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What Are Your Golden Rules?

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  • #16
    I should always be on the lookout. I just need to constantly learn something new, it makes me more free in the market and gives me a positive result.

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    • #17
      Not a day without new knowledge. I like to be in constant search, watching the news and testing even unpopular strategies. This allows me to keep abreast of the most important events and sometimes much faster than others to predict interesting situations in the market.

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      • #18
        My golden rule is not to lose your temper. Because as soon as I get really upset about a mistake, everything goes wrong... If I feel like I should take a pause, I do it...

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        • #19
          Hmm, the golden rule? It's probably not to rush and think about every step, I think that's what helps me not to be gambling, but trading.

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          • #20
            If I think about it, I can put all my actions in the market into 10 ""golden"" rules:
            1. You should see and react only to those signals that give an opportunity to earn money, everything else should pass by.
            2. Before you enter a position, you must have a very good reason for this, because you risk your own and others' money. Even before you send your order, you should have a plan of action for all cases. Before entering the position, you must have a clear idea of how much you can earn on this trade and how much you can lose.
            3. It's better to give up the deal altogether than to put yourself at risk. If you can't calculate the risk or it is high, it is better to withdraw from the transaction altogether.
            4. You should always place a stop lose as soon as you receive an open position. How far you place a Stop depends on your risk level.
            5. It is better to overpay for a share, but to enter at the right price, than to buy cheaper but wrong.
            6. Always keep a record of your trades, statistics is a thing against which you'll not go.
            7. The stock should be in the hot sector and preferably leading.
            8. Big institutions usually trade big orders first 2 hours after opening and last 2 hours before closing.
            9. If you discipline yourself from day one, you'll never lose money.
            10. Leave one lot to see what the stock will do, because as soon as you close the position, you immediately stop following the stock.

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            • #21
              Originally posted by Arcanebringer View Post
              If I think about it, I can put all my actions in the market into 10 ""golden"" rules:
              1. You should see and react only to those signals that give an opportunity to earn money, everything else should pass by.
              2. Before you enter a position, you must have a very good reason for this, because you risk your own and others' money. Even before you send your order, you should have a plan of action for all cases. Before entering the position, you must have a clear idea of how much you can earn on this trade and how much you can lose.
              3. It's better to give up the deal altogether than to put yourself at risk. If you can't calculate the risk or it is high, it is better to withdraw from the transaction altogether.
              4. You should always place a stop lose as soon as you receive an open position. How far you place a Stop depends on your risk level.
              5. It is better to overpay for a share, but to enter at the right price, than to buy cheaper but wrong.
              6. Always keep a record of your trades, statistics is a thing against which you'll not go.
              7. The stock should be in the hot sector and preferably leading.
              8. Big institutions usually trade big orders first 2 hours after opening and last 2 hours before closing.
              9. If you discipline yourself from day one, you'll never lose money.
              10. Leave one lot to see what the stock will do, because as soon as you close the position, you immediately stop following the stock.
              I would focus on points 3, 6 and 9 from day one. All others can come later. A pretty good list, though.

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              • #22
                I have several rules and recommendations in trading that can help both beginners and experienced traders.
                One of the main rules for me is to define my goal, what you are trading for, definition of the goal will give you an incentive not to abandon your plans halfway and will be a reminder of why you are trading. The second rule is to think with a cold head, not to give in to negative emotions and keep yourself in tone. The last, basic rule, is to constantly develop, learn something new, remember that trading is not static, and the more relevant information you possess, the more effective and easier your trading will be.

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                • #23
                  I am always pointing to importance of risk management in trading. This is risky business. You cannot avoid risk but you can learn how to control it. I find this as a best approach to keep your money safe on this market.

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