I’d much rather put my info on my babypips journal, then punch in numbers in a sheet.
Yup, the trading journal is vital for fine-tuning your trading system.
Good advice!
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Nice post I am new here so I just wanted to know the different strategies
Be disciplined with your trading system is essential too. It automatically eliminates the chances of over-trading or revenge-trading
Don’t stop learning, that’s the main rule. This market has a lot to explore, each day brings a new learning, so never stop refueling yourself with good knowledge.
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Quite Simple actually- SDJ
S- Stop loss
D- Discipline(Risk management)
J- maintain a journal.
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You have forgotton to add the most important rule - Stop Loss. It is very mandatory to add this one in every list that anyone or anybody is making.
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Agree with you on this specially on S which is stop loss as it is important to limit losses in volatile markets.
how do you keep yourself updated?
Don’t trade with more than you can afford to lose.
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These are the golden rules imo-
Never trade without a plan
Keep emotions aside
Use a good risk and money management strategy
Favorite and important rule.
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Helps with the emotional attachment for sure
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When we are doing our trades with a trading plan then we are less likely to make any mistakes in our trades. In this way we will be able to increase our profits and reduce the net losses in our trades.
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The rules I try to follow:
- Have a trading plan
- Be disciplined about following it
- Don’t revenge trade.
I started trading without really knowing what I was doing or following any of these rules. A few months ago, I decided it was time to take a step back and take the time to learn and become a profitable trader. There are so many great tips in this thread, and in some places, it reads like a list of everything I should have done in the past but didn’t. Before I dive into trading again, I plan to
- have a written trading plan that I review before entering a trade.
- set up a trading journal to record each trade, and review the trading journal regularly to learn from my mistakes.
If you prioritize emotions, you can never survive in trading. So you have to control your emotions and trade.
The best thing that happened for me in Forex in the last few months was that I started to journal my trades, If you do this right, its totally worth it. I already fixed tones of things I was doing wrong.
I am not disagreeing with any of your points - all three make up the qualities of a good trader.
But listing what it takes to trade well and even being concious of them are a far cry from performing them.
Yes sure let’s not revenge trade - great in theory but how?
When you go into that fight or flight state when your brain literally loses its executive control how will you stop revenge trading?
You literally cannot! And with revenge trading comes not sticking to your plan, not using a sensible stop loss - and all the other goodies that come when you are falling into a trading hole.
I guarantee that listing on a wall your rules is not going to help
I know this thread is about top trading rules - but without any advice on how to over come our discipline issues this topic is of limited value.