In trading everyone should have some rules

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.

I completely agree with you. Build a rule and follow the rule without any emotional attachment.

totally agree..one shud set rules for his/her trading

Well said, formulating rules aids a trader to achieve his targets with much more ease. Otherwise, its hard to achieve the results keeping in mind the effect of psychology.

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.

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.

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.

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

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.

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.

AliaDare posted:
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.

True. Practice makes a man perfect. So, practice those rules as much as possible.

Trading without rules is like walking without a destination to reach. Setting rules is crucial in order to achieve trading goals and manage your capital.

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.

Any strategy makes sense if you figure it out well and really test it in practice.
This can be tested with different assets and timeframes.
And it's better to do it on a demo, of course.

Everyone should have some rules and more important is to stick to those rules.
My golden investment rule - Never invest money that you can't afford to lose.

forextrader777 posted:
I agree! Set some rules and stick to them. That's how you can improve and enhance your trading skills.

You are right. But traders often fail to execute their plan perfectly due to psychological fact.

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.

Rules in trading are must for everyone and following those rules is more important than that. I also have my own trading rules, listing here some of them
 
· I risk only what I can afford
· I always use stop loss
· Keep close eye on headlines
· Learning daily about market through various books and articles
· I never trade without a plan or strategy.

Setting some trading rules for yourself is really helpful in the longer run if followed seriously.