25 rules of forex trading discipline
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The important lesson is that, once a trader has confidence in their trading plan, they must have the discipline to stay the course, even when there are the. These are The Top Trading Rules from the best traders I've come across. I believe that having the discipline to follow your rules is essential. 25 rules to improve your trading. MANTRA discipline for POINT The success that a trader ac. Forex fortunes guide. Flora Runyenje. SPORTS FIXED ODDS BETTING UK
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Discipline must be practiced on every trade. The market will reward you even it is a losing trade than your emotion asking you to hold on a bad trade for too long. I follow this rule and I believe most good traders follow too. If you lose 5 lots contracts per trade, you could save yourself a lot of money by lowering your trade size down to a one lot on your next trade.
If I have two losing trades in a row, I always lower my trade size down to a one lot. If my next two trades are profitable, then I move my trade size back up to my original lot size. Rule 4 Never turn a winner into a loser. Most new traders will violate this rule, including myself. However, it should be our goal to try harder not to violate it in the future. This is the emotion factor — Greed. You see that the market has rewarded you by moving in the right direction, however, you are not satisfied with a small winner.
So you hold onto the trade in the hopes of a larger gain, only to watch the market turn and move against you. Of course, you have no choice and indecision kicks in and the trade further deteriorates into a substantial loss. Opportunity exists in the marketplace all of the time. Remember: No one trade should make or break your performance for the day.
Rule 5 Your biggest loser cannot exceed your biggest winner. This rule is easy to understand and follow. It is advise to keep a trade log of all your trades throughout the session. If, for example, you know that, so far, your biggest winner on the day is 50 pips, then do not allow a losing trade to exceed 50 pips. If you allow that to happen, then you have a net loss when you net out the biggest winner and the biggest loss. So, not good on your result. Read More Important Notice: Gemedia Ltd, a company incorporated under the laws of Bulgaria, with the registered address Sofia, 28 Jawaharlal, Bulgaria is the primary service provider and takes liability for any complaints originating from users who deposit money through Gemedia Ltd Limited.
Risk Warning: Trading is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone so before deciding to trade you should carefully consider your financial condition and your level of experience.
Seek independent advice if necessary. Speculate only with funds that you can afford to lose.