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7 Rules to Successful Profitable Trading




7 Rules to Successful Profitable Trading

Before proceeding in anything in life, especially the unknown word of Wall Street, we must have rules to follow if success will follow and repeat forever. I hope that these 7 Rules to Successful Profitable Trading will guide you with a smart and logical foundation to implement immediately. Patience, Timing and Knowledge prevail, but for our journey with stocks, I am certain that these rules will be of great value to you becoming and staying a successful and profitable trader.

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1.Understand what your trade is:

Have A Plan, do not just follow some word of mouth. It does not work like this! Before your trade is on you should already know the targets you are after from studying the chart and numbers. Know your particular trading rules and stick to them no matter the result. Do not deviate from this plan and successful trading is already underway. Army discipline, pay attention to what and why, and I definitely utilize these 7 Rules to Successful Profitable Trading.

2 . Never stop educating yourself:

In any profession, you can never truly master it or reach the top. You are as good as the last thing you learned. With a transition personally myself in life, Wall Street is far from any different. “Paying Tuition” along the way and training with many top traders throughout our country is part of my journey. Continue to educate and learn daily to become better than yesterday everyday. Pay attention to what you do and take notes as the stock market is alive with a heart beat and will teach you new tricks to help win daily.

3. Focus on one strategy at a time:

Laser sharp focus ,avoid distractions and overtrading. Follow your plan of attack upon starting a trade until its done. Avoid the headaches and keep things simple. Do not try to trade too many things at one time until you are an experienced trader. Though we can sometimes simply get lucky, have some discipline and lesson your trade risk amount as it goes up or down! Take profits at your markers and remember, “You don’t go broke taking profit,” and “cash is king”.

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Don’t look back in anger when you could have made more . I assure that you could have just as easily lost what was made by holding on hoping it will keep going up. When a trade is wrong, take the loss and move on to a better set up. We are always best off if we can put your profits to work wisely, but not in a rush just to make the next move. 7 Rules to Successful Profitable Trading become more and more important as your experience grows.

4. No Revenge Trading:

If you have and execute a plan that doesn’t go as planned, if you followed your trading rules you will be out with minimal damage ready to move on. Often times our mental psychology brings us immediately back to that same losing trade. Simply move on because if that set up was correct it will re present itself with better support to re enter later. Point- take the loss , take a walk to clear your head back to focused and move on to a winner. Do not potentially implode your account as your mind will play games with you after a loss of any significance.

3 effective ways to clear your mind

5. Always pay close attention to volume and find those spikes:

These momentum volume driven trades are often the best ones. Often times you may see a breakout but without heavy volume the probability of failure or breakdown is higher. Though this applies mostly to day and swing trading, it certainly plays a factor in any trade as an aid to identifying a breakout pattern with some momentum. It is not the end all it is quite helpful to me though it could also indicate the end of a breakout as well where both buyers and sellers are both creating the volume at the same time

6. Listen to the charts:

They don’t lie as there is reason stocks go up and down all day every day. With proper chart knowledge and training , trading with charts and levels pre drawn out certainly help display what is actively happening , happened in the past and often times help to indicate the future direction of a stock (short and long term) Read your charts and do not hope and pray someone else’s opinion is right. Listen to what the chart is telling you.

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7. Nothing is Impossible:

In todays game (GME) everything and anything goes: I was recently reminded when Bear Sterns went under in 2007-2008. The story goes that when it dropped from $150 to $100 a share, most didn’t understand why or how it could ever go any lower. At $75 a share, man did many think this was a bottomed bargain. If you ask what its worth today ($0) most will ask you “who is Bear Sterns?” Everything and anything is possible today in 2021.

If you do pay close attention, amazing things do occur.. As a UF gator this is quite a life and game changer.

Strive to become a better than average trader and most days the results will follow follow. How much money you have or your trade is worth is not relevant, always set goals and when you cross them make certain to set vision on your new ones.

This discipline has enabled my knowledge base to grow and my money to Win Daily. In the stock market with all the tools and education out there at your finger tips- strive for the best, set your goals and blow past them. When you’re there, rinse repeat and do it again with new visions. Educate, never stop learning and follow These 7 Rules to Successful Profitable Trading. Thanks for your time and hope this helps any level trader.

Alan Jacob aka Willet @ Win Daily

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At Win Daily, our motto is to “change your game and change your life.” Sure, we want to help you win that big DFS tournament. But we want you to have a greater enjoyment of Daily Fantasy Sports while you are doing it. Along the way, you also may learn some life lessons and gain some perspectives you may have never considered before.

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