What Are Your Golden Rules?

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.

Yeah that makes sense!

Thanks for your thoughts

Are these secret ways known to anyone? :slight_smile:

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

Top secret haha

Any other rules???

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

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

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

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

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

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

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

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.

Yes, exactly

Thanks, good incite

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?

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.

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