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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. May / 12 / 2021Emerging Trends in Digital Currency Trading Platform Market In-Depth Analysis & Global Outlook by 2021-2027 | Bittrex, Bit Flyer, BitMEX, Bitfinex, Kraken, ZBG, BigONE, OKEX – KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper Coinseed moved all of its clients' assets into dogecoin without telling them, new report says Markets Insider 7 Crypto Trading Tips and Tricks with Yuan Pay Team Programming Insider How can forex trading benefit you? Deccan Chronicle Indonesia Mulls Tax on Crypto Trading Yahoo Finance What is Expected in the Foreign Exchange Market in 2021? Finance Magnates Best currency pairs to trade for beginners Capital.com Pros and cons of Forex Trading ABCmoney.co.uk How to Become a Forex Trader and Whether You Should Market Realist NY Attorney General Seeks TRO Against Digital Asset Trading Company - Technology - United States Mondaq News Alerts Bypassing the Bitcoin Blockade Hawaii Business Magazine 8 Best Crypto Exchanges For Altcoins Bitcoin, ETH, and More: Top Cryptocurrency Trading Platforms Reviewed Miami Herald EOS Falls 10.06% In Bearish Trade Investing.com India Citi plans to launch crypto trading services, report says Markets Insider Fact and Fad about Weekend Forex Trading DailyForex.com EMERGING MARKETS-Most Asian currencies edge lower, Thai baht falls most Investing.com India U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 0.80% Investing.com India 2local Is Entering into New Partnerships with Bitrue Exchange and Crypto Payment Provider Simplex Coinspeaker Trading Support and Resistance DailyForex.com FX Traders Look Past Sell-Off In Stocks Investing.com India Digital Currency Trading Platform Market Witness Highest Growth in near future| Leading Key Players: Binance, Huobi Technology Co.,Ltd., Coinbase Pro – KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper What Is Forex Trading? Forbes India's April palm oil imports surge 82% y/y, trade body says Investing.com India Forex Trading – How Do I begin? - NuWireInvestor NuWire Investor Digihost Announces Deal With Northern Data AG Acquiring GlobeNewswire GBPEUR: UK and Europe Get a Growth Boost Pound Sterling Forecast Best Forex Trading Platforms In 2021 Yahoo Finance Trading Lots and Other Eco-Friendly Forex Trading Strategies - Blue & Green Tomorrow Blue & Green Tomorrow Things You Need To Know Before Entering Forex Trading NuWire Investor Forex Market: Unlocking Opportunities for Investors Visual Capitalist A beginner's guide to Forex trading BusinessMole A comprehensive understanding of Forex trading The Portugal News How to Trade Forex as a Beginner Finance Magnates Next Forex Trading Terms You Need to Know Before Trading North Forty News Trading via Currency Exchange Gary Skentelbery Forex Brokers: Are They a Scam? | Investing | US News - U.S News & World Report Money U.S News & World Report Money Most profitable forex pairs Capital.com Making Money By Forex Trading The FINANCIAL Best online brokers for forex trading in May 2021 Bankrate.com The Currency-Market Snoozefest Might Not Last The Wall Street Journal is Forex Trading a Good Way to Make Money Online ? Love Belfast How to Trade Forex? - A Guide to Forex Trading in 2021 DailyForex.com The Participants in Forex Trading and their Role in the Market Finance Magnates Understanding currency trading and its dynamics Nairametrics Best Forex Trading Platform Choices of 2021 Fortunly News Dispute brews between EU and currency traders on Mifid reform Financial Times Proven Forex Trading Strategies for Beginners The FINANCIAL Forex Trading Industry Statistics and Facts 2020 DailyForex.com
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