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When becoming a day trader, there are many rules of thumb to adhere to, to ensure that success is seen. I met with a day trader and asked him the obvious question: Is there a golden rule that I need to apply when trading? He told me that there are rules governing this industry which I had convinced him to share with me. Here are some excellent tips that he had shared with me.

• Never be in a trade that comes out before the report and keep a steady focus on the trade calendar.

• Never Trade on FOMC meeting days.

• Stay out of trading for the day until the volatile time has passed.

• Find someone to mentor you, for even though you think that you are the best, the mentor will show you your weakness and ways in which to improve on them.

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