What Are Your Golden Rules?

[Honeymoon]

How can it be implemented in real life?

[Kashmaster]

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.

[ScottyCarsonMVP]

Yeah that makes sense!

[ScottyCarsonMVP]

Thanks for your thoughts

[Honeymoon]

Are these secret ways known to anyone?

[Hasturen]

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

[ScottyCarsonMVP]

Top secret haha

[ScottyCarsonMVP]

Any other rules???

[Honeymoon]

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

[Honeymoon]

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

[ScottyCarsonMVP]

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

[Hasturen]

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

[Honeymoon]

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

[Honeymoon]

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

[AlexBainbridge]

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

[Butter_Kiss]

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.

[ScottyCarsonMVP]

Yes, exactly

[ScottyCarsonMVP]

Thanks, good incite

[GazzaFx]

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?

[billybill]

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.