I am a disciplined trader. I trade on the --- minutes chart. I limit my trades to two a day.
I use stop loss. I keep my stop loss at the recent swing high or low.. I take a screen shot of each trade. I record each of my trades. At the end of the day, I review my trades to find where I went wrong and how to improve.
I check the risk and reward of each trade. I enter a trade only if the risk to reward ratio is equal to or less than 0.5.
After my initial target is reached, I trail it by moving the stop.
I use money management. I keep my total risk less than 5% of my total margin in a trade. That is, if the risk is more than 5% of my margin, I avoid that trade.
I read at least a page of the same trading book everyday till I complete it.
I do yoga/exercise every day. I prepare myself for each trading session by warming up with some light exercise. I am moderate in my lifestyle- eating, drinking, sleeping etc.
Before and after a trade, I erase all previous trades from my memory- wins and losses.
I avoid trading just before a news release.
I read positive thinking books.
I trade only one instrument and one strategy and one time frame until I feel comfortable using the strategy.
I memorise important price levels- these are usually the previous highs, lows, and congestion areas. Today's open, high, low, and previous day's close are also important levels.
I always trade with the trend. I confirm a trend reversal only when price breaks the trend line, and retests the previous high or low. I enter only on pull backs to the EMA.
I avoid taking counter trend trades until after:
- The break of an important trend line, and then
- One more move to re-test that new high/low, and then
- Wait for prices to move to the other side of the EMA
In break outs, I wait for a retest of the high or low.
I avoid buying or selling the break out of a trading range. If the trading day is a larger trading range type day, then I fade all breakouts. However, if it is a trending day, I wait for the break out to fail and start to pull back. Once the pullback slows down, I look to join in if prices turn back with trend again.
I avoid trading when I am not well - emotionally or physically.
The market is a speeding train. I avoid standing in its way, but try to catch a ride when opportunities present themselves.
If I am winning, I do not increase my capital overnight. I increase it gradually, or I use only the profits to reinvest.
By strictly following the entry rules, I might miss some entries (e.g- when pull backs don’t happen)--but this minimises my losses if and when a trade fails.
Trading keeps me intellectually fit and alert; but I keep my mind free to live life fully each moment. In other words, I try to find joy in each and every task.
. Now I don't have many indicators.
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