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MDS GDV110 – ‘One Game a Day’ Assignment
Media Design School’s GDV110 students come up with a game idea a day.
Day 24 – High School Homework
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 24
High School Homework
High School Homework is a student homework simulator. The player takes the place of Bobby Johnson, a fifteen year old year 10 student in high school. Each day Bobby gets given a topic to write an essay about and its up to you, the player to make sure he passes!
Each level is a in game day, and the player must help Bobby progress and pass high school. Yes that means that you, the player must write an essay for every schooling day of Bobby’s high school years! Each essay has a time limit of one hour to write and it will be graded upon punctuation, spelling and covering the topics needed. You, the player, must do you own study outside of game time to make sure that you have all the knowledge needed for the essay. A searching algorithm will check each essay for keywords that relate to the topic. The players essay will be graded either with a N (not achieved), A (achieved), M (merit), or E (excellence) as this is the normal NCEA system.
If the player continuously fails his essays his year average will drop, if this average is below an A by the end of a year then the player loses the game. This is the only fail state.
The player will win if Bobby Johnson somehow manages to graduate high school.
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More submissions by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment
Wall Runner Races
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 52
Wall Runner Races is an endless gravity runner game designed for ios and android devices. The player runs along the inside of a large 3D tube. The player will have to tilt the device to make the character run either left or right and the player can also tap on the screen to activate different power ups you may pick up. These power ups include speed boost, jump, gravity reverse, invincibility, slow motion, and others that can be used offensively such as projectiles. All of these power ups are one time use only and the speed boost, invincibility and slow motion only take effect for a few seconds.
There will be two main game modes for the players to choose from. The first is just the classic endless mode. The player will have to last as long as he can on the track while obstacles pop up and parts of the floor fall away. The second game mode is a multiplayer race game. Friends will be able to race each other along the insides of these 3D tubes. They will be able to use the abilities on each other in order to get ahead. I imagine Wall Runner Races will play like a mix of classic kart racing games and newer endless runners.
Escape The Room – Dinner Party Surprise
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 51
Today game idea is an escape the room type game that the players will physically enter and try to escape.
The basic story for this escape the room game thing. Is that a bunch of people have been invited over to a billionaires apartment in upstate NYC. All is going well until he leaves and never comes back. You, the guests discover that all of the doors are locked and you find note that he plans to kill you all upon arrival. Try to escape before he returns!
- 1)There is a number hidden somewhere on the first 2 paintings in the living room (3 and 6). The third painting has the letter “C” on it. The paintings all have to do with water being heated in some way.
- a.The guests must turn up the Jacuzzis temperature to that number (36 degrees C) and then a small door imbedded into the side of the Jacuzzi will open.
- 2)Inside the door is a cake recipe with a list of ingredients. Some of these ingredients are circled. (This is a red herring)
- a.The guests must actually thaw out a frozen cake (found in the freezer) and inside will be a key, a knife, and pillow feathers.
- 3)Inside one of the couch pillows will be a box with no lock. Inside the box will be a tape measure and a sentence saying. “Something isn’t right about this apartment.”
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 50
Mars Faction is a resource gathering factory game. Each player is assigned a different faction and all must survive on mars. The players are viewed from a town down view and are controlled with the WASD keys. The players must start from basics, mining metals and rocks from the surface of the planet, gaining enough reasources to slowly automate things. The players must build intricate factorys to gather, along with defences to protect against mars’s harsh environments and other inhabitants. The object of the game is for each player to have a large sprawling base that is covered in pumps, pipes and pistons, all designed to efficiently gather resources and then turn them into objects. Players must find an engery source and use that to power systems, build drones that defend and construct ways of transport to get around.
As the players build these factories the current population of mars, a huge swarm of alien beasts, will become enraged and wage war against the human structures. The players will have to decide whether or not to form alliances and share resources or to face the wrath of mars along.
The idea behind Mars Faction is to combine Open TTD and Factorio.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 49
In Cooking Simulator the player takes on the role of a master chef in a 5 star restaurant located somewhere in France. The player will get a first person view on the kitchen as if he where the chef. The player will move around with the WASD keys and pick up and use cooking utensils with the mouse. To cook, the player must grab good items and then use them on different things (like putting them in a pot, or oven etc. ) Once the player has selected a tool he can then use it on the pot or oven or whatever. This will make the chef do that action for a set amount of time. The chef will have full reign of the kitchen will thousands of different recipes to choose from and heaps of ways to cook each one. Once a meal has been prepared the chef will be graded by the customer and given a rating and gain experience. With the experience, the player can purchase more advanced recipe books that hold more difficult recipes to make and meals to prepare. The player can only cook something if he has the recipe for it. The recipe books can come in different styles like for example: Japanese or Mediterranean food.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 48
Concrete Jungle is a post apocalyptic generation game where the player must player as ordinary animals surviving in a overgrown city. Humans have long since left and animals are left to roam and create a new food chain in this strange territory. Will you rise to the top? At the start of the game the player may choose which species he is from a series of animals. Like different breeds of dogs, cats, and other animals, horses, crocodiles etc. These animals will all have different traits and stats that help out and affect the animal in different ways. From here the player must hunt food, feed, find or make a den, chase out or animals from your hunting grounds, find a mate, and then start up your dynasty. Once one of your animals dies you get to play as the strongest (or oldest of your children).
As the player explores more of the city, he will get to unlock new areas, come across big packs of animals, and start must territory fights. The game is over if you have no more playable animals left in your dynasty to play as.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 47
Wood Loggers is a 3D race against the clock style game where the player must take on the role of a lumberjack away up in the Alaskan woods. Each day you must chop enough wood to be able to sell to make a living as well as to use as fuel fire and also as supplies to construct buildings. The problem is that there is only a little sunlight each day and the cold at night will kill you. The player must manage his time, chopping and haling wood, building defenses and sheds and other buildings, and also loading up wood into the truck and taking it to the depot to sell for money. The player can use the money to buy food as well as tools, medial supplies and defenses. Wolves, bears and other animals will come at night and try attack you, if you defenses are not good enough you will die. The days will get harsher and harsher as winter progresses. The goal is to get through the hardest part of winter, you must survive 50 days. Your score will be based on how much money you made.
Way of the Thief II
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 45
As you probably guessed Way of the Thief II is a secqual to the game idea i posted yesterday, Way of the Thief. This game takes place almost immediatly after the first one. The player has just escaped from the barons lair thing and has found out upon arrival of The City that The Baron has claimed he killed you and dragged your name through the mud. With your reputation ruined and your horde of gold plundered, you set of on quest for revenge to kill the only man to ever outwit you, The Baron.
The player must now spend his time scouting out the city, doing small quests and assassinations to make enough money to live off and buy equipment. You use you time wisely discover the city’s secret passes and tunnels. Make friends with people who will give you opportunities and kill people who hinder you. You are still mainly a thief and don’t do well in head-on combat. Stick to the shadows and plot your kills from the darkness. Work your way up in society under a new name, get into the Barons keep, kill him, and escape.
The Way of the Thief
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 44
The Way of the Thief is a first person stealth game. You, the player takes on the role of a medieval hired master thief from some fantasy universe. You charge high prices but your the best there is. There’s no door you can’t unlock and no guard you can’t slip past. Any task you take is already considered ‘done’ before the coin touches your hand.
While playing TWotT there will be a narrator that tells are story based on what you do similar to how the narrator in bastion works. The game starts while you are at the peak of your fame. You start in the middle of a city at night. with many different scrolls containing tasks with huge sums of cash from rich merchants, barons, etc. The player will then get to choose one and travel to the guy to do collect the gold before doing the quest. The player will have all of his tools and skills etc.. and will feel very powerful (yes this is how every assassins creed game starts, i know) but something happens on your task, maybe the guy is smart and knew you where coming, and you get captured and questioned. This guys wants to know how you become so good.
So the player will go back in time and relive the thieves life, starting from nothing and being clumsy and unskilled and poor, become greater and more famous and rich. The game play is similar to that of the old Thief games. You would have a map and compass and would have to navigate yourself around the city, no hand holding etc.
The player will get time to experience his well earned fame and wealth when he is at the height of his ability. And then he will come across a quest that is vaguely similar, the quest from the beginning. The player will get captured again and then the game will come back to real time. The guy who captured you brings you to his castle thing and says that he’s going to kill you. The player then has to use everything he has learnt while playing through this thief’s lifetime to escape alive.
Hack the base!
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 43
Hack the base! is a two player vs game where each player is tasked to construct a complex base. Each player can design how the rooms are laid out and where the walls are, as well as a large variety of defensive systems and traps. Players can also place guards and set their patrol routes and what they are armed with. All of this things by given a price and each player has a price cap. If one player is higher ranked than the other, the lower ranked player will receive a higher cap to compensate. Each player must also Once this has been done, the players must then place a server in on the rooms, this is the objective. Players can design bases in their own time and choose a premade base before they go into the match making queue if they wish.
After the construct phase each player is teleported to the other players base where they must get past all of the security and get to the server alive. The players will have equipment that they choose before hand (similar to the bases) and they can use this equipment to help get past. Once at the server the player must complete a ‘hacking’ puzzle type thing and if they succeed, they win money to spend on stuff.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 42
Dreamzoo is designed to be purely an enjoyable visual experience for the user. It is recommended that the player should use an Oculous Rift or similar virtual reality equipment. Similar to how Proteus plays out, the player is randomly dropped into a lush colorful world to explore. This world will have lots of wildlife that all interact with each other. These animals are all completely different from the ones we have on earth and all have preditors and prey. The player will not be harmed by any of the wildlife and will be free to walk and glide and fly around experiencing the nature around him or her. The player may follow a pack of predators as they hunt down prey and fight to be the top of the food-chain or he may fly with creatures of the air and explore the world.The world will age as the player plays for a longer period of time. The creatures begin evolving until one or multiple discover fire and learn how to use tools. Civilizations will rise and fall, all under the watchfull eye of the player.
You pretty much to watch the history of an entire new world over the course of a few hours. The experience is intended to be ‘zen’ like.
3D Tetris Arcade Game
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 41
in 3D tetris the player views the game from a third person view. The camera will follow the tetris piece from over the sholder. The player must then from this view, navigate so that it will fit into the whole-in-the-wall that is approving very quickly. The twist comes in the fact that the player must navigate three seperat peices on three different planes. The player can press the tab key to rotate between this screens/planes.
The player can also rotate each tetris block with the wasd keys. Each time the player gets a block sucesfully through each wall the player is awarded points based on the difficulty of the block. A new random block also spawned again on that screen. As the player lasts longer in each level, the walls will approach faster and faster. A new screen will appear after every 30 seconds. The player can reduce this down by one if he completes 10 walls. The player will have three lives, after that though its game over.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 40
Crows Curse is a 3D open world game set in an large gang-ridden city. You take the place of someone who has been cursed by the “Crow”, the reigning drug lord, after he made an ‘example’ of your brother who betrayed his trust. You have been marked with the talon tattoo around the eyes. Because of this you have become an outcast in this hostile world, you have become a public enemy and will be attacked by anyone who notices your mark. The only way to loose the curse is to gain the loyalty of the people and become a stronger, more powerful drug lord than the Crow.
You must now scavenge to live, find equipment and food to live off. Kill to survive and become the ultimate predator. The player is free to what he wants but will be guided my dialogue of the player speaking to himself. Days will pass and opportunities will arise, the player must take risks and make big decisions. Will you settle for acceptance or will you aim for something much greater?
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 39
Longborder Pro is a endless skater ios game that tests the skill of the player. The player takes the role of a professional longer boarder skating down the steepest road in the world, located in the somewhere in south america. The player must tilt his device to turn the long board and to avoid obsticles such as wild life crossing the road and on common traffic. The player can swipe left or right to initaite a power slide to curve around bends and make emergancy dodges.
The twist is that the longer the player skates down the road, the longer his long board will grow. The board become more and more unwieldy the longer it gets. So eventually the must rely on his skill to predict the next turn and be able to power slide around obstacles quickly.
The player will earn points for how long he lasts and can uses these points at a store to purchase new boards with slightly different stats as well as costumes and new characters.
Reward Chart Game
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 38
This Online Multiplayer game for kids is designed to be used as a tool for parents. They can use their account to assign points (insert in game currency name) to their children for doing house hold tasks and chores. These points can be cashed in in game and will be used as a form of currency to unlock and buy things. The parent will need to have a verified account and will be allocated a number of points that they can give to their children each week. The game is similar to that of club penguin. It will be multiplayer online, and be curency focused with a bunch of mini games and places to explore. The players can use the points to buy outfits, pimp out their homes and pay for items and things.
The intent of this game is to create a much more fun version of reward charts that the next generation of kids will enjoy and will be motivated to do work around the house.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 37
Pwcca’s Forest is a 3D platformer game in the same vein as classics such as Mario 64, Conkers Bad Fur Day, and Rayman 2: The Great Escape. The player takes the role of a forest spirit who resided in a tree near the edge of the forest, Pwcca. Pwcca who must save Her forest from the advances of the Stonarr, a mighty steam-punk empire who are deforesting the ancient trees to fuel their rapid expansion.
There are no other allied NPC’s that Pwcca can directly talk to. Her forest is inhabited my spirits who reside within the massive trees. She being the youngest spirit awoke soon after the Stonarr began deforestation. However many of the more ancient and powerful spirits are deep in slumber and are unaware of the evil that is happening. Pwcca’s task is two awake one of the most ancient spirits, at the heart of the forest, so that she may use its power to repel the Stonarr. She must travel deep into the forest, to place so ancient that no living creature has ever laid eye’s on it and even Old Gods fear to tread there.
Pwcca’s forest is beyond huge and the trees tower above far the forest floor. Much of the game play involves running along twisting branches, exploring deep knots in the trunks and discovering secrets among the twisted roots. Much of the lore of the world will be displayed by the surroundings. Pwcca must confront the Stonarr as well as dark beasts and Gods of the forest to save what she loves.
The Ordinary Death of Maxwell Simmons
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 36
The Ordinary Death of Maxwell Simmons is a top down rpg game in which the player takes the place of Maxwell Simmons. He was an upstanding citizen who, as far as the player knows, lived a completely ordinary and upstanding life. At the start of the game we see a quick Maxwell being murdered in his bed. However, for some unkown reason Maxwell is able to go back in time and relive his last 12 hours in a desperate search to find his murderer and stop him before he gets killed.
You the player must guide Maxwell and help him figure out why this is happening. It is clear that Maxwell Simmons has many dark secrets that he wants to keep hidden, and many enemies. Each time that the player fails and Maxwell is murdered, he will mutter a hint or piece of his story. The player will have to go back many times, slowly unraveling a much darker story than what they had first imagined. Maxwell Simmons will turn out to be a much more interesting character than what the player originally thought.
Goopers Big Escape
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 35
Goopers Big Escape is a 2D puzzle game. The player takes the role of a failed human-to-matter experiment, Gooper, and must escape the confines of a large, guarded, science facility. Even though the experiment is a failure, Gooper still managed to live with a number of qualities found in goo. The player must use these qualities to escape the facility.
Goopers Big Mistake will be a fast paced platformer game. The player must think quickly to escape using his abilities. Gooper will be chased by security, shot at by defenses, and hunted down by dog-bots. Each level will be open ended and will have multiple ways to get through. To escape, Gooper must first collect the blue, green, and red security keys to get through the main gates. They will also be a speed run mode where the player is timed and also a ghost mode where the player can race his previous runs.
Goo-morgh: The player can temporarily change into its gooey state. This will allow the player to quickly move through thin obstacles, become immune to projectiles, or squeeze through tight spaces.
Goo-control: The player can use his innate gooness to shoot out a blog of goo and control it for a while. He can also control other goey blobs and failed experiments that he comes across. Though these experiments are even less complete and only last a short while.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 32
Iceberg Bezerkers is a ios game that is in the same genre as other ios/facebook games such as clash of clans and backyard monsters. However the intention for Iceberg Bezerkers is to create a quality game in that same tap-and-harvest/supply manager genre; To combine that crazy addictive gameplay that is found in those sorts of games and combine that with actual player progression and quality game play. in this one the player takes control of a crew of Vikings who, by some curse of the trickster god Loki, have been wrecked on an iceberg. With meager supplies left the player must build them shelter and help them thrive once more.
The overall goal for the player is to get the Vikings back on their feet, build them another ship and begin raiding other places for supplies (using those to pimp out their Iceberg.
But before that the player must help the Vikings survive. Build them shelter and get them a steady source of food by fishing off the edge. The player can send the Vikings off to explore the iceberg (its quite big) and they may come back with supplies from other wrecks.
The player can also construct and then upgrade a long ship which can be sent off on raids, these bring back supplies and treasure.
Things take time to build but not ridiculous amounts, just enough to hit that perfect addictive spot that will keep players coming back without affecting game play.
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 31
Duplox is a puzzle game where the player controls a little guy trying to get to the center of a 3D blocky puzzle. This puzzle can be rotated with the mouse by holding right click and dragging, the player is control with the wasd keys and the camera will move by normal mouse controls (no holding click). Each level will be a different puzzle, with them getting harder and more complex as the game continues.
The puzzle will be made up of a bunch of different blocky interlocking pieces. These pieces will all be a different colour. As the player moves around the puzzle he can step on a coloured switch, this will move the corresponding colored piece and will open up another section of the puzzle. This player must use this mechanic alone (along with basic movement) to figure out how to open up the puzzles and get to the center of each one.
Super Myth Racing
A submission by calebmcculloch for MDS GDV110 – ‘One Game a Day’ Assignment 30
Super Myth Racing is a 3D aerial racing game where each player is in control of a winged mythological beast and must fly along a pathway that winds around something like a castle or through a series of caves. Player can fly through hoops to gain a short speed boost. These hoops also lead the way around each map, helping newer players to navigate the path. Similar to games like Crash Team Racing or Mario Kart, Super Myth Racing has a pick up system which allows players to grab mystery eggs from the air these eggs will soon hatch and give the player a onetime ability. These abilities can range from simple speed boosts, to weapon abilities fire spray or summoning hunting imps that will chase down everyone ahead of you.
The player can choose from a series of mythological beasts to race with. Each species will have a rating out of five of each of the three stats: speed, maneuverability and acceleration.
The different species are: Dragons, Griffins, Gargoyles, Phoenixes, Hippogriffs and Wyverns.
10 Steps to Building a Winning Trading Plan
Matt Blackman has 25+ years of experience as a financial writer and 11+ years of expertise as a research analyst; contributes to several publications.
Charles is a nationally recognized capital markets specialist and educator with over 30 years of experience developing in-depth training programs for burgeoning financial professionals. Charles has taught at a number of institutions including Goldman Sachs, Morgan Stanley, Societe Generale, and many more.
Katharine Beer is a writer, editor, and archivist based in New York. She has a broad range of experience in research and writing, having covered subjects as diverse as the history of New York City’s community gardens and Beyonce’s 2018 Coachella performance.
There is an old expression in business that, if you fail to plan, you plan to fail. It may sound glib, but people that are serious about being successful, including traders, should follow those words as if they are written in stone. Ask any trader who makes money on a consistent basis and they will probably tell you that you have two choices: 1) methodically follow a written plan or 2) fail.
If you already have a written trading or investment plan, congratulations, you are in the minority. It takes time, effort, and research to develop an approach or methodology that works in financial markets. While there are never any guarantees of success, you have eliminated one major roadblock by creating a detailed trading plan.
- Having a plan is essential for achieving trading success.
- A trading plan should be written in stone, but is subject to reevaluation and can be adjusted along with changing market conditions.
- A solid trading plan considers the trader’s personal style and goals.
- Knowing when to exit a trade is just as important as knowing when to enter the position.
- Stop-loss prices and profit targets should be added to the trading plan to identify specific exit points for each trade.
If your plan uses flawed techniques or lacks preparation, your success won’t come immediately, but at least you are in a position to chart and modify your course. By documenting the process, you learn what works and how to avoid the costly mistakes that newbie traders sometimes face. Whether or not you have a plan now, here are some ideas to help with the process.
Disaster Avoidance 101
Trading is a business, so you have to treat it as such if you want to succeed. Reading a few books, buying a charting program, opening a brokerage account, and starting to trade with real money is not a business plan—it is more like a recipe for disaster.
A plan should be written—with clear signals that are not subject to change—while you are trading, but subject to reevaluation when the markets are closed. The plan can change with market conditions and might see adjustments as the trader’s skill level improves. Each trader should write their own plan, taking into account personal trading styles and goals. Using someone else’s plan does not reflect your trading characteristics.
Investing After the Golden Age
Building the Perfect Master Plan
No two trading plans are the same because no two traders are exactly alike. Each approach will reflect important factors like trading style as well as risk tolerance. 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. The real pros are prepared and take profits from the rest of the crowd who, lacking a plan, generally give money away after costly mistakes.
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—otherwise, you risk losing your shirt. This is almost guaranteed to happen if you are angry, preoccupied, or otherwise distracted from the task at hand.
Many traders have a market mantra they repeat before the day begins to get them ready. Create one that puts you in the trading zone. Additionally, your trading area should be free of distractions. Remember, this is a business and distractions can be costly.
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. That means if you lose that amount at any point in the day, you get out of the market and stay out. It’s better to take a break, and then fight another day, if things aren’t going your way.
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? Many traders will not take a trade unless the potential profit is at least three times greater than the risk. For example, if your stop loss is $1 per share, your goal should be a $3 per share in profit. Set weekly, monthly, and annual profit goals in dollars or as a percentage of your portfolio, and reassess them regularly.
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? Index futures are a good way of gauging the mood before the market opens because futures contracts trade day and night.
What are the economic or earnings data that are due out and when? Post a list on the wall in front of you and decide whether you want to trade ahead of an important report. For most traders, it is better to wait until the report is released rather than taking unnecessary risks associated with trading during the volatile reactions to reports. Pros trade based on probabilities. They don’t gamble. Trading ahead of an important report is often a gamble because it is impossible to know how markets will react.
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 or detected with a clear visual or auditory signal.
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. Many traders cannot sell if they are down because they don’t want to take a loss. Get over it, learn to accept losses, or you will not make it as a trader. If your stop gets hit, it means you were wrong. Don’t take it personally. Professional traders lose more trades than they win, but by managing money and limiting losses, they still make profits.
Before you enter a trade, you should know your exits. There are at least two possible exits for every trade. First, what is your stop loss if the trade goes against you? It must be written down. Mental stops don’t count. Second, each trade should have a profit target. Once you get there, sell a portion of your position and you can move your stop loss on the rest of your position to the breakeven point if you wish.
8. Set Entry Rules
This comes after the tips for exit rules for a reason: Exits are far more important than entries. A typical entry rule could be worded like this: “If signal A fires and there is a minimum target at least three times as great as my stop loss and we are at support, then buy X contracts or shares here.”
Your system should be complicated enough to be effective, but simple enough to facilitate snap decisions. If you have 20 conditions that must be met and many are subjective, you will find it difficult (if not impossible) to actually make trades. In fact, computers often make better traders than people, which may explain why most of the trades that now occur on major stock exchanges are generated by computer programs.
Computers don’t have to think or feel good to make a trade. If conditions are met, they enter. When the trade goes the wrong way or hits a profit target, they exit. They don’t get angry at the market or feel invincible after making a few good trades. Each decision is based on probabilities, not emotion.
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. Write down details such as targets, the entry and exit of each trade, the time, support and resistance levels, daily opening range, market open and close for the day, and record comments about why you made the trade as well as the lessons learned.
You should also save your trading records so that you can go back and analyze the profit or loss for a particular system, drawdowns (which are amounts lost per trade using a trading system), average time per trade (which is necessary to calculate trade efficiency), and other important factors. Also, compare these factors to a buy-and-hold strategy. Remember, this is a business and you are the accountant. You want your business to be as successful and profitable as possible.
The percentage of day traders that quit within two years, according to a 2017 paper titled “Do Day Traders Rationally Learn About Their Abilities” by Barber, Lee, Liu, Odean, and Zhang.
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. Remember, there will always be losing trades. What you want is a trading plan that wins over the longer term.
The Bottom Line
Successful practice trading does not guarantee that you will find success when you begin trading real money. That’s when emotions come into play. But successful practice trading does give the trader confidence in the system they are using, if the system is generating positive results in a practice environment. Deciding on a system is less important than gaining enough skill to make trades without second-guessing or doubting the decision. Confidence is key.
There is no way to guarantee a trade will make money. The trader’s chances are based on their skill and system of winning and losing. There is no such thing as winning without losing. Professional traders know before they enter a trade that the odds are in their favor or they wouldn’t be there. By letting their profits ride and cutting losses short, a trader may lose some battles, but they will win the war. Most traders and investors do the opposite, which is why they don’t consistently make money.
Traders who win consistently treat trading as a business. While there is no guarantee that you will make money, having a plan is crucial if you want to be consistently successful and survive in the trading game.