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What Are Your Golden Rules?

AniLorak
Oct 30 2019 at 10:26
920 posts
Tygotaylor posted:
Avoid emotional trading.


That means; now you are opening any new position according to your proper analysis; isn’t? When you get all of the points approved by the checklist!

mariaartenia (mariaartenia)
Oct 30 2019 at 12:48
8 posts
My golden RULE! NEVER run your automated system trading in red card news day.

Never stop learning from strangers.
LongVision
Oct 30 2019 at 14:20
254 posts
mariaartenia posted:
My golden RULE! NEVER run your automated system trading in red card news day.


I beg to differ.if you are using a trend following system then during high impact news this system will give u decent profits but if you are using Grid type EA then trade during high impact news will be disastrous for your accout.

The market will trade through it’s path of least resistance .
Adribaasmet
Oct 30 2019 at 15:58
947 posts
mariaartenia posted:
My golden RULE! NEVER run your automated system trading in red card news day.


Same here; I am also interested in manual trading! Using others trading strategy or System isn’t a proper solution!

VirgoG
Oct 31 2019 at 06:11
17 posts
my golden rule is:
Never trade more than set for the day. i always plan ahead the profit % for the day and how much risk i can take. so once i am done, i am out.

Tygotaylor
Nov 01 2019 at 05:16
33 posts
AniLorak posted:
Tygotaylor posted:
Avoid emotional trading.


That means; now you are opening any new position according to your proper analysis; isn’t? When you get all of the points approved by the checklist!

Absolutely

steveday1976
Nov 04 2019 at 11:14
50 posts
VirgoG posted:
my golden rule is:
Never trade more than set for the day. i always plan ahead the profit % for the day and how much risk i can take. so once i am done, i am out.
Sounds sensible to me

steveday1976
Nov 04 2019 at 11:16
50 posts
Professional4X posted:
birthtamper posted:
Professional4X posted:
LeBuffon posted:
Treeny posted:
Abderrahmane1992 posted:
Teejy88 posted:
My one and only rule! Risk management, manage your risk and you will not fail.


I second that. Risk understanding is critical to trading. Without that even a good trader will lose all their money


I third it



Why will risk management stop you failing? Does this mean even if I randomly enter trades I will still be able to profit if I use risk management?


If you are using reasonable risk management then you aren't going to be just randomly trading.

Trade with a strategy that uses accurate analysis of a high probability set ups for entry.






You make it sound so simple!. I get risk management, that is a process but getting a good strategy.. now that is tough



It IS that simple.
If you manage your risks properly, then you will protect your account against massive losses.
Trade only when the market indicates a profitable setup. This may happen several times a day some times, while other times it may be weeks before the market presents a high probability setup.

Losses happen, however, it's how you handle the losses and decrease your risk that determines if your are going to be a profitable trader or not.

Don't trade just to trade.

Trade to be profitable.

Manage your risks.

Automate where possible and reasonable.

Check your emotions at the door, and never allow them to dictate your trading.




Good sensible advice.

Professional4X
Nov 04 2019 at 22:21
1189 posts
mariaartenia posted:
My golden RULE! NEVER run your automated system trading in red card news day.


Nonsense. Some automated systems exist which trade quite well during high impact news events.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Sven98
Nov 14 2019 at 05:40
39 posts
Nonsense. Some automated systems exist which trade quite well during high impact news events.

Right. Automated trading is better.

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