Trading rules are very important. By reinforcing and repeating these rules, traders increase the likelihood that they will not forget about them during emotionally intense and volatile trading periods. Formulating clear rules for exiting trades is a particularly effective way to mitigate the impact of disturbing trading events on behavior.
Welcome Kazitanzib
These rules are golden, some people just try to gamble
I very much agree with these rules especially the stick to the plan, worst thing you can do is to become too emotional and start making silly decisions.
About controlling your emotions – absolutely agree with that. And it’s important not only for business.
Yeah, however to make money you have to take risk and it’s often clear are probabilities are against you or not. The key to avoid gambling in trading is to keep losses manageable, i.e. stick to predetermined money management rules.
This is why you have to take into consideration of risk management, so that way you can manage what you can risk and what you can avoid.
Great list made in the OP, tho.
Controlling emotions is very important as it can ruin your trading.
everyone will have their own rules, because everyone has their own work experience, their own problems and their solutions
While trading, I always keep in mind that the market is highly unpredictable and it would be better if I don’t expect it to work according to me. Instead, I will have to work according to the market. This is why I plan my moves before I enter the market.
- Always Use a Trading Plan.
- Treat Trading Like a Business.
- Use Technology.
- Protect Your Trading Capital.
- Study the Markets.
- Risk Only What You Can Afford.
- Develop a Trading Methodology.
- Always Use a Stop Loss.
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Those are 8 good rules for traders to abide by .
Same as your trading strategy.
Follow your rules execute, set and forget once you have an edge your in business
Rule #1 - Be Critical
- Be extra cautious, if anyone in the internet says you should “obey” anything (who they are? what is their experience? how they have came to these “rules”?)
- People in the internet tend to be very confident of their advises, but they won’t take your falls.
- Don’t trust anyone who claims to have golden rules for success, know any secrets etc. - they usually don’t.
I think it is at least irresponsible to write what beginners should “obey”.
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Nicely explained. Thanks for sharing.
Thanks, the plan and discipline in trading make me successful.
Thanks, indeed Forex trading business, there is no place for gambling here.
Begin with small amount, increase the size of your account through organic gains, not by greater deposits.
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I agree with you mate.
this is great. Going to print it out as a reminder in my baby steps to learning the skills. Thank you for sharing 