What Are Your Golden Rules?

[Feswyn]

I think it's such a difficult question. Everyone has his or her own rituals and the very real laws that we apply in trading. One of the most popular things I have heard is that many traders trade on certain assets. Someone actively works with news events, someone does not involve them at all. Add that everyone has their own basic set of indicators. I know that some traders even trade at certain time every day. Last but not least, risk management and money management are important. Someone trades only in a calm atmosphere. Someone has no problem with buying a deal while driving. I even have a friend who does not trade on Forex at all in the first days of the month, he says that he is never lucky at this time.

 

[Petez_FX]

Risk management 1% max, good entries, always calculate trades before you enter.

 

[Callum Richards]

Clear exit plan and risk management in place before I open the trade.

 

[torry9]

My rule is to not get affected by emotions and have a good risk management strategy in place. Most imp rule is to abide by your trading plan.

 

[Elliot Chang]

Trade by information and analysis. There should be no emotions in trading.
Do not fear of losing, because there must be days you'll lose as well as the days you gain.
If you lose some, don't lose much more. Take the loss and go on with another opportunity.
Be persistent and calm in trading. Do not take too big risks.

 

[AKFX]

What are your golden rules, that you always abide by, when trading???

Money Management, Max Risk 2% per trade - ALWAYS

 

[Kingston]

My golden rule is to Play safe and follow your trading plan always.

 

[Terry_8]

i have a new one, never try and force a trade if it isnt there be patient and let it come to you

That's a really good advice.

 

[yeneffer]

Don't let the emotion get the best of you

 

[Marco James]

My golden rule is to Play safe and follow your trading plan always.

Right. Sticking to a trading plan is the most important factor for me

 

[Kingston]

Yeah, its helps you stay within limits and helps you keep over trading at bay.

 

[Daath]

I realized for myself that in no case do you have to give up, so as not to happen, and not to leave the case halfway.

 

[Pretty6]

My golden rule is to Play safe and follow your trading plan always.

Safety is the utmost important rule for me as well.

 

[Kingston]

y

Safety is the utmost important rule for me as well.

Yeah indeed it is.

 

[Serafeen]

• Always have a trading plan with an entry and exit strategy. When opening a position, stick to your trading plan and don't let your emotions change your mind.
• Do not open positions using all the money in your account, this will put it at great risk. I suggest that you invest a maximum of 5% of your money in a single trade.
• Do not invest again in the positions you are losing. It is always better to keep your winning positions longer and close those losing positions sooner.
• Use Stop Loss orders for your open positions. This will keep the risk under control and free your mind for new opportunities.
• Your goal is to trade with the trend. Do not try to get the highest or lowest price of the move.