Ofcourse! The financial goals and risk taking capacity of each trader is different and so are the rules. For example, for the risk management part, every trader should work on analysing the amount of risk he can take and then try to trade in that limit.
UweMoench posted: In trading everyone should have some rules. And you have to stick to those rules. Like there should have been a fixed risk reward ratio. It could be 1:1 or 1:2 according to your strategy. When you have risk reward ratio, you will open trade if the criteria is met. Sometimes we may need to take instant decision depending on the market situation. But rules should be there. That's the reason discipline is the key to success here.
Rules/strategy is essential. It is the only way to accurately benchmark your decision making process and allow yourself to see 'where you went wrong' - without it, you're wasting your time.
Its okay to have some rules. Those aren't rules that would apply to everyone and anyone. But things that work for an individual. I do feel its important to establish and define what works for you and give them the name of rules.
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.