So here are five trading rules that I plan to follow starting January 2024 What's going on Team: It's Ricky with tech Solutions Happy New Year and I really hope that again you guys can sit back, relax and learn something new. And if you have any specific trading rules that you would like to share for not only myself but others to see, make sure that you share them down in the comment section I Hope that earn you a thumbs up and don't forget to subscribe. So again, 2023 was a great year 2024. We are still uncertain because of overall market conditions.

2023 was an extremely bullish year due to the very aggressive sell-off that we had in 20122. The question that a lot of people are asking now is okay. Well, we had an amazing performing in 2023. Is that going to continue and rally into 2024? Or are market conditions going to change? Because if market conditions are going to change then therefore the edge should change as well because if you made a lot of money going long into 2023? but if Market Direction begins to change in 2024, then obviously that same Edge or that same approach isn't going to be as giving in 2024.

So here are five rules that I plan to follow regardless of what happens right. The first one give the market the time that it needs to paint its picture for the day. I've shared this with my Lppp team before and what this means is how many times have you taken a trade right when the Market opens and then you instantly reget it because either Market Direction changes or you could see that based off of what is actually happening with the market, it is completely different than what it first looked like. Maybe within the first you know 5, 10, 15 minutes or the pre-market session, we have seen quick changes of Direction and by truly giving the market the time that it needs to paint its picture for the day, so determine its direction, Is the market going to trade sideways? Is the market going to, you know, indicate signs of an uptrend? Or is the market going to sell off by giving the market the time that it needs to paint its direction or paint its picture for the day? You can therefore make a more informed decision based off of the data that it's providing for you instead of making an impulsive decision and then hoping to get lucky.

Let me know what you think about that. First rule. The second rule is enter active trades. If position is flat, get out.

How many times have you entered a trade and you enter early, but it's just Trading sideways or you're waiting for something to happen, but you still pull the trigger and you open that position. One of the things that we've shared before is any open position is a position that's open to risk. So the example that I want to give you is kind of like what we experience with my short position on coin. Coin never made sense to short it until it was an active selloff.

This was an active selloff that made sense to short because it was actively making lower lows and lower highs. now. could I have opened this position the day before when the markets were trading sideways or coin was trading sideways Again, That's a position that's open to risk and that's not showing any signs of progress. So a great habit that I would like to have and work on getting better on in 2024 is to only enter active trades and if the position begins to be flat to just get out because any open position is a position that's open to risk, let me know what you think about that second rule.

The third rule is make, make your money and call it a day. This is one thing that I've personally struggled with. You let me know down in the comment section based off of your experience. but sometimes I find myself spending too much time watching the market even after I already exceed my daily goal.

So if I made my money, it's already you know 3 to four hours into the market I have found myself often put myself in a worse position as Market Direction might be changing through the later hours of the day and I force a position just because I've made already so much money that I'm like, why wouldn't I keep doing this that at that point I should just respect the market enough that especially towards the later hours markets tend to get I would say less active Market directions can ultimately end up changing and I have noticed at least for myself that I tend to make most of my money within the first 2 to three hours of the market open the trades that I take within the later hours Yeah, I might still make some money or I might actually give it back, but ultimately based off of opportunity, cost, and being efficient and effective with this trade, I am most efficient and most effective when it's within the first two to three hours. I found it within myself that if I trade within the later hours, sometimes yes, I might make money, but it's not as much and it wasn't worth the time and the risk. So I would like to be more efficient and effective in 2024. And that is why after I exceed my goal or hit my goal or I'm close to my goal.

especially as we get into the later hours to respect myself and respect the market enough to be able to step away and wait for the next opportunity the following day to start fresh. So the fourth rule we need to talk about it is risk management. So max loss of 7.5k in a day. so obviously everyone trades with a different dollar amount.

This would be roughly about a 1.5% loss. The reason 1.5% is kind of The number that I want to work towards is that would amount to in a full position. This is Wor worst case scenario about at uh, $7,500 that's a ton of money and I get that. but again, I trade with half a million dollars.

So the the point that I'm trying to make is 7.5k is a significant amount of money. but it's not something that I can't recover from on maybe my next trade I often try to Target trades that yield a 2 to 3% return. So with that being said, if I do take a 1.5% loss and that being my worst and worst case scenario loss, it's something that I can recover from and shouldn't be too devastating or too discouraging. But I need to accept that if that is my Max loss that once I hit that I need to walk away, step away for the day and wait till the following day.

Um, to try to not just make my money back, but try to take on a new trade. At that point it can get into Revenge trading and that's definitely not something that I want to put myself in a position to experience. So I wanted it to be something where. Yes, it was something that I knew that I can recover from, but not so much that it discourages me to want to continue to do this again.

So I tried to find that middle ground and based off of what I on average try to make 2 to 3% on a given trade which again of course is not every day. I know that a 1.5% loss is a trade um, or or a position that I can recover from. So I I talked about a 7.5k loss, but I wanted to put it in the percentage aspect um and give you that example and that's around 1.5% at a full position of about $500,000 Uh and the last thing that I wanted to talk about is position size management. This is something that we talk a lot about um with our beginners that are part of LP and it's knowing when to step on the gas, knowing when to be light with a position and to not always feel the need to be in a position 100% This is something that not even just when you get started, but I find myself creating a bad habit where if I'm on a hot streak I just I'm more aggressive entering a larger position closer to that $500,000 um position size and I want to remind myself that specially direction is not clear if this trade is a little bit more risky that I'm not afraid afraid to size down.

So I split it into increments of 10% so again of $500,000 that would be about a $50,000 position. that if it's a riskier trade or if things are not as clear or it's early on within the day and I'm warming up for the day to not be afraid to size down I shouldn't be afraid to take a position but that I respect the risk enough that I size down and therefore 10% as I'm getting warmed up and I feel comfortable if direction is clear enough to then scale up to maybe 50% to 250,000 and and if all my criteria is being met, if all the stars align with the trade that I'm about to take kind of like with Coinbase right when I was shorting that to not be afraid to go in 100% but to make sure that all my criteria is being met and then again, that would be that 100% position size. So those are my five trading roles I Feel like a motto that I would like to share with you guys for 2024 would be progress not Perfection There's no such thing as a perfect Trader There's no such thing. uh, as a perfect trade.

You will never be a perfect Trader your entries and your exits will never be perfect. The whole point is not to be perfect, but it's knowing when to get in and respecting when to get out and again that you focus on not avoiding red days because that's inevitable. Uh, but to Simply learn how to manage them right and again I Think the motto of progress not Perfection is a great modotto to have for 2023. So again, I Do trade live with my Lpp team.

Every morning they get to see my entries, my exits, and most importantly, they get to hear my thought process behind every trade. I Take Uh, the course is designed for complete beginners. These daily live trading sessions that I host with them happen every single morning right at Market open and I would love to invite you that if you want to watch me trade live as soon as the Market opens tomorrow and every day moving forward after that for 2024 again to onetime payment Livetime Access Second link in the description down below and it's one of our biggest sales that we have going on. So excited to kick off 2024 with you guys! I'll see you tomorrow for our live session and like always, let's make sure that we end the year on a green take Care team!.