3 golden rules of trading

Thank you for your advice. It helps a lot to the new traders like me.

Maintaining a trading journal is the best advice. If you track your traders consistently and backtest, then you will see your growth.

For me the three rules are:
Have proper knowledge
Stay dedicated
Do not overtrade

The rules mentioned are indeed helpful but I would like to add more to these @nightwaanderer.

One must have a trading strategy but along with this also have a backup plan to avoid heavy losses or the strategy made should not involve high risk.

Maintaining Trading Journal is the best way to track your trading. But, one must also learn from the mistakes he has made so as not to repeat the same next time.

Thanks for your rules, i think being consistent is one of the most underrated rule, people are too quick to look for big profit instead of trying to be consistent.

My 3 rules out of many:

  1. Do not rely, expect on economic news and historical chart identical repetitions.
  2. Always use use bigger timeframes.
  3. Do ones trading analysis, always look what happened for improvements.

Take calculated risks & Don’t be greedy is also important

Don’t be bad at math when taking calculated risks though! :joy:
I’m just kidding. :smiley:
That said, I do think it is important not to be greedy. Have common sense.

All traders decide by themselves which rules they comply with. In my opinion, the golden rules of trading are never rushing, always think twice before doing something on the market and always try to learn as much as you can daily. If you won’t find something new out for you daily, you won’t have any progress and you will stay at one place for a very long time. Rushing can easily lead you to devstatting of your deposit which is considered to be the wors scenario on the market. So, everybody creates his/her own rules, but the best option is to listen to rules of professional traders and try to comply with them.

Not sure about Golden maybe Bronze :thinking::grinning:

Be consistent, dedicated and patient.

According to me, three golden rules are:
1 Manage your forex capital wisely
2 Strengthen your trading knowledge
3 Use common sense