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.
Dec 20 2020 at 11:43
I completely agree with you. Build a rule and follow the rule without any emotional attachment.
Dec 21 2020 at 04:42
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.
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.
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.
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 at 04:25
Michihito posted:
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.
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.
Jan 15 at 06:57
Yes, having set the predefined rules along with proper strategy planning can be very useful in making the decision when it comes to trading. You just need to know and make sure if the rules are correct or not.
