What Are Your Golden Rules?

FxMaster

Lt. Colonel
Messages
9,556
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....
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....

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/
 

iMusingKiMi

Sergeant
Messages
896
I believe FxMaster gave a good answer for your question. Risk vs Rewards. If the rewards are high so are the risk.
 

Morning1234

Private, 1st Class
Messages
67
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.
 

Etedus12

Sergeant
Messages
190
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.
 

Olieng38

Sergeant
Messages
140
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!
 

7Bulletin

Sergeant
Messages
141
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.
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
 

Enayess

Recruit
Messages
110
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.
 

Albert Dcosta

Corporal
Messages
70
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.
 
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