Trading Rules
Jul 12, 2014 at 18:44
Vues 422
1 Replies
forex_trader_75987
Membre depuis May 02, 2012
posts 117
Jul 12, 2014 at 18:44
'I was thinking about my mistakes and made up this few rules for myself. Believe me, it helps!
1. Don't Panic!
2. Price moves the same way also when you don't look every minute. Don't make yourself crazy!
3. Plan Trades carefully. Better pending orders at a good price than just “jumping in”. Wait for the price to come back, don't enter at peaks just because you're impatient! If the price runs away without you, don't care so much about it!
4. R/R at least 1:5 (better 1:10)!!
5. Risk no more than 5% of trading balance if applicable!
6. When trade goes in the right direction, set stop-loss at least to 0. Don't place it too narrow!
7. Raise Stop-Loss if appropriate, but check volatility, don't place it too close.
8. Use Trailing Stop when not actively monitoring the trade. Also, make it wide enough to not get stopped out too early.
9. Have some patience, but consider taking profit before it's too late.
10. When using external Trading Signals, Trade Ideas, etc. don't just trust everything, test signals from every site carefully in a demo account before adding them to trusted signals.
11. Check external Trade Signals / Ideas by yourself, find your own reasons to enter the trade or let it be.
12. When you're feeling uncomfortable about a trade, don't trade it!
13. When you're in a trade and have good reasons to bail out, try to get close to 0.
14. Plan your Stop-Loss carefully. Don't place it too close. Less lots if appropriate.
15. Don't change Stop-Loss when the price it getting too close. It WILL fail anyways, and you loose more than planned!
16. When you feel like crying about your last loss, your risk is too damn high!
17. When you can't afford the loss, don't take the trade!
18. Consider using Stop Orders to protect your Profits. Plan them carefully!
19. Don't use Stop Orders to lock your losses! Just use your SL in that case!
20. Look if you can find / make something like a “trailing Stop-Order” EA.
21. Check your pending orders regularly! Don't get fooled by unintended order execution! Set a reasonable expiration date if appropriate
22. Try different Strategies. Test them on a demo account before applying for real.
23. Your live account is holy. Treat it like that!
24. When having enough balance, split your account.
25. When trading multiple live accounts, don't use the same trades / strategies!!
26. Also, with multiple accounts, consider leaving one of them idle, in case of a bad day ;)!
27. Save some of your Profits to recharge your account in case of a margin call!
28. Don't risk your hard earned profits! Keep up trading by plan! Be smart!'
Source of Text: https://www.forexstreet.net/profiles/blog/show?id=3252082%3ABlogPost%3A502492&commentId=3252082%3AComment%3A507109
P.S: I already printed this rules and copied into my wall! :-))
forex_trader_136673
Membre depuis Jun 28, 2013
posts 852
Jul 12, 2014 at 20:54
It is good idea to pint and place rules somewhere visible as a reminder to respect the market. I do the same too. Also to update the list if you start to do something stupid that is not on the list.
I might disagree with some of the rules. Just my opinion. Others are great, especially: 1, 2, 17, 23, 28
I might disagree with some of the rules. Just my opinion. Others are great, especially: 1, 2, 17, 23, 28
4. R/R at least 1:5 (better 1:10)!!1:2 will do just fine. With prospered r/r you will experience more losses and because it is too far away it might work only on trend most of the time market range).
5. Risk no more than 5% of trading balance if applicable!More than 2% for a trade is too much. The better way is max 1% per trade and max 5 trades at the time. Pairs should have low correlation.
24. When having enough balance, split your account.Unless the trading is with automated EA, spiting account is not wise, it will drain you too much resources.
26. Also, with multiple accounts, consider leaving one of them idle, in case of a bad day ;)!Always good money management, bad day or magin call should never happen.
27. Save some of your Profits to recharge your account in case of a margin call!
11. Check external Trade Signals / Ideas by yourself, find your own reasons to enter the trade or let it be.Taking others trades is not advised. Better to learn to trade yourself. But if you decide for signals, don't impose your view of the market on them, you might select only bad trades.
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