- Always learn from your mistakes.
- Never ever trade when you are unable to focus and concentrate.
- Always plan for the worst case scenario.
Well said!
I totally agree with OP on the point that we should not switch our strategies too often. Give it some time to work and see how you can improve it further. And keeping a trading journal is truly helpful in many ways. You will be able to see if you are on the right track or not as you journal your trades. It can be used as a tool for measuring your progress from time to time. And this habit will also help us to build trading discipline which will help us to remain consistent.
Unfortunately, a number of new traders try to make quick money here without learning! Basically, they face a huge loss in their trading life! Money making isn’t an easy option here!
- Have a good trading plan.
- Always use a stop loss.
- Control your emotions while trading.
According to me,
- Always stick to your trading plan
- Don’t give up when you encounter a losing streak
- Be consistent and patient
Three golden rules of trading are:
- Take calculated risk
- Use leverage wisely
- Control your emotions
My personal experience says that
1 Take calculated risks
2 Don’t be greedy
3 Always use stop loss
Agreed.
But we can explain it in other more words too sir
View my post
Regards
These advices are truly golden and invaluable for trading forex, and they greatly increase our chances of success.
Hello Angel,
Your golden rules resonate with my beliefs too! Sticking to one strategy, maintaining a trading journal, and consistency, indeed, form the backbone of successful trading. Your emphasis on cutting losses early is crucial as it’s an aspect often overlooked.
To add, I appreciate your idea about learning from the trading journal. It’s almost like having a personal trading coach. Reflecting on our trading decisions and learning from our past actions is a powerful way to grow and improve as a trader.
Lastly, your point on consistency and staying informed is commendable. Forex trading isn’t a get-rich-quick scheme, and treating it like a long-term journey will surely reap rewards. It’s all about patience, persistence and never-ending learning.
Keep up with your positive approach and happy trading!
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For me, trading is gambling. During my early days i tried different strategies and traded in a 5 minutes timeframe and disregarding any market conditions and gaining few pips in return. I never lose a trade in those 3 months since i started trading but then it happened. I lost momentum because of a one bad trade. I was in a slump for 5 months. It feels like every trade i get into losses. I tried jumping to any strategy and backtested every strategy i ever used but it still doesn’t work with me. That’s when I realized that trading is gambling. U lose some u win some. So I decided to do trading as a gambler. Now my rule is i lose some but i win big. In my portfolio as of today, u will see a lot of loses but when i win, i make sure that i let my winners run as much as possible. Now my psychology is good, and now losing doesn’t hurt me anymore and I maybe losing money, but I am winning a lot.
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Just be patient, during your one year you will lose a lot, you will be stressed a lot, but after a while during your 2 years or 3 years of trading, it will get better and better. So hang in there, lose are necessary for you to become a consitent profitable trader. You won’t be learning if you won’t lose anyway, treat it as a fuel for your future ride.
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In trading, I always protect my money, stick to my plan, and stay curious to keep learning and adapting.
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It is.
It’s written by chatGPT like all his other garbage pasted in, all over the forum, in an attempt to promote the spam-link in his profile.
A lot of it is bumping ancient threads like this, too.
I try to report it to the moderators, but you can’t report every post because error-messages tell you that you’ve reported too many in one day.
The long-term outcome is (and has always been!) that the posts complaining about the spam/bots/AI-garbage are removed, and the problem persists. They come here to do it because every other trading forum kicks them out.
Your post and mine will disappear. Most of his won’t. 
I have already put tradingbusters on Ignore, permanently. Now I can get on with real life playing ARMA3 and posting on babypips…
I think last time we heard from tradingbusters, “he” was telling some poor guy in a space suit that he was “sorry” but he couldn’t open the pod bay door…
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The lack of moderation over tradingbusters (and a huge number of others like “him”) has driven away from the forum almost ALL the longstanding, experienced, successful members, apart from you, MattyMoney, SovoS (intermittently) and Mondeoman.
And then Pipstradamus grudgingly comments that the forum has some “member retention problems” and a “problem with no-value posting”.
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Yes sure, these are really golden rules for new traders like me. Thank you for sharing.
Controlling emotions as proximity said is also another important rule for success. Don’t you think practicing a strategy to get full control over it may help controlling one’s emotions?
Thank you for sharing that rules here.
- Don’t exit from trades instantly: Let profitable trades run and don’t automatically exit when you reach a price target.
- Discipline: Be a disciplined trader with your trading plan.
- Risk management: Have predefined entry and exit points, when placing the trades.
[Edited for Forums Policy violation]