In trading everyone should have some rules
Dec 20, 2020 at 09:07
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.
Mitglied seit Jul 23, 2020
869 Posts
Dec 20, 2020 at 11:43
I completely agree with you. Build a rule and follow the rule without any emotional attachment.
Mitglied seit Jan 11, 2019
147 Posts
Dec 21, 2020 at 04:42
totally agree..one shud set rules for his/her trading
Dec 21, 2020 at 11:09
Trade management is very important. You have to be disciplined and organized in your trading. A solid trading plan, money management, risk management, and risk reward ratio all should have been specified. One of the reasons Most traders fail because they are not disciplined in their trading.
Dec 22, 2020 at 07:26
Yes, in trading everyone should have some rules and their own strategies in order to have regular gains. One should follow their rules and strategy and take decisions accordingly. Following these rules manages your emotions and discipline.
The more your practice, the more you learn.
Mitglied seit Nov 19, 2020
21 Posts
Dec 30, 2020 at 03:44
Everyone works differently, so if one trader likes to follow a rule, the other might not. It is all about the mindset but I do agree that rules are good for maintaining discipline.
Dec 30, 2020 at 09:41
Two things I have learned that we should not do. One is revenge trading. After a loss trade, to open many trades to recover it quickly. Second is not waiting enough to set up to come. It means sometimes I open trade to early in fear of losing an opportunity.
Jan 15, 2021 at 10:48
Harshalgibbs posted:There should be rules and discipline in trading because without it it’s impossible to succeed. Investing brashly with unrealistic expectations would bring you on the road literally. At the end your take away profit is the sum total of the losses and gains. It is not like one profit means you conquer everything.Michihito posted:It is so important for traders to never come under the influence of their emotions. Sometimes it is good to take a step back and analyse. If you do things in a hurry then obviously you would lose money because you are not calculating risk associated with that trade.
Trade management is very important. You have to be disciplined and organized in your trading. A solid trading plan, money management, risk management, and risk reward ratio all should have been specified. One of the reasons Most traders fail because they are not disciplined in their trading.
Mitglied seit Jul 20, 2020
399 Posts
Jan 15, 2021 at 12:57
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.
Totally agree, if you have rules and follow them youre a long way to being successful
Jan 16, 2021 at 09:37
Harshalgibbs posted:Another thing I would say is that ya I do say that trading rules are important but they should not be shackles for the experimentation in the markets. They should just be guides to not go down the cliff. Something that would refrain a trader from treating trading as gambling for short wins in the markets.Marksteve posted:Trading rules can only be made when you know about the trading scenario and what is the actual meaning of reckless trading. I have done this in demo trading on Fxview and CMC Markets where I just looked at candlestick charts and haphazardly traded. It resulted obviously in loss of money. I learnt my lessons and the meaning of brash trading on demo, doing better on live now.Harshalgibbs posted:There should be rules and discipline in trading because without it it’s impossible to succeed. Investing brashly with unrealistic expectations would bring you on the road literally. At the end your take away profit is the sum total of the losses and gains. It is not like one profit means you conquer everything.Michihito posted:It is so important for traders to never come under the influence of their emotions. Sometimes it is good to take a step back and analyse. If you do things in a hurry then obviously you would lose money because you are not calculating risk associated with that trade.
Trade management is very important. You have to be disciplined and organized in your trading. A solid trading plan, money management, risk management, and risk reward ratio all should have been specified. One of the reasons Most traders fail because they are not disciplined in their trading.
Mitglied seit Oct 01, 2020
49 Posts
Jan 16, 2021 at 12:54
Many novice traders think that the brokers are the key to profit but that is not the case. When I read about the trading experiences of the other traders from social trading brokers such as etoro I made rules from their experience, because I didn't want to make the same mistakes. I made a solid trading plan which I use for trading on fxview now. I follow everything to the T - entry, exit, stop loss, profits, etc.
Mitglied seit Jul 23, 2020
869 Posts
Jan 16, 2021 at 17:37
AliaDare posted:True. Practice makes a man perfect. So, practice those rules as much as possible.
Of course, there are some rules in trading that every trader should follow. If you can't maintain discipline, plan money management, risk management, etc., it is never possible to follow those rules.
Jan 18, 2021 at 16:11
There are a huge number of work formats on the market, and you can choose any of them and act quite effectively. The most important thing here is to take your time and try to evaluate each decision as carefully and accurately as possible.
Mitglied seit Jul 23, 2020
869 Posts
Jan 28, 2021 at 11:32
forextrader777 posted:You are right. But traders often fail to execute their plan perfectly due to psychological fact.
I agree! Set some rules and stick to them. That's how you can improve and enhance your trading skills.
Mitglied seit Jul 20, 2020
341 Posts
Jan 28, 2021 at 19:06
Many traders trade in the market without any knowledge. It is very dangerous. It is the main reason to lose their money. If you want to build up your trading career you have to learn forex properly.
