As Wanderer Financial traders intent on funding a live-in-the-moment, nomadic lifestyle, we are guided by these principles:
Preservation of capital first, then profits.
Find a trading system that works for you, then stick to it. The system can change over time, but only with sustained study and numbers to back it up. The system does not change daily or trade by trade.
Like a professional pilot, always run through your checklist before entering any trade.
Trades should have a reward-to-risk ratio of 3:1
Have a plan for each trade before you make it. Know your stop and target prices.
Adjust stop prices up, never down. You want to lock in profits, not extend losses.
Never risk more than 1% of your portfolio on any one trade.
Keep trade records. Regular review helps you narrow down ways to maximize performance.
Focus on technical analysis and tune out the noise. Remember that if you hear news about a stock from Jim Cramer or your Uber driver, you are officially the last to know.
Lastly, remember that there is more to life than computer screens and dollar signs. Step away, get outside, and wander. The world is a wonderful place.