How to Day Trade in Real Life: Part 4

How to Day Trade in Real Life: Part 4

This is the final class of the Real Life Day Trading program.

In this class you will learn

The 3 types of gaps to avoidHow to build a trading planWhich rules to include in your trading planHow to trail your stopWhy you shouldn't link pain to losing money

This program focuses a lot of trader psychology and we also have the opportunity to cover numerous Real Life Trade set ups. Today (June 9th, 2017) happened to be a monstrous day in the Real Life Day Trading Room and Jerremy brought his energy!

Below is the trading plan completed in Class 4. 

Risk = 1% of your accountNo more than 2R loss on any given dayNo more than 5R loss on any given weekNo more than 7R loss in any monthFocus on ______ type of gap <pick 2 max>Max 30 trades per monthIf playing the retest gap, wait for a MSR or ESR that touches the 10 EMAMost of your trades should be after the first 20 mins of the dayOnce I place a trade, I will walk away from my computer for 90 mins.I must plan my day trade in writing at least 10 mins before it triggersDo not chase a trade (If I ask the question out loud ‘am I chasing this trade’If you play a retest gap in the first 5-10 mins of the day, exit at 1 R (especially if this is your first trade of the day, because it will retest #duh)If you are up more than 2R in the first 25 mins of the morning, take it all and be done for the day.

Pain: Something terrible

Pleasure: Reward yourself and others when you follow your plan monthly