / 2022More super funds calling for speciality currency exchange services Investment Magazine Crypto as retirement strategy talkbusiness.net Why so many Nigerians lose money in currency trading Nairametrics Standard Chartered banks on carbon trading amid muddy second-half outlook - South China Morning Post Standard Chartered banks on carbon trading amid muddy second-half outlook South China Morning Post AUD/USD Forex Signal: Consolidating Below 0.7142 DailyForex.com AUD/USD: A fundamental story FXStreet Websites close 12,000 accounts encouraging illicit virtual currency trading amid crackdown Global Times Trading Support and Resistance – AUD/JPY, EUR/USD, GBP/USD DailyForex.com Wall Street headed for 4-week streak of gains Yakima Herald-Republic Cuba Increases Official Exchange Rate For U.S. Dollars Cigar Aficionado Do Good Traders Vary Bet Size? Forex Factory EUR/USD Forecast: Euro Falls into Weekend DailyForex.com Hundreds of Pinoys learn new trading techniques The Manila Times 6 Forex trading myths | The Guardian Nigeria News - Nigeria and World News — Features Guardian Nigeria What is a Bitcoin Trading Bot? THISDAY Newspapers Hyundai ranks 3rd in global vehicle sales in 2022 1st half Investing.com India Rupee to stay the gaining course on IMF optimism The News International USD/CAD: Plenty of Punch and Choppy Results Testing Traders DailyForex.com 10 Best Forex Brokers in 2022: Top 10 FX Trading Platform Reviewed and Ranked ABC Action News Tampa Bay Reliance Industries celebrates the joy of Independence Investing.com India USD/TRY Forex Signal: Lira Opens Weekly Trading Low DailyForex.com Crypto Trading, Investing Illegal in Iran, Central Bank Governor Reiterates – Regulation Bitcoin News Bitcoin News What Is Forex Trading? Bankrate.com Basics of Forex Trading - Part 1 FX Empire USD/JPY Forecast: USD Finds Buyers Against the Japanese Yen DailyForex.com Cryptocurrency market will make a recovery: Skybridge Capital’s Anthony Scaramucci The Financial Express BTC/USD Forecast: Bitcoin Gives Up Early Gains For the Day DailyForex.com Best Forex Trading Platforms: Most Famous Forex Brokers & Traders of 2021 Washington City Paper What are the Pros and Cons of Forex Trading? RealtyBizNews What is forex trading and how does it work? The European Sting 4 Ways COVID Boosted Currency Trading Yonkers Tribune. Why currency trading involves major risks Nairametrics 10 Best Forex Brokers for August 2022 Business 2 Community Forex (Foreign Exchange) Explained | U.S. News U.S News & World Report Money How to Know Which Currency Pair to Trade Startup.info Changing the Top Global Currency Means Changing the Patterns of Global Trade Carnegie Endowment for International Peace Moscow Limits Foreign-Currency Trading to Shore Up Struggling Ruble The Wall Street Journal Bank of America Grows its Global Foreign Exchange and Emerging Markets Macro Trading Team Bank of America Newsroom Can You Make Money Trading Forex? Finance Monthly Foreign currency trading is substantially growing around the world - The Southern Maryland Chronicle Foreign currency trading is substantially growing around the world The Southern Maryland Chronicle Currency Definition | U.S. News U.S News & World Report Money Why forex trading is not gambling Nairametrics The 5 Best Forex Trading Platforms of 2021 D Magazine Forex Trading: A Guide for Beginners The News Minute Best books to learn Forex Trading from scratch Free Press Journal Is forex trading a way to make a living? Nairametrics BC: Tips for Success in Forex Trading Punch Newspapers Forex Trading TD Ameritrade Proven Forex Trading Strategies that Work in 2022 BusinessLine Mastering Forex Trading Psychology Finance Magnates How to Trade Forex TD Ameritrade Currency trading in overdrive with dollar at highest level in two decades (NYSEARCA:UUP) Seeking Alpha Trading Forex vs Futures: Key Differences IG International The 6 Best Online Forex Trading Classes of 2022 Investopedia
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