What Are Your Golden Rules?

My golden rule is to always keep calm. No matter what, I always think that it doesn't matter. This relly help, as I don't worry about fails and don't lose mind if I'm winning. That's the best way to be a good trader I think :)

Miralas posted:
My golden rule is to always keep calm. No matter what, I always think that it doesn't matter. This relly help, as I don't worry about fails and don't lose mind if I'm winning. That's the best way to be a good trader I think :)

Stone cold Miralas. 😉 Just a joke but you`re damn right.

The most important rule, which always helps in trading, is to keep statistics. And it is necessary to record not only profit and achievements, but also assets that have been used today, strategies, time, failures and so on. Maybe it sounds too difficult, but just when I started to adhere to such a system, success and stability came to my trading. And to be honest, I am ready to spend a lot of time on it, the main thing is to make money. By the way, as far as I know, a lot of traders also control the statistics in order to analyze the periods when it turns out better and when it turns out worse.

Trading in demo to learn more about strategy..and keeping record of those.
Keep trading but don’t trade if making 3 losses in row...

Teejy88 posted:

Abderrahmane1992 posted:

Teejy88 posted:
My one and only rule! Risk management, manage your risk and you will not fail.

I second that. Risk understanding is critical to trading. Without that even a good trader will lose all their money

Indeed, and not only that, it means that you can lose trades and still be profitable.

RISK MANAGEMENT IS KEY without it you cant expect an ounce of success

The golden rule is to keep calm and never let emotions to overshadow logic and your thinking. If that will happen, you are likely to lose a lot, so emotions is your number one enemy.

golden rule: you can lose everything =)

there are others:
- MM
- ST and TP
- trading diary

Another important thing is not to be self-confident that you are doing better than others.

I think that the main rules for me are: never rushing, always try to do your best, always make wise moves, never let your emotions get you down. This list is pretty vast, there are some other rules which aren;t major but I also should comply with them in order to become successful in trading activity. For example, comply with risk management and money management practices, even if you see that you earn a very little amount of money like couple of dollars per day, don't be disappointed. Everythng comes with experience and the amount of time which you dedicate to trading. That's why the main rule is never rushing, because rushing literally destroy you as a trader.

My golden rule is to be patient all the time. I try not to make trading decisions in a hurry. It’s advisable to think twice before opening a trade.
I try not to base my trading decisions on one timeframe only. I try to take into account all timeframes.

Some of the golden rules of trading that I follow-

1) Do not risk more than you can afford to lose
2) Do not risk more than 5% per trade
3) Learn to minimise risk
4) Always have a trading plan and follow it
5) Learn to control emotions
6) Never stop learning and always backtest your strategies.

gbwillym posted:
golden rule: you can lose everything =)

there are others:
- MM
- ST and TP
- trading diary

That`s why you never risk what you can`t afford to lose.

Nakedize posted:
Some of the golden rules of trading that I follow-

1) Do not risk more than you can afford to lose
2) Do not risk more than 5% per trade
3) Learn to minimise risk
4) Always have a trading plan and follow it
5) Learn to control emotions
6) Never stop learning and always backtest your strategies.

Really good points. But I believe a trader should not risk more than 2% per trade. For every trader, protecting their capital should be the first priority, even more important than earning profits.