What Are Your Golden Rules?

#106

Search for unconventional solutions to solve a problem - in Forex trading for ex. strange combinations of indicators. I found something like that what seems to be a little bit funny, but as it works it is no more funny. ( Don’t ask me what it is- I keep it for myself. )A Master trader said there are hundreds ways to become rich in trading, but they are damned difficult to find.

#107

Yeah that makes sense!

#108

Thanks for your thoughts

#109

Are these secret ways known to anyone? :slight_smile:

#110

Yes, I agree with the people talking here that trading with the rules is better than trading without rules. I have made my own rules for trading. I do not trade when the market has high liquidity. I trade when a good news comes about a currency and many more. Thanks

#111

Top secret haha

#112

Any other rules???

#113

I guess there are many rules described in the books. The thing is to use them right.

#114

I think the only way to learn trading is to learn from a successful trader

#115

What would be the benefit to that trader in teaching you?

#116

My basic rule is never to trade more than 5% of capital and always use stop-loss order. I know that this is the most commonly used rule, but eventually I think that it is quite good way to keep some of the market risks under control

#117

It’s like a tutor, you pay him for the lessons

#118

Sometimes people can not hold themselves up being content with just 5% spent - that’s the problem

#119

Great advice this. I fully agree…also don’t over trade or over analyze looking for something that isn’t there

#120

Emotional attachment or feeling always going to be there with your trading, the thing is how you can minimize it during your trading improve it.

#121

Yes, exactly

#122

Thanks, good incite

#123

I’ve been trading since 2007, and all of the replies to this thread are just good common sense, but not one of them will make a difference unless you follow the number one rule…the hardest rule of all to follow.

The number one rule is patience.

Not much point having a rules-based entry strategy if you jump in early, and not much point setting a take profit if you’re not going to wait for it to trigger. Tell me you are not guilty of this?

#124

my golden rules include:

  1. patience ( as mentioned above)
  2. having faith in my tested strategies
  3. not being greedy, I’ve set a time period in which i trade and shut the laptop down after that and give time to my family.
#125

My forex trading rule of the thumb is to start with a demo account before trading on a real account. It is easier for a beginner to trade on demo since you’ll feel no risk. You use virtual money to get an experience of how trading works