All righty, the month of September is over and it's now time to talk about the month of October I Thought: I would recap my month of September and create five rules that I wrote in my trading journal that I plan to focus on for next month. I Really hope that you even see value in maybe just one of them, right that you think that can work towards making you a better Trader right? And that's the whole idea is that? uh, even years being into this, there's no such thing as being perfect. it's just working on your craft and trying to show signs of progress. So I hope you learned something new.

and if you do, please consider dropping a thumbs up and subscribing if you have any questions. Even if you're an absolute beginner, please do not hesitate to send me a direct message via Discord or via Instagram which is of course linked down below. So let's keep it simple: my five trading rules for the month of October My first one is making sure that I close out each position each day and this is 100% I Do have a very common habit of encouraging and also doing closing out most of my position, but sometimes I do like to leave 5, 10, or maybe even 20% Sometimes I like to even maybe take a position pre-market when direction is not super super clear. But let me explain the cons of that.

When it comes down to carrying a position overnight, there's an uncontrollable amount of risk, right? Because we don't know if the Market's going to Gap up or gap down So therefore, if even my 20% position of Tqqq is down, you know if it's down 2 or 3% 20% is still 100K based off of what I trade with being down $2 or $3,000 at that point I'm playing catchup right? And that's not something that I want to do right. So for the month of October I want to build a healthy habit of making it a a just a habit and routine of mine to regardless of how my day turns out, to close out my position, and to make sure that I start fresh. The benefit of this or the pros is that by closing each position out each day, I get to start the next day and really choose if I even want to trade if the market is bullish is Direction clear enough. where I want to go long is Direction bearish enough where I want to go short right Sqs or Tqs and at that point I'm given options and I'm not playing catchup.

I Yeah, I might miss out on some Gap UPS or some Gap downs, but I would rather miss out on plays than to start off in the red. and that's just again. one of the habits that I want to work on for the month of October. Uh, second is, allow the Market to paint the picture for the day, meaning that I often find myself not too sure if this is just me.

You guys let me. know in the comment section: I often find myself taking a trade too early where the market might be be uh, bullish pre-market hours but as soon as the Market opens, Market goes red right or begins to sell off if Market starts off in the red but then all of a sudden reverses right? I've noticed that if I am patient for the at least first hour to maybe even two hours I allow the market to decide you know, kind of run up, sell off, consolidate whatever the market needs I allow it to paint its picture for the day right at that point I have more data to go off of to then determine Do I even want to trade today? And this has almost even encouraged me that maybe one or two of the days out of the week for my live trading sessions to maybe consider going live one or two hours after because I don't want to feel forced that I need to take a trade right at Market open because again, Market just opened and I don't want to make uh, a misjudgment right at Market open just to entertain the people that are part of Lpp. So let me know in the comment section what you think about that by allowing and giving the market more time to paint its picture for the day I I I plan to make that a habit where I will therefore then make more informed decisions based off of more data that I have to go off of and I think again. Giving the market more time to painted picture is probably a habit that we can all pick up on, right? Uh, The third thing is, um, getting better at closing at signs of a resistance and not afraid to lock in profits or close the position regardless of how much it is that I'm up or down.

It kind of goes back to the principle of the blind trading challenge. If you're part of my Lpp team, it's this concept that we've brought up where we close out how much we're up or down right? the P&l and we focus on the trade because realistically, how much you're up or down is insignificant to the actual trade, right? The dollar amount that you're up or down only matters to you based off of the money that you have in it. But at the end of it, you shouldn't be taking the trade entering or exiting based off of how much you're up or down it should be. Is the trade still valid, right? Is it still indicating signs of an uptrend? Still signs of progress? Or is it add a resistance? Is there a why on why you should buy or add more or sell or cut losses? Those are the important things right? Not so much about I Want to make an additional? You know, 500 bucks or a couple bucks here.

a couple bucks there. Oh no I just want to make back what? I was up right I I go through that mental Warfare myself as well I know I can't be the only one. so I want to make it a better habit that regardless of how much I'm up or down that if I see signs of a resistance and it's beginning to curl over I don't care about the few cents just to exit and I I don't want to hesitate I want to make that a good habit because I want to lead by example for all the people that are part of my Lpp team. So fourth, make my money and walk away.

I have noticed that I get more done throughout the day when I come in I allow the Market to paint its picture I have no open positions I wait for my proper setup I take the trade I close it out and then I just move on with the rest of my day I often find myself that I spend if I spend too much time in the market watching the market I tend to overtrade and my later trades are often not the best trades and if I do make much more money, if I do make more money, it's not much more and it ends up again just efficiency wise. I just would like to enjoy the process more right? I Want to continue to look forward to what it is that I do every day and I want to keep it enjoyable and sometimes when I spend too much time on the market, it's just not the most enjoyable thing, right? It's like watching paint try. So I want to be efficient with the time that I spend trading and that once I do either hit my uh you know uh goal for the day to not be afraid to walk away and continue with the rest of my day and then just wait for the next you know opportunity the next day. So making a good habit of making my money and walking away.

and the fifth thing that I want to focus on is having a Max dollar loss or percentage loss no exceptions and minus $5,000 meaning that if I lose $5,000 if I'm down $5,000 on a trade I don't care if it's nearly at support I don't care if it's like at a critical range where it might bounce if I'm down $5,000 close it out at that point I should make make sure that when I take the trade that my stop loss and my my Max loss of 5,000 isn't at a point What? that might be an inflection point right? This will only encourage me. You know 5,000 for me is about a 1% at a full position I know I can recover from that if needed right? but I want to make sure that and and that's kind of the middle ground. That's how I came up with the figure. $10,000 might be a little bit more challenging for me to come back from right of a loss for that specific day, but I know if I'm down 2, 3, four, $5,000 being my Max loss I would feel pretty comfortable and confident.

Not comfortable I would feel pretty confident in my abilities to come back from a $5,000 loss. Um, on that given day, right? Um, and and that's kind of. The idea is I want my loss to be something that wow, Okay, it's big enough that I need to I need to close it out here, but it's not so big that I I can't make it back or work towards making it back if needed, right? Obviously I don't want to over trade I don't want to Revenge trade but it's like this: Middle Ground where even if I close it out and I end the day that way I Know, you know moving forward, it's not going to be something that might be devastating or more discouraging. You know, losing 20, 30, 40, $50,000 much more challenging to come back from.

So um, again, having a Max dollar loss, closing it regardless of what excuse I might have in my mind cutting it there and then again waiting for a more ideal setup and one of the Uh quotes that I want to leave you with it's let's say let's see if if I remember it clearly is. Um, the idea of remember, cutting losses or risk management is not the end of a trade right? Or it's not something that defines you as a bad Trader it's simply a new opportunity for you to enter a new position more effectively and efficiently. And I think that's a beautiful way to look at it, right? It's a very forward way, um of of looking into why risk management is so important. So those are my five rules that I plan to focus on in the month of September You guys let me know down in the comment section.

Uh, which out of the which one out of those five rules. Um, you value the most if any, right? Um, and feel free to share your five rules that you plan to focus on for next month to work towards becoming a better Trader I Really hope that I Learn Earned your thumbs up I hope that you guys can. Hopefully you guys can consider subscribing. Um I Do trade live every morning exclusively with my Lpp team.

It's the only team that I work with on a closer basis and I would love to invite you to our live trading session I work with them every day. It's the second link in the description down below. We're running our biggest sale. It's a onetime payment lifetime access and you'll be able to watch me trade live as soon as the Market opens the next day.

So really do appreciate you guys your time. Hope that we're in a thumbs up. Consider subscribing and like always, let's make sure that we end the year on a green note. Takey team.