Discussion in 'Newbie Questions' started by ScottCarsonMVP, Feb 10, 2019.
What are your golden rules, that you always abide by, when trading???
Have a clear entry and exit plan and do not risk to much on a single trade.
Keep in mind risk management rules and always trade with stops.
Always stop trading and take a rest after very profitable trade or a large loss.
Write down all the trades to have enough information for analysis.
Good risk management and a trading plan is the golden rules of forex trading.
always use a stoploss no matter what.
what the above person said ! Very well said.
Following economical news (investing.com) is a massive must for me for present and future trades
trade with the trend....
trade with smallest lot size....
trade with realistic goals.....h
Don't spend/invest more than you can just allow yourself to loose like for fun anyway. In any way do not take any loans for that matter and everything else like that. Only invest by your means. Go for reputable broker with real life reviews which can be verified.
Never risk what you can`t afford to lose.
As a trader, my book of golden rules includes the following:-
I make sure I follow my trading routine everyday, beginning from the pre-market research till the EOD hours.
I try to trade the maximum during the first three hours of every major trading session
being disciplined is quintessential if you want profits to come in. Therefore, do not be over-excited while trading.
I stick to one trading plan only. Frequent switching over between plans can be dangerous.
Last, I never chase the markets. Never try to catch every opportunity. Patience is the key.
My golden rule is to not break rules. Trading can always get you stuck in the trap of greed for profits. So , i always keep myself grounded to not let profits overpower me. I never trade after 3 consecutive wins. The aim is to stay disciplined and not let emotions overtake you.
Patience, maximum 2% risk per trade and RRR of 2:1
stick to my trading plan and not bet a single penny more than what i have set aside.
Never Trade When Tired
Never Trade When Mad/Sad/Overly Emotional
Never Try to win back a loss
Stick To the Plan - ALWAYS!
Never break any of the above rules
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