Great rules for profitable trading I guess. In my opinion, traders should always search for some opportunities how to monetize their time which they dedicate to trading activity. No doubts, that if we speakabout firts steps in trading activity, as for monetization, then it's pretty difficult to tell about it because traders are used to lose their money. Nevertheless, they always should look at these situations as on the opportunities, which are opened for them and help them to earn much more money. It seems to me that traders are used to think negatively after lose streak, so I just want to teel that positive mood is the best thing for running profitable activity without any issues.
Trallod posted: Great rules for profitable trading I guess. In my opinion, traders should always search for some opportunities how to monetize their time which they dedicate to trading activity. No doubts, that if we speakabout firts steps in trading activity, as for monetization, then it's pretty difficult to tell about it because traders are used to lose their money. Nevertheless, they always should look at these situations as on the opportunities, which are opened for them and help them to earn much more money. It seems to me that traders are used to think negatively after lose streak, so I just want to teel that positive mood is the best thing for running profitable activity without any issues.
Of course, some things need to be maintained. In this, you have to manage risk, always use stop loss, you have to trade by following news or analysis, you have to make trading plan. Many other things can be used to make a consistent profit in trading.
I would say that there are no golden rules, all the rules are indvidual. There are some general rules which traders have to comply with in case they really wnat to become successful, but there are no strict borders actually. The matter here is to understand that you have a wish to develop in this direction. No doubts, that sometimes traders forget about some rules because of their emotions. I agree that it's tough to control emotions and actually there is nothing bad in expressing emotions. However, traders should understand that they should be coscious and it doesn't mean to be emotionless. Basically, it's impossible.
Golden rules for traders to bear profits in trading are: treating trading like any other business, using technology and financial instruments to your advantage, developing methodology based on facts and trying to preserve the trading capital by using stop-loss or other risk management tools.
Golden rules for all traders for succeeding are: focusing on only your trading system and devising your own set of strategies, honing risk and money management skills in order to survive long, have a risk reward ratio above 1:2, and most importantly manage emotions.
sharmun posted: 1.Focus on your Trading system. 2.you have to chouse one strategy. 3.you have to know where is your Exit point before placeing your Entry. 4.RISK & MONEY MANAGEMENT is the key to sucess in your trading journey. 5.RISK REWARD must be above 1:2 , IF you take 100$ risk in your total capital,you must have target your profit 200$ or above. 6.wait ,wait and wait unless come to a good entry point,if you miss this please avoid this entry wait for your nest Entry. 7.IF your entry is in profit please Break Even your trade when it comes 1:1 7.Don.t forget this rules.
INVEST YOUR MONEY SAFE AND PROFITABLE WAY (SHAH AFRIDI SHARMUN)
True, but in my live trading I don’t need to change my trading strategy, since I don’t rely on any technical tool based trading system; in my live trading I use mainly Price Action trading! So, chart reading is my main job here!
Stop loss and take profit are the safety gears that you use while trading forex. It might seem boring to calculate them but they must not be overlooked in any way. The other important thing is not risking more than 1% of your total trading capital per trade. You really need to plan all that you do in the live market.
You have to pick those rules that work for you the best. Some would ask you not to use leverage but if you are able to handle it properly, there is no reason you shouldn’t be using it. Some might recommend using automated trading while others might recommend trading manually.
First of alI, in order to be a successful forex trader, you have to learn everything. Proper knowledge and experience is the key for a profitable forex trading career. Always focus on learning rather than results. And consistently follow the strategy that suits you the best.
1. Know thy self then find a trading style and strategy that suits you. It’s easier that way. 2. Know your Entry and Exit points before executing your trade. 3. Have a strict Risk management plan and follow it religiously, this will save you during drawdowns. 4. Create a trading plan and follow through. 5. Have a trading journal to review and track your trades. Personally I do this here on myfxbook, check out my system on my page. 6. Don’t follow the crowd. Trading is not group work and 95% of traders fail yet everyone claims to be profitable. 7. Don’t rely on indicators. They lag in one way or another. Price is King. 8. Focus on just 2 - 4 trading instruments when start out, figure out where you are most profitable and stick to that one. You can always add another later in time or just trade it the ones you have. Personally I trade 2 indices and I’m okay with it. 9. BACKTEST! BACKTEST! BACKTEST! Before trading and strategy live, backtest it thoroughly. 10. Trading Psychology is very important. Make sure you learn this thoroughly too. It’s real and determines whether you make money in the long run or not. 11. Think long term. Trading is not a Get Rick Easy scheme. You can get rich quick but quick in this case might be 6 years. 12. The market is never wrong. Learn to accept that.
When you build a trading plan, make sure that it is in accordance with your trading goals. Anything that you don’t understand may take your trading career in the wrong direction. And don’t forget to incorporate a risk management strategy into your plan so that you are not going beyond your risk appetite.
GOLDEN ones: 1) compliance with risk management. the 60-70% of fails are because of ignorance toward risk management. it includes not only wise SL and TP, risk reward ration, but also it concerns trading with leverages. NEVER pick the leverage higher than 5:1, it will 100% cause you a loss. 2) neglecting learning. practice is the one of the most effective ways to reach results in any activity, however trading is required to learn it as well as practicing with it. find theory in the internet, in books and articles from professional traders or investors, pass the courses. It will contribute to your future success.
Only you are responsible for which way your trading career goes in. You have to set the rules for yourself and make sure that you don’t distract from them at any cost. I don’t think there are any specific rules that work equally well for all traders. So, better analyse the market and build a trading plan and stick to it.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.