Ricex
Sergeant
- Messages
- 358
Hi,
I've just added a list of general trading rules to my blog FOREX DAWN and thought I'd start a thread here as well.
This is twenty rules that I've compiled from my own rule book and from around the internet, please add to the list any that you feel I've missed or that you've found important in your trading.
1. Trade a weak currency against a strong currency
2. Accept losses as part of trading
3. Never risk more than x% per trade (x is what you consider acceptable, generally 1-5%)
4. Do not add to losing trades
5. Trade with the flow not against it
6. Keep your trading simple, complication breeds confusion
7. Keep your losses small and your profits large
8. Use technically placed stops, either mental or hard
8.a. If you are using mental stops, place an "emergency" stop loss farther out to prevent a disaster if your internet connection or trading platform goes down.
9. Never believe you know better than the market, the market is always right
10. Be patient and wait for the right trade set-ups
11. Always trade your strategy and avoid temptation by not over trading
12. Be aware of news times if your intraday trading
13. Be aware of world stock market opening times
14. If you hit a losing streak stop trading for the day and try to analyze the problem
15. Always know what the market condition is before trading
16. Trade healthy and don't trade if your ill, stressed out....... or hungover!
17. Be profitable but not greedy
18. Be organized, confident, disciplined and above all consistent in all aspects of your trading
19. Do not become obsessed with trading, keep a healthy mix of interests in your life
20. Do not create rules that you have no intention of keeping.... that's pointless
I've just added a list of general trading rules to my blog FOREX DAWN and thought I'd start a thread here as well.
This is twenty rules that I've compiled from my own rule book and from around the internet, please add to the list any that you feel I've missed or that you've found important in your trading.
1. Trade a weak currency against a strong currency
2. Accept losses as part of trading
3. Never risk more than x% per trade (x is what you consider acceptable, generally 1-5%)
4. Do not add to losing trades
5. Trade with the flow not against it
6. Keep your trading simple, complication breeds confusion
7. Keep your losses small and your profits large
8. Use technically placed stops, either mental or hard
8.a. If you are using mental stops, place an "emergency" stop loss farther out to prevent a disaster if your internet connection or trading platform goes down.
9. Never believe you know better than the market, the market is always right
10. Be patient and wait for the right trade set-ups
11. Always trade your strategy and avoid temptation by not over trading
12. Be aware of news times if your intraday trading
13. Be aware of world stock market opening times
14. If you hit a losing streak stop trading for the day and try to analyze the problem
15. Always know what the market condition is before trading
16. Trade healthy and don't trade if your ill, stressed out....... or hungover!
17. Be profitable but not greedy
18. Be organized, confident, disciplined and above all consistent in all aspects of your trading
19. Do not become obsessed with trading, keep a healthy mix of interests in your life
20. Do not create rules that you have no intention of keeping.... that's pointless
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