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Dont force trades

ВрMany traders have the personality type that craves action. This fatal flaw causes them to search out trading opportuВэnities where and when none exist. If you have seen no opportunity for day trades but find yourself idly searching through your screens and intraday charts for opportunities, then you are headed for a disaster. If you find yourself looking at markets which you never trade, for opporВэtunities which you have not seen previously in the day, then you are most likely headed for trouble. Do not attempt to create an opportunity where one does not exist. Be patient. There will be trades tomorrow or the next day. The market always provides opportunities over time even though none may exist today. Don't ever, ever force yourself to trade if an opportunity is not readily apparent.

10. Don't hesitate. This is one of the worst enemies of the day trader. The expression "he who hesitates has lost" is more true in the futures markets than anywhere else. Since day trading is encapsulated in a cirВэcumscribed period of time, every moment you lose in entering or exitВэing a position is a moment that may cost you money. If you choose to hesitate then do so with premeditation and calculated caution. Do not hesitate out of fear or indecision. Hesitation subsequent to a clear trading signal or opportunity indicates lack of confidence, and lack of confiВэdence indicates that you are not comfortable with your choice of sysВэtems and/or methods or with your skills as a day trader. Hesitation can be costly.

11. Keep a diary. I have elaborated on this topic earlier but I emphasize it here once again due to the great importance it can play in helping you learn from your mistakes and of course from your successes. A diary should not only be kept, but it should also be referred to both at the end of each trading day and at the beginning of the new day. Refer to everyВэthing you did the day before and learn from it. Please refer to the examВэples I have given you previously for specifics.

12. If you have to watch the markets, then don't trade. Some of the techВэniques I have discussed in this book are so totally mechanical that your presence is not required and live price quotes are unnecessary. Other methods, however, require your presence and close attention. If a situation arises during the day which requires you to leave your quote system, then either close out your positions immediately or give your broker stop close only or market on close orders. Do not attempt to keep in touch with the markets by calling frequently for quotes or by using a portable quotaВэtion system. This is not a good way to operate.