Be patient when your trade positions are moving in the right expected direction to extract maximum gains and ensure the gains by improvising the stop-loss level.
Do not be over optimistic when trades have hit the suggested stop-loss levels and make sure you exit there. You may miss better and multiple opportunities on being stuck in deals gone wrong leading to higher and higher losses each day.
Do not discuss your open positions with one and all. This will lead you nowhere and confuse you more, as all would air their own views on the same (whether knowledgeable or not) and many a times, would make your trade decisions seem as foolishly and hastily taken.
Follow ONLY one Analyst’s or Technical Advisor’s guideline at a time, as more guidelines will again create a lot of confusion. You can option for or look out for an alternate guidance when the earlier guideline proves to be less productive or loss making, but not simultaneously.
DO NOT BORROW or trade with funds that are not yours or pump in more funds by borrowing to hold on to loss making trades. Trade only with own funds that are spare-able and be prepared mentally in loosing even that in totality, in the worst case.
Stay away from the people who have a habit of saying “I had told you – See now?”
Averaging in loss making positions is a practice which is most commonly seen & generally leads to more dangerous losses. This is also recommended by a number of advisors, but I certainly do not recommend it. In fact I strongly oppose it. Remember – you are incurring the loss & not your advisor.
Putting all your eggs in one or a couple of baskets could prove to be more dangerous for the day trader.
Always remember –“You cannot use yesterday’s ideas for today’s business and expect to be in business tomorrow”.
Do not love your commodity
Do not carry forward your intraday position
Do not develop a tendency of being a Bull or a Bear in these markets. There is only one side to the markets and that is neither the Bull side nor the Bear side – But ONLY the Right Side at the Right Time. Trend is King, so follow it at all times.
Do not watch others trades.