Must follow rules to be a successful trader?

Question

Derrick · Accepted Answer

Have a PlanWhen it comes to trading, it's perhaps not the best idea to just jump into it. It's important to take the time to describe what you want to accomplish and establish a set of rules that will allow you to achieve good returns and manage risk.Don’t Fall in LoveIf you are too in love with your trading or investing vehicle, you give in to wrong decision-making. It's your job to capitalize on inefficiency, to make money when everybody's on the wrong side. Don’t Break Your RulesYou create trading rules to get through bad positions. If you do not let them do their work, you have lost your discipline and opened the door to even greater losses.Make Peace With LossesTrading is one of the few professions where losing money every day is a natural way to succeed. Each trading loss comes with a major market lesson if you are open to the message.

Ryan · Answer

Self-discipline. Simple as that. Discipline will make the difference between a successful and unsuccessful trader once you have found an edge in the market. For how long can you follow your exact strategy without deviating? The question is, can you go a full year without "testing" and trying new strategies and only repeating the same thing every time? If you have discipline, you already have a head start over 90% of the pack if you use the same share/lot size for a full year without moving the size up. It sounds easy, but most people lack the discipline to remain consistent for so long.

Thomas · Answer

The 7 Rules for Successful Trading1. You must have a clear understanding of your trading objectives before you start trading.2. Strive to achieve a balance between risk and reward in all your trades.3. Choose your tools wisely and use them effectively when trading.4. Set up a system that is designed to work overtime without fail, not just today or tomorrow.5. Learn how to use stop-losses and take-profit levels so you can protect yourself from losses and take advantage of opportunities as they arise in the markets.6. Never trade with borrowed money, as this will cause you too much stress when things go wrong and can make you lose money quickly if things turn out badly for you!

Must follow rules to be a successful trader?

6 Answer

6 Answer

Must follow rules to be a successful trader?

6 Answer

6 Answer

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