How To Eliminate Emotion From Trading

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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