This Week's Question: Do You Have Personal Trading Rules?

Trading Discussion
1

This week, we want to know:

Do you have trading rules for yourself that you strictly follow?

Someone’s example could be the 3% rule which means that if/when they’ve made OR lost 3% within a trading day, that they will no longer open new trades. Or maybe your rule has something to do with your trading education? Something like not being able to use social media until you’ve finished a lesson or two from the School of Pipsology.

It could be anything – as long as they’re your rules and they’re related to trading, we’d love to hear about them!

7 Likes
2
3

Just the no trade larger than 1% of my account. It keeps me in the game. I’m still using the position size calculator here.

7 Likes
4

My rules are:

  1. Risk management: don’t lose more than you can afford. I think I’m making this rule better everyday.
  2. Protect capital: do not overtrade, revenge trade. This is one my weakness that I have to improve and completely eliminate it.
6 Likes
5

I’ve trained my kitty to sleep on my desktop, not to walk across the keys. My key rule is to duplicate my process for every trade I make, providing I’m in the zone.

2 Likes
6

Two options for you:

image
image700×394 98.3 KB

image

This is a big one for me. If I get upset, it’s time to walk away for a little while. Revenge trading is a big no-no for me. It’ll never end well.

11 Likes
7

I could almost say I don’t fully understand the question, as all my trade decisions come from the rules I have set in place. My primary rule is, follow the rules. Its the “one rule to rule them all” if you like.

If there’s a situation that isn’t covered by my rules it probably raises the risk level so I don’t take that trade, for example GBP/USD trades since the UK started churning through Prime Ministers and the government started to argue with the Bank of England.

5 Likes
8

For me two basic rules:

  1. Using risk management - no matter how sure I am of my trade.
  2. And, avoid trading News.
2 Likes
9

The first one is hilarious! After this Kitty won’t even be seen around the system.
Jokes apart, I don’t prefer to trade without studying the economic calendar. For me, fundamentals are a must.

5 Likes
10

My personal rule used to be not to trade during big news days. And I did that again this week. It was of course, a spectacular fail.

3 Likes
11

Please I need assist

1 Like
12
  1. Have patience. I can’t count how many times patience has saved my bacon!
  2. Stop trading after two losses in a row. One lost trade is a mistake…two? Well two is just plain dumb. 90% of the time the first tells me market conditions have changed.
  3. Never risk more than 1%…at least until the thrill of winning wears off and your win rate shines like the sun.
  4. Let those trades run but gaurd them like there’s no tomorrow! I scalp so I cover the spread and any commission as soon as possible. Once I get to one percent, I wait for the retracement and move my stop-loss.
  5. DON’T. TRADE. THE. NEWS! Can you tell I learned that the hard way?
4 Likes
13

What type of assist brother?

14

If you ask help for how to build up your personal rules in trading, it’s sorry, you have to do it by yourself, little by little, day by day.

1 Like
15

My role is 5 % daily

1 Like
16

*Stop loss is no more than 1% of account on a single trade by trading correct lot size and pip value
*1:1 Risk reward or better
*Follow my trend strategy and make sure all timelines agree
*Only shorter term trades that are 30 days or less

1 Like
17

Yes traders must have rules for they own trade there is no rules trader mind will be in emotional mind when they do trading rules I have 3 rules
I won’t do over trade once I have reach my target I just watch market movement I won’t use big size lot when I m not 100%sure with my trade
And I won’t trade when I m tired it’s called mind tired I took some time relaks meditate free my mind then I come back to trade with peace with energy this all rules I have been following

3 Likes
19

Got burned a couple times too many on this one.

1 Like
20

You do this across multiple times frames?

2 Likes
21

Third option, switch to a dog!

2 Likes