5 Golden Rules of Trading

Quote from mark04:

Dear Traders,

Here are the 5 Golden Rules of Trading. Which one is the most important in the success of the traders?
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1. Cut Losses Quickly.
2. Cut Losses Quickly.
3. Cut Losses Quickly.
4. Cut Losses Quickly.
5. Cut Losses Quickly.
 
Quote from deaddog:

1. Cut Losses Quickly.
2. Cut Losses Quickly.
3. Cut Losses Quickly.
4. Cut Losses Quickly.
5. Cut Losses Quickly.
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;-))
But define "Loss", when quotes wiggle up and down (a trend wiggles more in one direction than the other).
 
Quote from Alex55:

;-))
But define "Loss", when quotes wiggle up and down (a trend wiggles more in one direction than the other).
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When you get into a trade your exits should be set. You have decided at what point you are wrong. Take your loss at that point.

If you give the trade a little wiggle room and it works in your favor it will reinforce a bad habit and cost you in the long run.
 
deaddog: for mere mortal traders that sounds like a sensible thing, i do the same. For trading-gods like cable, who INVARIABLY trade out of all loosing positions, that is not necessary.
 
Quote from Pippi436:

deaddog: for mere mortal traders that sounds like a sensible thing, i do the same. For trading-gods like cable, who INVARIABLY trade out of all loosing positions, that is not necessary.
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lol, incapable of sustaining a reasonable discussion with reason and logic you resort to sarcasm......good job! :D


(ps - by the way 'losing' only has one 'o', it's a word you'll need to use frequently by the sounds of it!)

Enjoy your stops.....the market and your broker appreciate your generous donations I'm sure!
 
I have to apologize for raping your wonderful language, i'm not a native English speaker, i'm sure your foreign language skills are just as impeccable as your trading, and i can not, once again, compete on that level.

So do you really, like you said, invariably trade out of all losing positions, or not? If that is true, 'trading-god' would be a fit description in my opinion, and i would stand in awe. Of course, claiming something on an internet bulletin board and reality maybe two different things. You yourself are in a habit to point out that very fact to the shills quite often, so i humbly ask to excuse my skepticism.

Yours truly,
P.
 
Quote from cabletrader:

Sure....if you like giving money away! :D
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I love giving money away. I just don't like to give away a whole bunch at one time.:)
 
Quote from deaddog:

I love giving money away. I just don't like to give away a whole bunch at one time.:)
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Well darn it fella, fire some of it over in this direction, I'm a poor daytrader!!

I've been waiting for decreasenow to start posting some extreme trades, I'm pumped and ready to roll!

:)
 
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