The Mind of a Day Trader

So as you've heard me mention before, Michail Shadkin is one of my biggest influences in the trading community for how I think and trade, and he has formulated some outstanding guidelines to follow. Today I am going to analyze how he uses relative strength/weakness intraday to give you better conviction and know when to stay in a trade, and when to bail out. Below is a notecard I have taped to my laptop which I am forced to stare at before pushing any buttons and placing a trade. May be a little hard to read, so I'll write them out as well. These rules are great for all traders, but especially for newer traders who should largely be avoiding the market open volatility. Wait until 10:30ish after things have consolidated, settled down and set up so you see a picture - use Michail's rules from there and you will have a much higher probability of success in your trades. Michail Shadkin Rules 1) Never average down on a long 2) Can add on shorts up until ~10am (