Most important trading rule?

[mr tubbs]

i am new to the forum, and was just interested to hear what other fx traders believe to be their most important trading rule?

 

[pixel]

Re: trading rule?

i am new to the forum, and was just interested to hear what other fx traders believe to be their most important trading rule?

Don't risk more money in any speculation than you feel quite comfortable losing.

 

[Vicki]

Re: trading rule?

I'm not the most qualified person to give advice.

But I think the number one consideration of any trading plan [as far as I now realise]
Would be capital preservation..i.e. Keeping your losses at 1-2% or less, of your trading capital.

Beyond that, well I'll leave it to the more experienced to elaborate.

Vicki

 

[explod]

Re: trading rule?

(1) When in doubt get out.

(2) never put your money into any investment that you do not fully understand.

(3) never put money in that you cannot afford to lose.

Sorry cant pick a single one apart, they are clost tol equal.

 

[Market Depth]

Re: trading rule?

1. Practice you plan
2. Trade the trend (No use going short when the market is going long)
3. Don't chase price, either up or down if going short, let price come to you.
4. Keep it simple, don't clutter your thinking with so many indicators, that get you confused.
5 Cut your loses early, small amounts of money are easier to win back
6 Use a stop loss and trailing stops
7 Learn how to short
8 Don't try and trade every opportunity
9 look at one set of pairs at one time and learn to trade that pair perfectly.
10 The FX trades 24/5 so get some sleep

 

[Market Depth]

Re: trading rule?

Several more,

11. Be patient
12. Have a profit target
13. Set goals, and reward yourself when you reach them

 

[TulipFX]

1. Control the only thing you can in a trade - the amount you risk.
   
2. Do not risk more than 5% of your account on any one trade unless you want to be reckless.

 

[Gringotts Bank]

Learn about intuition and gut feel. Learn how to use yours.

Learn about core beliefs.

Whether you win or lose, it's simply is a reflection of your deepest subconscious beliefs. The most powerful of these beliefs relates to the idea of worthiness.

If you have all this working for you, you can literally bet the farm on on black and come out a winner (not that i'm advising that, but you catch my drift hopefully). The trick is knowing when it's all working, and upping your stake size accordingly.

 

[nunthewiser]

sorry to state the obvious, but thought i,d better before it gets lost in all this hippy stuff.

MONEY MANAGEMENT.

Thankyou

avaniceday

 

[professor_frink]

Learn about intuition and gut feel. Learn how to use yours.

Learn about core beliefs.

Whether you win or lose, it's simply is a reflection of your deepest subconscious beliefs. The most powerful of these beliefs relates to the idea of worthiness.

If you have all this working for you, you can literally bet the farm on on black and come out a winner (not that i'm advising that, but you catch my drift hopefully). The trick is knowing when it's all working, and upping your stake size accordingly.

That would have to be quite possibly one of the least useful responses I think I've ever seen on an internet forum

Most important rule for me - it's a business, treat it as such.

leave the gut feel to the quacks, entrail readers and astrologers.

 

[nukz]

As far as forex goes, i woudn't trade any currency that you have no idea about(some currency's have trading patterns).

At the same time as my previous point, don't always take technical analysis as gospel.

Don't put in more than your willing to loose is always important. This is important no matter what you trade.

 

[Gringotts Bank]

edit: you know fink is right.

Forget what I said. I must have been on drugs.

 

[professor_frink]

edit: you know fink is right.

Forget what I said. I must have been on drugs.

There's an 'r' in there buddy

I'll wake up one day I suppose, till then I'll just keep running tests to try and refine my models and settle for the 20%, or whatever it is you think I might be capable of.

 

[Gringotts Bank]

There's an art to trading which none of you seem to understand.

Most of you guys if you had to paint a picture or make love to a women, the first thing you'd do is consult a manual and run some stats. "Hmm, now what goes where? ...ah there we go How does that seem? Good? Yes we have a 57% satisfaction ratio from the female. I have mastered it. Good job, and goodnight.".

.... zzzzzzz.

 

[professor_frink]

There's an art to trading which none of you seem to understand.

Most of you guys if you had to paint a picture or make love to a women, the first thing you'd do is consult a manual and run some stats. "Hmm, now what goes where? ...ah there we go How does that seem? Good? Yes we have a 57% satisfaction ratio from the female. I have mastered it. Good job, and goodnight.".

.... zzzzzzz.

LOL!

And I thought your last post was a classic! This one is an all timer

 

[SmellyTerror]

Be profitable.

Everything else is sponge and padding.

(Though the most important part of the sponge and padding is money management, because the most profitable system in the world isn't much good if you lose all your money every time there's a bad patch).

 

[TulipFX]

A good way to practice money management is to use the 'coin flip' method of trading.

Not in a trade? Flip a coin. Heads you go long, tails you go short.

From there, set a Stop Loss level. Calculate your lot size.

If you can go two weeks and not lose money, you have mastered money management and trade management.

 

[IB12]

Never underestimate the market.
Always be humble and ready to take losses.
Admitting defeat and having some humility will help you avoid revenge trading and risk of ruin.

 

[pixel]

Never underestimate the market.

right - and that reminds me of another one:
"The Market can stay irrational for much, much longer than you can stay solvent."

 

[tech/a]

Learn about intuition and gut feel. Learn how to use yours.

Learn about core beliefs.

Whether you win or lose, it's simply is a reflection of your deepest subconscious beliefs. The most powerful of these beliefs relates to the idea of worthiness.

If you have all this working for you, you can literally bet the farm on on black and come out a winner (not that i'm advising that, but you catch my drift hopefully). The trick is knowing when it's all working, and upping your stake size accordingly.

Most of you guys if you had to paint a picture or make love to a women, the first thing you'd do is consult a manual and run some stats. "Hmm, now what goes where? ...ah there we go How does that seem? Good? Yes we have a 57% satisfaction ratio from the female. I have mastered it. Good job, and goodnight.".

Where as you'd get a smile across a room,pop out the chest with a flood of testosterone saunter over and offer to buy the girl a drink.
Upon acceptance and with animated conversation you "know' its all working and hone in for the final offer only to wear the drink---that's all she was interested in---but you had ALL the signs and gut feel said --bet the farm---
Yep you've mastered it---