10 Commandments of Trading?

Newer to trading Forex, and just came across this list in an ebook. Agree/disagree?

Ten Commandments of Forex:

  1. Always be aware of the fundamentals.
  2. Always be aware of the technicals.
  3. The trend is your friend (until it changes).
  4. Know what time it is.
  5. Pair a strong market with a weak market.
  6. Risk-to-reward: think like a mathematician.
  7. Allocate like a risk manager.
  8. Be exotic. (something to do with liquidity)
  9. Become sentimental (use sentiment indicators)
  10. Process, plan and prepare for the long-term.

These are just the titles of each section - I can share more detail, but really just want opinions on this mindset.

TIA!

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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.

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Thanks! I guess I could’ve fleshed them out a little bit more. Any good price-action analysis resources?

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I’ll refer you to the following post.

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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.

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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.