The Most Important Trading Rule

[shadowninja]

....Don't go on hols.....

.....everything happens then....

....world markets wait until you go on hols and then....

....splat...!!

well, they are watching you.

 

[DaxDestroyer]

Don't overtrade!!!

 

[pnaphade]

Plan your trade and trade your plan.
It is easier said than done.
I am a active day trader and always loose sight of my plan. Only thing you can do is cut your losses and try to preserve the capital.

 

[lancenicolase]

Thanks for your information.
I really appreciate for giving this information.

 

[satman007]

I go with mainly "Plan your trades and trade your plan"
Though its a kind of Rule of the rules

THE following actually is the most important one to be specific
"Get out of your losers - use stops"

Infact a Plan always has this as the Fisrt Rule
I learnt late when i was new.. Those who havnt yet better dont wait more.

Cheers

 

[finvik]

I think if you have positive attitude then you can achieve anything in life.

 

[chump]

I think if you have positive attitude then you can achieve anything in life.

Well for sure I've always been positive that I will die sometime .

 

[chump]

"Better to be lucky than good"

Better to be good and lucky than simply lucky

 

[chump]

Better to be able to talk drivel AND still make money than simply talk drivel

 

[finvik]

Well for sure I've always been positive that I will die sometime .

You don't have to be that positive just stay normally positive calm & composed to reap a rich harvest in the long term.

 

[SpiritBeing]

key to successful trading?¿?¿?¿?


KNOW THY SELF

 

[forexdiscussion]

I will go for plan your trade and trade your plan. Trading financial market especially forex involve risk so risk management is the most important have to be in the trading plan. Manage risk first and foremost!!!

 

[Adamson]

"Hit singles and not home runs - little by little
Plan your trades and trade your plan"

These two rules can be used together.

 

[anley]

Knowing the importance of time, ie if you want to get good you're kidding yourself if you think you can do it in under 2 years. 5 years of hard study and work is more like it.

Think about it, you're trying to compete for the same money as people who HAVE put in the time, hard work and study. You 6-12 months, a lot of them 5-10+ years. Who therefore has the probabilities on their side............

 

[Joseff]

Knowing the importance of time, ie if you want to get good you're kidding yourself if you think you can do it in under 2 years. 5 years of hard study and work is more like it.

Think about it, you're trying to compete for the same money as people who HAVE put in the time, hard work and study. You 6-12 months, a lot of them 5-10+ years. Who therefore has the probabilities on their side............

Yes. Why so many people thinks that Forex is something you can be good with in 2 month or less. When we are talking about Forex trading - you should spend a lot of time studying and studying. And you won't be able to stop because market always brings something new to us.

Josef

 

[GFSignals]

All above mentioned...they are all like necessary trader rules. Just follow them! and you will be happy)

 

[markwhittle]

Money management............don't risk more than 2% of your trading capital on any single trade

 

[hoodoo man]

Never add to a losing trade (or "average" into a position)
Lower trade size when trading poorly
Never turn a winner into a loser
Biggest loser must be smaller than biggest winner
Get out of your losers - use stops
Hit singles and not home runs - little by little
Plan your trades and trade your plan
Keep a positive attitude, no matter how much you lose
If a market doesn't do what you think it should do, get out
Other rule not mentioned here

Yes, these sound like good professional rules. Losses? Wins? Are we at the casino or the races? The objective is to be successful - this means that gross profits cover expenses - a net profitable business! Why the morbid fascination with losses?

The most important rule hasn't yet been mentioned.

Do not trade unless you know exactly what you are doing and why. This means having a robust and dependable methodology to give you your buy and sell triggers in your chosen market each day.

If you follow this rule properly, all the other rules mentioned are irrelevant. When following this rule, understand that there are unknown unknowns - that is to say the things we don't know we don't know.

Money management............don't risk more than 2% of your trading capital on any single trade

Good Lord! Here is that canard again!

How can your bet size be the most important trading rule? It is okay to randomly jack away your trading capital if you only do so 2% at a time?

 

[new_trader]

Never add to a losing trade (or "average" into a position)
Lower trade size when trading poorly
Never turn a winner into a loser
Biggest loser must be smaller than biggest winner
Get out of your losers - use stops
Hit singles and not home runs - little by little
Plan your trades and trade your plan
Keep a positive attitude, no matter how much you lose
If a market doesn't do what you think it should do, get out
Other rule not mentioned here

Yes, these sound like good professional rules. Losses? Wins? Are we at the casino or the races? The objective is to be successful - this means that gross profits cover expenses - a net profitable business! Why the morbid fascination with losses?

The most important rule hasn't yet been mentioned.

Do not trade unless you know exactly what you are doing and why. This means having a robust and dependable methodology to give you your buy and sell triggers in your chosen market each day.
If you follow this rule properly, all the other rules mentioned are irrelevant. When following this rule, understand that there are unknown unknowns - that is to say the things we don't know we don't know.



Good Lord! Here is that canard again!

How can your bet size be the most important trading rule? It is okay to randomly jack away your trading capital if you only do so 2% at a time?

hoodoo man, you have the enthusiasm of a teenager who thinks they can make the world a better place. You are in the absolute minority and it won't be long before you give up trying to change mainstream thinking.

 

[Bint_Crusher]

Treat your broker likr you treat your BITCH