We all know that without rules, any platform in the world never succeeds because rules lead to discipline.
Same goes to Trading...
If you really want to be a successful trader, here are the TEN(10) rules you must follow;
Open and Read
like and Repost for others....
Same goes to Trading...
If you really want to be a successful trader, here are the TEN(10) rules you must follow;
Open and Read
like and Repost for others....
Rule 1: Always Use a Trading Plan
A trading plan is a set of rules that specifies a trader's entry, exit, and money management criteria for every purchase.
With today's technology, test a trading idea before risking real money. Known as backtesting,
A trading plan is a set of rules that specifies a trader's entry, exit, and money management criteria for every purchase.
With today's technology, test a trading idea before risking real money. Known as backtesting,
this practice allows you to apply your trading idea using historical data and determine if it is viable. Once a plan has been developed and backtesting shows good results, the plan can be used in real trading.
Rule 2: Treat Trading Like a Business
To be successful, you must approach trading as a full or part-time business, not as a hobby or a job.
you must research and strategize to maximize your business's potential.
To be successful, you must approach trading as a full or part-time business, not as a hobby or a job.
you must research and strategize to maximize your business's potential.
Rule 3: Protect Your Trading Capital
Saving enough money to fund a trading account takes time and effort. It can be even more difficult if you have to do it twice.
It is important to note that protecting your trading capital is a must as a trader
Saving enough money to fund a trading account takes time and effort. It can be even more difficult if you have to do it twice.
It is important to note that protecting your trading capital is a must as a trader
All traders have losing trades. Protecting capital entails not taking unnecessary risks and doing everything you can to preserve your trading business
Rule 4: Become a Student of the Markets
Think of it as continuing education. Traders need to remain focused on learning more each day. It is important to remember that understanding the markets and their intricacies is an ongoing, lifelong process.
Think of it as continuing education. Traders need to remain focused on learning more each day. It is important to remember that understanding the markets and their intricacies is an ongoing, lifelong process.
Hard research allows traders to understand the facts, like what the different economic reports mean. Focus and observation allow traders to sharpen their instincts and learn the nuances.
Rule 6: Risk Only What You Can Afford to Lose
Before using real cash, make sure that money in that trading account is expendable. If it's not, the trader should keep saving until it is.
Money in a trading account should not be allocated for college tuition or the mortgage.
Before using real cash, make sure that money in that trading account is expendable. If it's not, the trader should keep saving until it is.
Money in a trading account should not be allocated for college tuition or the mortgage.
Losing money is traumatic enough. It is even more so if it is capital that should have never been risked in the first place.
Rule 7: Develop a Methodology Based on Facts
Taking the time to develop a sound trading methodology is worth the effort. It may be tempting to believe in the "so easy it's like printing money" trading scams that are prevalent on the internet.
Taking the time to develop a sound trading methodology is worth the effort. It may be tempting to believe in the "so easy it's like printing money" trading scams that are prevalent on the internet.
If you were to start a new career, you would need to study at a college or university for at least a year or two before you qualify to apply for a position in the new field. Learning to trade demands the same amount of time and fact-driven research and study.
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