Early this year I began trading with a prop firm. My focus is intraday scalps on volume laden movers. Here are the rules I’ve since enacted. Some are newer than others:
-never average into a losing trade
-delay all entries until 20mins after opening bell
-no new trades unless there’s at least 40mins left in the session
-no shorts unless SPY trades below opening price for a minimum of 30mins
-average daily volume for eligible stocks must exceed 200k
-entry only if a given stock’s daily vol run rate clearly exceeds SPY
-NO SETUP, NO TRADE >> setup requires a compelling series of 5min candles
-be mechanical
-use 1.5% stop loss, no excuses
-permitted 2 losers per day, after which go have fun / regroup
-sell half of winners +1.5%, no regrets.. raise stop on remainder to entry price
-sell half again +3% & then assign 3% trailing stop to remaining shares
-nothing held overnight absent +3% cushion
-maintain daily diary / decompression
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