1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

What Are Your Golden Rules?

Discussion in 'General Forex Talk' started by ScottyCarsonMVP, Feb 10, 2019.

  1. ScottyCarsonMVP

    ScottyCarsonMVP Private, 1st Class

    Joined:
    Feb 10, 2019
    Messages:
    59
    Likes Received:
    11
    Good evening fellow traders, I am new to trading and therefore I am curious to know what are the golden rules people follow without fail....
     
  2. FxMaster

    FxMaster Lt. Colonel

    Joined:
    Oct 17, 2011
    Messages:
    7,556
    Likes Received:
    875
    As per my experience, I can say that newbies are keen to double their money and easily trapped in by so-called manager`s double your profit scheme. They need to learn proper first before they jump in or cross verify the source they are going to invest. We all are newbies at some stage but I thank FPA that they give us a very good platform to help them :)

    Check this links below to get some more ideas :)

    https://www.forexpeacearmy.com/community/threads/trading-for-living.37588/
    https://www.forexpeacearmy.com/community/threads/98-of-4x-traders-lose-money-why.22037/
     
    ScottyCarsonMVP likes this.
  3. iMusingKiMi

    iMusingKiMi Sergeant

    Joined:
    Aug 18, 2014
    Messages:
    870
    Likes Received:
    67
    I believe FxMaster gave a good answer for your question. Risk vs Rewards. If the rewards are high so are the risk.
     
  4. Morning1234

    Morning1234 Private, 1st Class

    Joined:
    Mar 8, 2018
    Messages:
    64
    Likes Received:
    7
    My golden rules:
    1. Do not be afraid of anything! If you are right, then stand on your own, have iron eggs.
    2. No matter how hard you try to foresee everything, the market can still deceive you.
    3. If you trade on a large timeframe, do not monitor an open order on a small timeframe.

    So far everything, I definitely remember something else, but I do not remember exactly what.
     
    7Bulletin likes this.
  5. Etedus12

    Etedus12 Corporal

    Joined:
    Dec 9, 2018
    Messages:
    116
    Likes Received:
    17
    My golden rule is to stop on time! This may refer not only to trading, but to different life situations. What I mean by that is that we need to know how to handle our emotions and understand where is the silver line which we shouldn’t cross.
     
    Thoris likes this.
  6. Olieng38

    Olieng38 Private, 1st Class

    Joined:
    Dec 28, 2018
    Messages:
    66
    Likes Received:
    9
    Welcome to the forex market. My golden rules for trading are as follows: 1) Never risk more than you can afford to lose at any given time 2) Never work without a trading plan 3) Stick to your trading plan with all the discipline you can master 4) Emotions and success do not mix in this trade!
     
  7. 7Bulletin

    7Bulletin Private, 1st Class

    Joined:
    Dec 24, 2018
    Messages:
    55
    Likes Received:
    9
    To add to these very important rules, self discipline is the way to success in Forex trading. Find a good strategy, master it and stick to it. Finally, keeping your emotions at bay is also a silent rule in the trade. You are bound to win and lose at some point in time, so be ready for it
     
  8. Enayess

    Enayess Private, 1st Class

    Joined:
    Feb 18, 2019
    Messages:
    54
    Likes Received:
    4
    Detailed plan, strategy, daily and monthly KPIs. It requires discipling and time management. But I would say you need to use common sense and control your emotions. Also it very important to analyses your daily actions and results, but make it constantly. This way you will be able to see the gaps.
     
  9. Albert Dcosta

    Albert Dcosta Private, 1st Class

    Joined:
    Aug 27, 2015
    Messages:
    38
    Likes Received:
    9
    The recent Golden rule that I have added to my trading is "Not taking a new trade on friday"

    This has worked out good in last month and I was able to recover my losses.
     
    Enayess likes this.
  10. dylanjessop

    dylanjessop Recruit

    Joined:
    Feb 7, 2019
    Messages:
    27
    Likes Received:
    9
    My golden rule is never to try and manage a trade mid way through.
     

Share This Page