I asked my Facebook trading group this question:
What is your best trading habit that makes you profitable?
Here are the great answers from the group as they shared their best trading habits:
- Cutting losses short.
- Letting winners run.
- Following my trading rules.
- Following my trading plan.
- Planning.
- Preparation.
- Being patient.
- Being disciplined.
- An exit strategy for taking profits.
- Taking my entry and exit signals.
- Stop trading when daily loss limit is met.
- Being consistent.
- Keeping a trading journal.
- Don’t watch CNBC for trading ideas.
- Focusing on the process not the outcome.
- Learning to code.
- Setting trade alerts.
- Proper position sizing based on stop loss and volatility.
- No mind, no ego, attention without thought to the price measurement confluences.
- Setting stop losses at entry.
- Trailing stop losses for winning trades.
- Looking for confluence of signals.
- Admitting when a trade is wrong.
- Keeping your ego out of your trading.
- Trading the trend not opinions or predictions.