QT's TOP 10 STOCK TRADING RULES:
I have narrowed my Top 25 and added and deleted some to make an easier TOP 10 List.
1. Never get emotionally attached (married) to a stock--think LOGIC--Buy it, Sell it, Make money and Never look back.
2. Volume. Never buy a stock if the average volume equals less then $400,000 dollars. Over $1,000,000 (1 Million) is much, much better.
3. Charts are the Key! Never buy a stock without reviewing, analyzing and understanding the chart. Don’t buy if: RSI is over 70. Stochastics over 80. Williams%R 0-20. MACD showing negative divergence meaning if the last spike in price is showing a lower spike in the macd.
4. Take the smallest profits and go to the next. If you don’t, you’ll end up “holding” and the risk increases and you lose the opportunity to make small profits on another stock while you “wait”. It's called risk management.
It’s not about getting rich right away. It’s about making money over time and it’s about outperforming the market. It’s a game, it was always a game. If you can play it right, you can outperform the market and you can be very wealthy.
5. DON’T LOOK BACK! I repeat, DON’T LOOK BACK! A lot of times you’ll see a stock you sold up 10+% afterwards. Imagine what that does to your thinking process for the next time. (When I lose money, it’s probably because I didn’t follow my own rules)
6. Walk Away. If you don’t feel right about any stocks, Shut off the computer or simply walk away for the day. If you don’t follow this rule, then you will make #12 come true.
7. Emotion: This includes Hope & Fear. This is a pure MUST to NOT have! Leave emotion outside the door. Do not bring it with you to trade. You will fail if you trade with Emotion! Period.
8. Trade to the lighter side of L2. If there is less MM’s on the ask, buy the stock at the ask. If there is less MM’s on the bid, short the stock or buy the stock at the bid price. If there are more red then green prints, be patient.
9. Protect your principal: If you were driving your car and you saw a deer in the middle of the road, you would stop or steer away, right? Same concept. Your money is important to you so if you see a stock dropping like a brick, walk away before you get hurt more. Protect it. Don’t “hope” the stock will get back to your price, protect your principal by letting it go now, not later. Same applies for profits. Protect it by taking what you have.
10. Plan your trade, Trade your plan: So many times I bought something and had no idea when I was going to sell. Write down your buy price, your sell price, your stop price and Then do it!
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