Some Day Traders Rules I have follows:Day traders start each day...

Some Day Traders Rules I have follows:

Day traders start each day fresh and finish each day with a new slate.

That reduces the risk, it forces discipline. You can't keep your losers longer than a day as you have to take your profits at the end of the day before those winning positions turn into losers.

Discipline is important as you are day trading, you come across a market that does not know and does not care who you are, what you are doing, or what your personal or financial goals are. no slack today, no friendly coworker to help through, no great client dropping you a hint about their spending plans for the next financial year.

You must have rules in place to help your trading decisions, you may fall prey to: Hope, Fear, Doubt and Greed, the four Horsement of bad trading.

So how do you start off well?, Firstly, have a business plan and a trading plan that shows your goals and personality traits and then you can set your working days and hours and you accept that you will close out every day at end of trade.

Think about securities that you will trade and how you want to trade them, test your trading platform/system to see how it will work in actual trading sessions.

So, do some preparation and have a plan, it is a basic strategy for any one into day trading business or even any other business endeavor.