in trading- 2
1. Don't follow tips or suggestions of anyone blindly.
You should have a minimum knowledge to judge whether the provided tips are right or wrong.
2. Trade only high probability setups / trades.
Don’t simply do buying and selling without having a proper trade setup.
You should be having a clear vision of when to enter and when to exit.
3. If you make loss in any script then don't try to recover that loss from the same script
Don’t try to take revenge on a particular stock. Instead of trading in the same script try to trade with high probability trade setup
4. Always follow entry, exit, stop loss and trading rules in your daily trading routine.
If you didn't find any high probability trade setup where you are not able to decide your entry, exit, and stop loss then just avoid trading for that particular day. No trade is also a good trade instead of risking your own money without proper setup.
5. Avoid non liquid small cap penny stocks without good fundamentals or technical.
Don't prefer such stocks only because their price is very low. Trade with the stocks having good fundamentals and strong technical setups.
6. Avoid taking high margin trades
Trade only with proper risk reward and money management otherwise margin is very dangerous during loss making trades
7. Don’t put all capital on risk in one trade
Divide your capital into small parts for different trades as per money management
8. Invest money in learning instead of taking tips or suggestions.
Learn to catch fish instead of buying fish from somebody else
9. Always book profits time to time and take withdrawal of your profits into your bank account.
Always withdraw your profits from your trading account into your bank account at regular intervals.
10. Make watch list of scripts that suits you.
Try to find trading setups in very limited scripts / stocks which you can track easily and whose behavior can be identified by you easily.
11. Avoid entry in any script after a big movement.
Retailers and beginners forget that after a big rally stock goes into consolidation phase or retracement.
12. Don’t depend on anyone in stock market.
Learn from anywhere where genuine knowledge is available which makes you an independent successful trader.
13. Write down your mistakes in trading, read them regularly and avoid them in future trading.
Doing mistakes is common in trading but learning to avoid the same mistake daily is the sign of a good trader
14. Follow your own strategy and trading rules
Make your own trading rules which suits your nature don't ever try to break your own rules
15. You can find a number of strategies, setups, trading styles and other educational videos on CHART COMMANDO YouTube channel.
Motto of Chat Commando was to convert ordinary people into extraordinary traders