My Trading Rules

Have a plan
Without a plan it’s just guess work.
Have a detailed plan. And include the following:
The markets or instruments you will trade.
When you plan to trade, (what time of day or week).
How much you’ll risk,booth as a percentage of your portfolio and a hard number.
What your goals are. Be specific.

Write it down
A plan may start in your head, but writing it down makes it real.
Stamp it with the date and review it every month.

Earn while you learn
The learning curve is different for every trader.
Some will find success quickly while others may take a long time.
Plan to have an income stream while in the learning phase.
It will increase your probability of success.

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Have a 2nd income
Similar to Earn while you learn...
Having a second income will allow you to get through the tough times.
Traders go through cycles, and often experience draw downs.

Draw-downs are normal, it happens to every trader, don’t let a draw-down force you out of the trading business because you don’t have the means to pay your bills.
A 2nd income can be from another job, a passive income or from a spouse or partner.

Prepare for draw-downs
A draw-down is when you encounter a series of losing trades that will cause your account balance to drop.

If you believe that traders only win and never experience draw-downs, you are not being realistic.
Prepare for the inevitability of a draw-down period.

Keep a trading log or trading diary
You can’t change what you don’t measure.
Measure your success and your failures by keeping a detailed trading diary.

Be honest and transparent about your results
Write your results in your trading log.
Share this information with your spouse, partner confident or significant other.
If you are sharing only information about your wins, and hiding the losses, you are exhibiting a gamblers behavior.

Master 1 strategy before trading a 2nd one
There are literally thousands of strategies and approaches to trading.
You only need to master 1 in order to be successful.
Don’t distract yourself or dilute your efforts by trying to master more than 1 at a time.

Stick to 1 time frame until you master it
Similar to mastering 1 strategy… focus on mastering 1 time frame.
If you are a day trader, then stick to day trading and become proficient at it before venturing into swing trading or position trading.

Don’t trade what you invest in
This is similar to trading only 1 time frame.
Avoid trading for quick profits using the same stock that you are long term invested in.
It can play with your head and impair your judgement to be short a stock for a quick profit while also holding it as a long term investment.

Separate / Segregate your funds
Keep your trading capital which is designated as high risk in a different account than your investments.
For reasons explained above in Don’t trade what you invest in
It will also simplify things when calculating profits and preparing your taxes.

Be comfortable on the sidelines
Flat is a position. Sometimes there are no opportunities, Or the ones that do exist are outside of your trading plan.

Have a mentor
Do you know who Butch Harmon is.. Or Matt Killen?
Butch was He was Tiger Woods’s golf coach for more than a decade.
Matt is his putting coach.

Even experts need coaches and mentors.
Find a good mentor or coach.
Build a relationship with them.

Invest in the right tech
Using slow or outdated equipment, or a slow internet connection will hurt your success.
If you’re trading is a business, there’s no excuse not to have the right tools.

Avoid doing what you’re bad at
I’ve often heard life coaches say, face your fears, work on your weaknesses...
While this is generally good advice, when it comes to risking money on a trade, I prefer to focus on my strengths and ignore my weaknesses.

If a trade setup has never worked well for you, even though others may claim it to be working for them,... avoid it. Trying to make it work may cost you more than it’s worth.
Remember, you only need to master 1 setup or 1 strategy to win at trading.
You don’t need to master them all.

Focus on your strengths
Find the 1 trade setup, the 1 pattern that works best for you.
If you’re keeping a trading diary as suggested, your best setup will be easy to find.
Put more money behind what you’re best at.

Take breaks
No athlete and no trader is always on his or her A game.
Sometimes you need to take a break and be away from the markets in order to have a fresh perspective.

Sometimes a few days is enough, other times it could be weeks or months.
If you recently experienced other life or personal problems.. It’s a good idea to take a break.

Stick to what you know / Don’t swim in unknown waters
Define what you consider normal conditions and trade in that environment.
Example: If you’re a news trader, then trade the news and embrace the volatility.
If you’re not a news trader, then stand aside, you’re now in unknown waters, and your system may not be robust enough to deliver winning trade when the volatility is outside of what the system considers normal.

Never leave a trade unattended
Most of the time, stop and stop loss orders will take of trade management. But you should not rely on any outside factor to manage the trade for you.

Ultimately it’s your money on the line, and you are the only one who will suffer if any system fails.
This doesn't mean you have to stare at your charts all day long…
It means that if your rules and system suggest checking on the trade 2x per day then make sure you are available with the proper account access, internet access, and other tools needed to manage and take needed action.

Trust your strategy
Once the rules for your strategy have been set, and you are trading them, avoid the urge to override your rules.
If you alter a trade outside of the predetermined rules there will be n o way to measure the success rate of the strategy.

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Best

Greg