Develop a trading plan and stick to it from "summary" of How to Day Trade for a Living by Andrew Aziz
When you start day trading, it is crucial to have a trading plan. This plan should outline your trading goals, strategies, risk management rules, and criteria for entering and exiting trades. Developing a trading plan involves carefully considering your financial situation, risk tolerance, and trading style. Your trading plan should be based on thorough research and analysis of the market. You should be clear about the types of securities you will trade, the timeframes you will focus on, and the indicators you will use to make trading decisions. Your plan should also include rules for managing your trading capital and limiting your losses. Once you have developed a trading plan, it is important to stick to it. This means following your plan consistently, even when emotions are running high or when the market is unpredictable. Deviating from your plan can lead to impulsive decisions and costly mistakes. Sticking to your trading pl...
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