List of personal rules for trading that makes U successful

novice said:
I would like to hear about all the lessons u may have learned from the time u first started trading .The mistakes made and what one has learned from them. I am sure each one has a list of
what to do and not do when trading.
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  • Journal every trade you take and review them often.

  • Don't trade like a robot, learn your emotions and use it to your advantage.

  • Do not follow mentors that don't show transparent and honesty.

  • Capital preservation is the key.

  • Trading is a marathon not a sprint.

 
It doesn’t matter how often you win, rather how often you lose and most importantly how big you lose. These metrics combined decide the success of a trader in the long run. This is the lesson I’ve learnt and now I don’t focus on my winning rates, instead how much money I’ve made.
 
“The best offense? A good defense.” This is what I’ve learnt in my trading career. The only way to achieve consistent trading success is by being defensive. Don’t trade if you are not sure or market conditions are not right. Your goal should not be to make fast money, but instead to preserve your trading capital.
 
adonisperry said:
“The best offense? A good defense.” This is what I’ve learnt in my trading career. The only way to achieve consistent trading success is by being defensive. Don’t trade if you are not sure or market conditions are not right. Your goal should not be to make fast money, but instead to preserve your trading capital.
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Agreed!
There is a famous quote - "When a beginner wins he feels brilliant and invincible. Then he takes wild risk and loses everything."
This says it all and that's why I always place my trades with the mindset of preserving my capital.
 
noframe said:
Agreed!
There is a famous quote - "When a beginner wins he feels brilliant and invincible. Then he takes wild risk and loses everything."
This says it all and that's why I always place my trades with the mindset of preserving my capital.
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Well said mate, next time I will always remember this quote before placing trades.
 
When others have said I either couldn't do it or it can't be done, keep working as they couldn't figure out how to do something in the markets. Always keep an open mind.
 
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I won’t say it made me successful but doing the minimal made trading easier for me. I focused on what mattered for my personal trading style or my trading strategy and learned to ignore the noise in between. I started keeping my charts clean, used only a few indicators and concentrated on the timeframe I trade and ignored everything else. The over-availability of everything, be it information, tools, features make traders feel that if they’ll miss out on anything they will lose.
 
I agreed with the one above me, it is always good idea to keep your trading in minimal so that you can focus on what matter in trade.
 
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