What do I do when the stock market is rollercoaster ride?

Today is one of those days that make you want to pull your hair out! The stock market has been down for 3 days due to Coronovirus scares and today it was looking like there might be a chance for stocks to rise. Well some have but my day trading stocks haven't...... So what should I do? I have thought about this a lot. I even have trading rules for this very problem. And the answer is NOTHING! Don't take a trade, wait for the market to reestablish itself. Then enter when things are more stable.

I know this is very hard for us to do as stock traders. After all we love trading stocks or we wouldn't have this job right, I get it. But what I have learned from trial and error is that it's better to preserve capital than try and trade in rough waters. There are sharks out there people and they will eat you alive if you aren't careful.

So if you haven't made yourself a set of trading rules yet, this is a perfect time. Take the downtime from trading and use it to your advantage. My trading rules are quite simple and go like this:

1. Do the work.... research, read and evaluate. 

2. Breathe on the open. Wait 3 minuets after the opening bell before taking a trade.

3. Stop trading for the day after 2 red trades.

4. Stop trading for the day after a $250 loss.

5. Don't take a trade on FOMO - Fear of Missing Out (You have probable already missed the move anyway if you are feeling FOMO.) Don't worry, there will always be another stock to trade.

6. Remember to have a mantra- I am enough, I have enough is mine right now.

Hope this helps you all in the turbulent moments.

Happy trading,
Michelle