Day Trading Rules

The 4th habit of successful traders is: “Taking responsibility for your trades and every action that occurs in your trading account.”

It goes without saying that one of the most important rules in life is to take responsibility for everything that happens in your life. From an early age we were taught that it’s everyone else’s fault that we didn’t get what we wanted and that things didn’t work out.

This episode happened in front of many patrons in the store, yet, the young man was not bothered by his actions. He wanted what he wanted and he felt that he was entitled to get what he wanted.



I happen to be listening in on the conversation and over heard the mother inferring that the young man could not get the video game because he had failed to complete his chores.

To make a long story short, the young man failed to complete his chores as a result he couldn’t get the video game (reward) he felt he was entitled too.

How many times have you made the same mistake in your trades and wondered why the market was not rewarding you.

How many times have you placed a trade, only to find that the trade went the complete opposite of what you believed the trade should have done?
Did you ask yourself whether you had completed your chores? The stock market will not reward you, if you have not put in the time to acquire solid stock market basics and create a trading plan around your education.

You can get frustrated, yell, throw your keyboard out the window; however, none of this will help.

The conclusion of your dramatic episodes will result in you looking like the young man I witnessed in the department store. Yes, you may be a grown woman or man, however, your behavior will be that of a 7 year old.

The responsibility we are referring to in stock market trading is the “the responsibility to plan your trades and stick to the plan that you have made. For example, for the last month you have been trading BIDU.

The first 2 weeks of trading BIDU, you made money in the stock, the following two weeks you lost money in every single trade you placed in BIDU. Your responsibility as a trader would be to revisit your trades and go through every single BIDU trade and figure out what you did differently.

It might be that you missed that the QQQQ’s were in a sideways market and were not trending, it might be that you missed that BIDU was nearing an extended bullish rally and needed to consolidate the extended move.

It might be that you just got a lucky streak with the stock and you are not really prepared to trade BIDU. In that case your best bet would be to find a different stock to trade that is well suited to your personality and does not have the thrill factor.

Taking responsibility in your stock trading activities means that:

1. Create Day Trading Rules that you can live by
2. Blame no one for any money lost in the market
3. Create a successful trading plan that you can use to follow your day trading rules

• Beginner Stock Market Investing Part 1
• Beginner Stock Market Investing Part 2
• Day Trading Success Stories 3
• Day Trading Rules Part 4
• Online Stock Market Trading Part 5
• Learn Stock Trading