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What Are Your Golden Rules?

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  • Rogers
    replied
    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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  • Kelune
    replied
    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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  • landorra
    Member

  • landorra
    replied
    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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  • Arcanebringer
    Member

  • Arcanebringer
    replied
    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.

    Leave a comment:

  • Agredritlan
    Senior Member

  • Agredritlan
    replied
    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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  • Blazaronald
    Member

  • Blazaronald
    replied
    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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  • Agajurus
    Member

  • Agajurus
    replied
    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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  • Rhonnon
    Senior Member

  • Rhonnon
    replied
    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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  • Aaronpp
    Junior Member

  • Aaronpp
    replied

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  • Agredritlan
    Senior Member

  • Agredritlan
    replied
    There are many different rules that direct forex trading. My golden rules are as follows: Never trade without a trading plan, never trade without a stop loss, always separate your emotions from your trading activities, only follow a successful trader and ensure you know your broker.

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  • manishatrifid
    Junior Member

  • manishatrifid
    replied
    These 3 golden rules you should follow while trade in forex-
    1. Have a clear trading strategy
    Set a specific goal, choose the type of transaction or strategy that suits the target. The main consideration in trading strategies is risk appetite. Different risk preferences require different trading methods. For example, long-term forex traders tend to be stable and have a lower risk appetite, but this also means that returns will be relatively low and funds will freeze for a long time.

    2. Be vigilant and positive
    The timing for the market is a reckless act, and serious traders should always pay attention to decisive shots when there is a lucrative opportunity. For example, unexpected political turmoil may cause currency prices to fall into panic selling, which is a good opportunity to buy at a low price. After that, the plot is that the panic subsides, the fundamentals recover, and the currency price rises.

    3. Choose a good broker
    Choose a reputable broker who wants to provide the right trading platform, adapt to their trading strategies and risk preferences, and be able to support the transaction. Excellent brokers offer a wide range of products, expand a variety of foreign exchange. Such brokers also provide insightful insights from experts who are experienced and monitor real-time market trends. The selected broker is required to provide an online trading platform that facilitates the execution of the transaction.

    if you want to become a successful trader you might just find some forex tips that will help you make smarter, more profitable trades too.
    We provide the best Forex and currency trading Tips that assist traders while Trading. Trifid Research offers Daily intraday Tips and updates at accurate

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  • Ubahon
    replied
    Specific periods in this sense refer to specific trading sessions. If your strategy requires highly volatile market then it would be good option to trading during America and London trading sessions. If not, then it would be better to trade during Asian hours

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  • lal.remigiusz
    Member

  • lal.remigiusz
    replied
    Forex Trading Can Be Done Anytime And Anywhere.

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  • willgiannelli
    Junior Member

  • willgiannelli
    replied
    Cut losses early, check my bias throughout the day to make sure I am making clear decisions

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  • john.brave
    Member

  • john.brave
    replied
    my golden rule is just do it.

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