15 Rules of a Successful Trader

Re: 15 Rules of a Successful Trader

Just like to add one more, if I may:

Clean up your charts. Too many indicators will drive you crazy.

After 5 years of trading, I've come back to the basic, HH HL, HL, LL and trend lines. I've also appreciate people telling me to learn candle stick and price action.

Re: 15 Rules of a Successful Trader

It's hard to comment on this when the rules are removed. Anyone knows or can repost?

Ice

Re: 15 Rules of a Successful Trader

I agree. can someone repost? never hurts to read more success rules! hehehe

Re: 15 Rules of a Successful Trader

Just like to add one more, if I may:

 

Clean up your charts. Too many indicators will drive you crazy.

 

After 5 years of trading, I've come back to the basic, HH HL, HL, LL and trend lines. I've also appreciate people telling me to learn candle stick and price action.

Mentos,

I could not agree less with you. Keep it simple. Indicators come and go but the simple things has always stand the test of time. If you have too much food at home you might still be hungry, why? Because you are confused on what to eat and same-thing with plenty of indicators, you might still find yourself making wrong trades because you have too much people to listing to now and you can't think straight. It is called Analysis Paralysis. The cure? Purge yourself of all the fancy indicators, less is better.

keep charts so simple,

follow one or two indicators ,

finding reliable patterns,where it occurs is important,

finding trends and not trade against them,

consider daily high & lows ,pivots & support resistance,trend lines,

a brake out trade must be conformed after the pull back completes,

make use of 38.2% fibo retracement rather than 61.8%,

dont forget golden rule buy at low sell at high,

all above mentioned can become useless when tsunami ( ecnomic data) occures,

here it is, titled,

40 of the rules of trade in the stock market from A. Laputin

download links,

http://www.multiupload.com/L0159WHXJG

Trading Mistakes

Found it in another forum.

Trading Mistakes

 

The following list contains the most common trading mistakes that we will cover in this article.

 

1. Not using a “trading plan”

2. Not having a money management game plan

3. Not using protective stop loss orders

4. Closing winning trades early and letting losing trades run

5. Overstaying your position

6. Averaging a losing trade

7. Increasing your risk with success

8. Overtrading your account

9. Failure to take profits from your account

10. Changing your trade plan in mid-trade

11. Not having patience

12. Not having discipline

Hope it helps too to be a successful trader.

Smile

Chankl78

Are you a good Trader?

Are you a good Trader ?

 

These days everyone interested in Trading the FOREX MARKET wants to be a Forex Trader.

To determine if you will be a good trader, ask yourself the following questions...

 

A Person who has a good chance at being a successful trader has the following attributes.

 

Is properly capitalized - enough money to trade and survive.

Treats Trading as a Business.

Has a low tolerance for risk.

Trades only when the market provides an opportunity.

Can control your emotions.

Has a Trading Plan.

Has a risk management plan.

Is incredibly disciplined.

Is focused.

Has back tested his trading methodology.

 

A Person who has a good chance at failure has any of the the following attributes.

Is undercapitalized.

Lacks discipline.

Overtrades.

Does not understand the markets.

Rushes into trades.

Chases the market.

Is afraid of missing a move.

Is stubborn and marries a position or idea.

Misinterprets the market news.

Is always looking for home runs.

Lets losers get too big.

Takes winners prematurely.

Takes trading too lightly.

Takes large risks.

Has little control of his emotions.

Found it from another website.

Smile

Chankl78

Just like to add one more, if I may:

 

Clean up your charts. Too many indicators will drive you crazy.

 

After 5 years of trading, I've come back to the basic, HH HL, HL, LL and trend lines. I've also appreciate people telling me to learn candle stick and price action.

I agree with you on this one, in my case my best way of knowing if an indicator is working is to see it being used to trade live .Makemoneycurrencytrading dot co dot uk is a good resource as they run a live portfolio based on their indicators. So you can actually see if it is making money.

Likewise Blogs/forums like this one are usually good resources too.

Indicators are just for scalping at M1 and M5. Other than that for naked price action with some moving averages as support and resistance + trendlines + fibo + candle pattern (pin bar) + previous S&R is more than enough.

First the price moves then the indicator moves where the price moves the indicators follows, just that our eyes are not trained to see that. Hopefully i am able to see that in times to come. =)

Patience, strict money management, SL, not yielding to emotions,are the rules that i follow.

Regards