Most important piece of the day trading puzzle

This topic has 7 replies, 1 voice, and was last updated 2 months ago by Christian Harris.

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July 15, 2024 at 14:28 #184777 Reply
Eddie_405
What is the single MOST IMPORTANT thing you need to do to day trade succesffuly for a living? If you had to boil it down to just one thing….
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- July 15, 2024 at 14:49 #184781 Reply
  Robbo
  Risk management. Risk management. Risk management. It is by far and away the most important thing and too often I see it overlooked by newbie day traders.
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  - July 16, 2024 at 08:54 #184826 Reply
    Dav3y J0nes
    TOTALLY AGREE
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  - July 16, 2024 at 08:54 #184825 Reply
    Seb_2798
    100% you will not make it day trading if you do not make risk and money management a cornerstone of your approach.
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- July 17, 2024 at 10:24 #184916 Reply
  Hank1031
  Networking with other traders has been invaluable for me. You can learn a lot from others traders’ ups and downs, experiences etc.
  
  I’ve learnt more from other traders than reading books or watching YouTube vids…
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  - July 18, 2024 at 11:32 #185028 Reply
    Seb_2798
    Yup I’ve found this too because you’re all going through it together.
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- July 17, 2024 at 10:24 #184915 Reply
  Steve
  A robust day trading strategy is everything. You need a plan that you’ve tested and refined over a long time. Without that, you’re basically gambling which isn’t going to end well.
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- September 12, 2024 at 19:12 #189980 Reply
  Christian Harris
  Participant
  Trade like a machine.
  
  In other words, use a ‘mechanical trading strategy‘ that is 100% rule-based.
  
  This type of trading approach relies on predefined criteria for making buy or sell decisions, which removes human emotion and discretion from trading.
  
  Regardless of the specific rules you choose to follow—whether they’re based on technical indicators, price movements, volume, or other quantifiable factors—the key is that these rules dictate the exact timing and method of trade execution.
  
  This emphasis on rules brings discipline and structure to your trading, helping to minimise emotional decision-making.
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