Let’s glimpse into the basics and do not forget to use these rules.
It’s proved - they do work!
TRADER’S RULES
1. Always work in the direction of the dominant trend
2. Find the strategy where you are most successful, namely the one that gives the minimum account drawdown
3. Reduce the number and size of transactions in case of losses, and vice versa
4. The main rule of profitable trading is control over losses
5. Plan ahead
6. At any time, assume that your plan is not working
7. Everything that happened is history. Focus on the future
8. Success in this business requires incredible concentration and mental costs. Learn to relax
9. Never allow your winning attitude to became unprofitable
10. If you have done something wrong, immediately close the position
11. If you do not see the possibilities – do not trade
12. Do not be a hero. Do not think that you know more than the market. Work with confidence, but always doubt yourself
13. Never overtrade
14. Do not take risks before and immediately after the release of important economic data. This is not the trading but the gambling
15. Avoid emotions
16. Use not just a price stop, but a time stop. If you are waiting for a breakthrough of the market, and it did not happen, close the position, even if it is in profit.
It’s proved - they do work!
TRADER’S RULES
1. Always work in the direction of the dominant trend
2. Find the strategy where you are most successful, namely the one that gives the minimum account drawdown
3. Reduce the number and size of transactions in case of losses, and vice versa
4. The main rule of profitable trading is control over losses
5. Plan ahead
6. At any time, assume that your plan is not working
7. Everything that happened is history. Focus on the future
8. Success in this business requires incredible concentration and mental costs. Learn to relax
9. Never allow your winning attitude to became unprofitable
10. If you have done something wrong, immediately close the position
11. If you do not see the possibilities – do not trade
12. Do not be a hero. Do not think that you know more than the market. Work with confidence, but always doubt yourself
13. Never overtrade
14. Do not take risks before and immediately after the release of important economic data. This is not the trading but the gambling
15. Avoid emotions
16. Use not just a price stop, but a time stop. If you are waiting for a breakthrough of the market, and it did not happen, close the position, even if it is in profit.