Learn Day Trading Rules Successfully with Dr. Vance Trading Academy

Day trading has its own risk. The key here is balancing the risk and making the most out of every advantage available. Here at the Delta Day Trading academy, we follow some day trading rules for successful trades. For new traders, these rules become guiding lights that will save them from substantial losses along the way.

If you want to learn about day trading rules, Dr. Vance trading academy is always open for new members. The following are some of the rules we will teach and follow:

#1 Always have an Enter, Exit, and Escape price

When it comes to day trading, you need to master the three E's: Enter, Exit, and Escape. This refers to the pricing when the worst-case scenario takes place. Before you join a trading market, make sure that you have a set price that will mark if it's time for you to get out and to get in again.

A stop price or escape price is also ideal for those who want to minimize their losses. It will also ensure that you’ll have a profit at the end of the day.

#2 Keep a trading journal

Even pros keep a trading journal to record all their losses and wins. This will help you assess your trading practice if anything doesn’t go as planned. Also, writing down what went wrong will help you prevent the same thing from happening in the future.

Also, you can jot down some concerns and questions so you can ask our experts during live trading. You can also message them casually for urgent matters.

#3 Try to achieve the 80/20 rule

This isn’t much of a rule, but many traders follow the 80/20 concept. The premise here is that 80% of all your profits should come from 20% of your trades. This keeps you grounded as the 80/20 concept emphasizes that not all of your trades will be fruitful. In fact, you may experience a significant slump on some days. This is normal, and you may need to take a break to refresh your mind.

Nevertheless, it doesn’t mean that most of your trades will go sour. It’s just a matter of being prepared for the worst.

#4 Be patient and disciplined

Day trading isn't something you can learn overnight. You need the patience to learn the trade and to master the strategies. It's an investment to grow more of your future investment. You have to be patient and disciplined so you will become a successful trader. You can make that happen with the help of Dr. Vance trading company.

Also, some days may not be as profitable as others. You have to be patient and avoid letting your emotions reign over your trades.

#5 Avoid using margins if you’re a newbie

If you’re a rookie, you should avoid using margins in the meantime. It’s the process of borrowing money from a trader to fund a portion of your trades. Veteran day traders are usually allowed a margin of 4:1.

Don’t get this wrong. Margins can be leveraged to earn more. However, it can also increase your losses if your trading didn’t go well. And as a newbie, the latter is more likely to happen. Master the basics and learn your way around the market before you use a margin.

#6 Don’t trade on the first 15 minutes of the market open

The first 15 minutes of a market’s opening is mired with panic trades that were placed the night before. With that, we always wait for 15 to 20 minutes before our first move. The wait pays off since the market will start to stabilize and you can find reversals and trades that will yield quick profits.

The first minutes of the market open are like "rush hour." You wouldn't want to be caught in the middle. Besides, even professional day traders stir clear of this time window.

#7 Don’t believe in rumors

This should go without saying, but it’s worth pointing out: never believe tips that came from unverified sources. Rumors can easily kill your profits and make your day trading a big mess. Instead, base your judgment on the trends and a mathematical calculation of the odds.

Our experts always warn about the harm rumors can bring. So here at Delta trading company, we teach our members to interpret data and read charts instead.

#8 Accept that you’ll lose before you win

Day trading is never a bed of roses. Sure, you can earn a fortune here, but accept the fact that you’re going to lose first. Newbies often get too fed up with losses that they end up quitting. But if you’re willing to learn and endure a few losses on our first trades, you’re going to do well.

Avoid panicking on your first losses. Learn and don't hesitate to ask questions to our mentors so you can improve your trading practices. You can also use our best day trading training to have an in-depth understanding of the trading process.

#9 Be realistic

You won't get rich from day trading overnight. As much as you can earn a lot, you have to be patient and realistic with your profits. Remember that in order to make more, you also have to invest more. However, many day traders can't afford such risk, much more so for newbie traders.

Remember another rule: invest only what you can afford to lose. We’re not saying that you’re going to lose everything in day trading. With proper leveraging, you can earn a consistent income. However, when everything comes to worse, you shouldn’t be left with nothing.

#10 Always set an amount aside

Always set aside the amount you need for your living expenses. This way, when your trading didn’t go as planned, you won’t starve or become homeless. As much as you want to take the risk, you should never neglect your daily needs.

By doing this, you’re reducing your risk of ruin and you’re not compromising anything. Again, invest what you can afford losing. If you’re planning to pour your retirement fund in day trading, you should think a hundred times first.