In trading everyone should have some rules

I got used to think that there are two main categories of rules: those rules which are general for everybody and those rules which are individual. For example, if we speak about general rules then they sound like: keep patience, never rush, think wise and learn properly. As for invdidual rules, then traders either have them or not. Everybo decides by himsel/fherself whether you create a special system of rules or not. I ted to suppose that traders must create these rules, so for me, they are: never think that you can cheat on the market, never touch high leverages and work properly on your strategy. You can also ue my rules if it adds confidence to you.

Having rules in your trading is essential for your success. It will help you to focus on what is important, and it will show you which trades are the best ones to take. You can also monitor your progress better when you have rules that you follow.

The rules can be individual and also fundamental. The algorithm that allows the trader to get the maximum profit from each transaction is correct only for the current market. Be flexible and work with your set of rules, because what works now may not work tomorrow.

Agreed. My biggest rules concern risk management, especially with how much I'm willing to risk on each trade. Guess I play things more on the safer side and it makes me feel a lot better knowing that there's a safety net. It's never a good idea to just go out there winging it.

Rules are important to keep traders disciplined. When we set some rules and strictly follow them, it can save us from making some most obvious mistakes and helps us to remain consistent in following our trading plan.

Willowerno posted:
Rules are important to keep traders disciplined. When we set some rules and strictly follow them, it can save us from making some most obvious mistakes and helps us to remain consistent in following our trading plan.

I think thats what it does most is keeps us consistent in our entries our exits and risk management. keep variables to a minimum which is the key to success imo

Willowerno posted:
Rules are important to keep traders disciplined. When we set some rules and strictly follow them, it can save us from making some most obvious mistakes and helps us to remain consistent in following our trading plan.

I agree with you, if we will set some rules for ourselves it will definitely help us to be consistent and focused.

Willowerno posted:
Rules are important to keep traders disciplined. When we set some rules and strictly follow them, it can save us from making some most obvious mistakes and helps us to remain consistent in following our trading plan.

I agree with you.

Having rules in your trading system is a good idea because it means that you have a specific set of rules to follow during your trades. Following these rules will give you an edge over other traders who do not have rules.

Rules can be the difference between being successful at forex trading or not. Without rules, traders can quickly find themselves making poor decisions, which can lead to losses.