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Things to keep in mind while TRADING! @ New York, Florida

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What are the other essential components of a solid trading plan? Here are 10 that every plan should include:- -
1. Skill Assessment
Are you ready to trade? Have you tested your system by paper trading it, and do you have confidence that it will work in a live trading environment? Can you follow your signals without hesitation? Trading the markets is a battle of give and take.- -
2. Mental Preparation
How do you feel? Did you get enough sleep? Do you feel up to the challenge ahead? If you are not emotionally and psychologically ready to do battle in the market, take the day off- -
3. Set Risk Level
How much of your portfolio should you risk on one trade? This will depend on your trading style and tolerance for risk. The amount of risk can vary, but should probably range from around 1% to 5% of your portfolio on a given trading day.- -
4. Set Goals
Before you enter a trade, set realistic profit targets and risk/reward ratios. What is the minimum risk/reward you will accept?- -
5. Do Your Homework
Before the market opens, do you check what is going on around the world? Are overseas markets up or down? Are S&P 500 index futures up or down in pre-market?- -
6. Trade Preparation
Whatever trading system and program you use, label major and minor support and resistance levels on the charts, set alerts for entry and exit signals and make sure all signals can be easily seen- -
7. Set Exit Rules
Most traders make the mistake of concentrating most of their efforts on looking for buy signals, but pay very little attention to when and where to exit.- -
8. Set Entry Rules
This comes after the tips for exit rules for a reason: Exits are far more important than entries.- -
9. Keep Excellent Records
Many experienced and successful traders are also excellent at keeping records. If they win a trade, they want to know exactly why and how. More importantly, they want to know the same when they lose, so they don't repeat unnecessary mistakes.- -
10. Analyze Performance
After each trading day, adding up the profit or loss is secondary to knowing the why and how. Write down your conclusions in your trading journal so you can reference them later.