You might want to change the title of your post to “My 10 Commandments of Trading”.
I ignore #1 and #9. I don’t know what #7 and #8 mean. #3, I’m not necessarily a trend trader. I trade pure price action which means that I sometimes take what some might consider counter trend trades, if my price action analysis warrants it. For #6, if you mean a fixed or arbitrary R:R ratio then I don’t do that either. So, at least 5 of your 10 commandments do not apply to me.
It depends on what type of trader you are, I’m a swing trader, so 1 I take into account, 2 I’m not a technical trader, 3 I tend to trade with the trend, although sometimes I trade against the trend based on fundamentals, not sure why you need to know the time I place trades 16 hours a days across 3 markets Asian, UK, USA, 5 OK, 6 not sure you work out your R/R, 7 your your own risk manager, 8 not sure, 9 there’s no room for sentimentality in trading, in fact it’s probably the dead opposite, 10 has some substance although short term and long term.
I think if you trade with money management and risk management with a good strategy, you can get a lot of rewards from trading. I have seen many traders who have not been able to make a profit with a very good strategy. Because their money management and risk management was not right.
Adding on that with some “psychological commandments” here’s what I have to help guide traders with their trading decisons and actions (especially newbies):
Have a clear trading plan: Develop a well-defined trading plan that outlines your goals, strategies, and risk management practices.
Manage risk effectively: Ensure that you have a solid risk and money management plan in place, and always consider the potential downside of a trade before entering it (ALWAYS USE A STOP LOSS).
Stay disciplined: Stick to both your trading plan and schedule,and avoid making impulsive decisions based on emotions.
Keep emotions in check: Avoid letting emotions like fear, greed, and overconfidence influence your trading decisions.
Diversify your portfolio: Spread your investments across a range of assets to reduce your overall risk exposure (don’t trade only one market or markets that correspond only, trade diversified markets but keep them within your risk tolerance of course)
Stay informed: Keep up to date with market news and events, and be aware of any potential risks or opportunities.
Be patient: Avoid making hasty decisions and wait for good trade opportunities to arise (trading is 10% buying, 10% selling and 80% WAITING)
Keep a long-term perspective: Focus on building a successful trading career over the long-term, rather than chasing short-term gains (set long-term trading goals and break them into short-terms goals)
Continuously improve: Stay open to learning and continuously improve your trading skills and knowledge.
Have realistic expectations: Set realistic expectations and understand that all trading carries some degree of risk. Accept that there will be losses, but also focus on the long-term potential for success.
You have to plan well to reap gain in Forex. Your planning should be based on proper market analysis and make sure wrong analysis doesn’t make you go astray.