6 golden rules for successful trading

[Sumon21 151]

On 1/27/2020 at 1:51 AM, talo122 said:

 

 

Rule 1: 

Follow Your Written Trading Plan

 This is the #1 reason why traders fail. It is human nature to want to vary or break rules and it takes discipline to continue to act in accordance with the established rules.

 

Write out a plan, even if it’s simple at first, and follow it religiously.

 

Rule 2: Keep Learning On A Daily Basis.

The markets are changing every single day and the strategies that you may have used 5 years ago might not work now. You need to continue to educate yourself on a daily basis.

 

 

Rule 3:

 Don’t Let Losses Compound.

Per your trading plan you should already know when and where you will cut your losses. Whether it’s a technical failure or percentage move doesn’t matter as long as you have something in place to mitigate risk.

 

 

Rule 4:

 Never Set A Price Target.

  Don’t set a price target and automatically get out of good trades. If you are long a trade and the pair hits your “target” don’t just automatically exit! Let profits run wild. Place a trailing stop loss order and see how high it can go from there after locking in gains.

 

 

Rule 5: 

Master One Strategy At A Time.

Never jump from one trading style to another. Master one style and strategy first rather than becoming average at several.

 

 

 

Rule 6:

 Listen To The Charts .

In case you didn’t already know, you cannot affect the market.

Everything is reflected in the price and volume when it comes to technical analysis .

 

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Thank you for sharing your idea. There are many people who want to trade but for lacking of proper knowledge they cannot do it.  I hope for these kinds of people you topic will be useful. I also a new trader. For your post i also know something. 

[Ayham7daoud 463]

 The most important advice for a trader is to adhere to a specific strategy of his own because following one’s steps may make you fall into big losses because after decisions are fast after a quick price movement 

[Alan Johns 258]

Thanks for these useful tips but I believe in making strategy and then enter in a trade and follow my strategy throughout the trade and if needed take a fresh decision at at time. I think to make a plan then when to enter and when to exit is good and save us from panic situations.

[The Game 2059]

Actually you make a good explanation here in the big six golden rules in trading that will enable a member succeed in trading and when put in consideration it will yield a good results in the digital market.

[Fiyyaz7711 51]

Is there feeling better and comfortable to learn and reading this information about the trading rules and policies. It's good and tricky for everyone to the success in trade environment for earnings.

[Umair786 33]

hello my friend I think you have shared the very good six rules for the traders and I also think it is not easy to master all of them and follow them properly on daily basis

[Megan Kyle 955]

You have said wonderful thing mate. We should follow this member rules. If you want to do trade then you need to have knowledge about tarding. You need to know the market conditions. You need to research lot. Take advice from experts. 

[Reen 1120]

Actually,there are some basic rules that everyone should follow like having a deep knowledge of trading and investing in a good project. If you apply them well and you can achieve good profits. I think it will be very helpful for all new traders to become successful in business. So be patient, a large part of trading is patience. Lastly Thanks for sharing this useful advices.

[Sumu2021 178]

Thanks dear. We should all know this. Basically, to be a good successful entrepreneur you have to follow some guidelines. You can be successful in the forum. But, you have to use some technique. Basically, this forum should refrain from doing forbidden things. For example, you should refrain from copying someone else's post. Should refrain from making any negative comments. Also, language errors should be avoided when posting. Also, you have to comply with all kinds of restrictions. Then you can be a successful businessman.

[Bhaigo5 633]

Thanks for your giving Information about trading it is helpful for specially traders we can earn good profit from trading if we have knowledge then it is possible if we have not knowledge then maybe we can lose our money because sometime we involve in scammers currencies. 

[cheri farah 487]

i agree with yous second tip  i always try learning new stuffbecause trading needs great experience and this experience only comes from good knowledge 

[Bayan alazm 1]

The 6 rules you share are really good. I do trading. So I will follow your rules. Because I think if I follow these rules I can be a good trader.

 

[Adam X 323]

It's really great tips and should by the badics of any trader that must be followed. The rule number 2 is reaaly attracted me, learning should never stops and we must be knowledge seekers if we want to success and master the trading of digital currencies.