I guess my title says it all. I have been around trading for a decent amount of time now but the last few months have been difficult for me so I have decided to start a trading journal to combat the sloppy habits I've created for myself. I am a discretionary trader and very much a "feel" based PA trader, because of this my rules are some what less stringent then most because I like to leave room for myself to change my mind and maneuver. With that said I still have rules to guide my trading
1)Never hold a trade at a loss for more than 2 days. They are always garbage when I'm not showing profit after a couple days almost all of my worst trades I hold for tooooooo long.
2) Never make a trade in the same direction more than two times in a row if you take a loss in that direction. I.E. no more than two shorts in a row.
3) Only trade off relevant levels. I'm the king of putting a sloppy trade on in the middle of a trading range or anywhere I feel I have no edge. Wait for HOD, ONL, etc. to place trades.
4) Be careful shooting for the million dollar move. It never happens and you'll blow your winnings waiting for it.
5) Be a buyer on weakness and seller on strength. After years of "breakout" trading I learned that if I bought/sold when I "puked" my breakout trades I would maybe be a profitable trader. That's why I picked the name barf because it always reminds me of that.