Best Forex Brokers: Golden Trading Rules

by Wang Y. SEM

Best Forex Brokers: Golden Trading Rules

Have top strategies and rules, excitement alone wont guarantee success, so follow your golden rules to make your trading more bankable.

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For example one of your golden rules could be, Trade with the trend: No Trend, No Trade! Or Plan the trade – Trade the plan! Buy at support, sell at resistance!

The list is endless, but you should ideally get a short list of at least 10 rules. Display your golden rules in your office or trading area, and read it every day.

GOLDEN TRADING RULES EXAMPLES

1. No Signal – No Trade

2. Plan your trades. Trade your plan

3. Keep records of your trading results – Keep a trading journal and your Income & Expenditure from trading.

4. Maximise profits, not the number of trades

5. Be patient enough to wait for good trades.

6. Be patient enough to avoid closing profitable trades too early

7. Cut losses early, protect profits with trailing stops

8. Focus on BIG movements. Don’t try to catch noisy small fluctuations.

9. Pay attention to price patterns and formations.

10. Don't take the market home

11. Professional Traders buy into bad news and sell into good news.

12. Professional traders have a well-scheduled planned time for studying the markets.

13. Professional traders isolate themselves from the opinions of others.

14. Make your own trading plan

15. Maintain discipline to be able to constantly suppress bad habits.

16. Success come with dreams - Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.

17. Strictly follow my plan and manage my risks

18. Only I am responsible for my trading result. So If I go wrong, I am to blame, Not the market, not the brokers or friends.

19. I will not use excessively tight stop losses – I will spend more time identifying a good entry point, than I will be patient and give the market some freedom and place my stop losses carefully.

20. Always discipline yourself by following a pre-determined set of rules.

21. Know your self - The key to successful trading is knowing yourself and your stress point.

22. Belief - You must believe in yourself and your judgement if you expect to make a living at this game.

23. I will commit my mind to the POWERFUL market trend.

24. I will accept losses and move on. Losses are part of the game.

25. Trade with the Trend – I will not try to outguess the markets – I will wait for the reversal to come

26. I will break my trades in 2 or 4 parts and than withdraw profits gradually, whilst moving the stops on the profit.

27. I will not follow the crowd, because they are usually wrong.

28. Big movements take time to develop, so I will have patience and wait for a perfect setup.

29. I will avoid negative friends – I have learnt the hard way. They will pull you down at every available opportunity.

30. Money can be made everyday in the market. There are tons of opportunities, you have to spot them.

31. Forget the news, remember the chart – I do not have the resources and the expertise to know what particular news will have an impact on the price, but the chart already knows that the news is coming.

32. When there is a strong trend in place, I will buy the first pullback from a new high, and Sell the first pullback from a new low.

33. Price has a memory – what did the price do the last time it hit a certain level? Chances are it will do it again.

34. Beat the crowd – I will take their money before they take mine. When I trade I am really trading against a crowd, not the currency – that is just a medium.

35. Trade with a plan-not with hope, greed, or fear. Plan where you will get in the market, how much you will risk on the trade, and where you will take your profits

36. Watch for divergences in price action with the indicators, such as MACD, RSI and Stochastic.

37. You are your biggest mentor - Analyse your losses. Learn from your losses. They're expensive lessons; you paid for them. Most traders don't learn from their mistakes because they don't like to think about them.

38. Always use stop orders, always...always...always.

39. Never add to a losing position.

40. Fundamental News – Be interested in the market's reaction to news rather than the news itself

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