Tell me the rules of Trading....

It's not that we don't know what to do,
it's that we can't do what we know.

I'd wager that most traders at this point have read/heard about the 10 commandments of trading - they're mostly the same no?
Cut your losses, let your profits run, etc....what's changed in 2,000 yrs?

After the first 10 years of my trading, I realized that the solution is to actually incorporate them in into your trading. Too many traders look for rules when they already know them. IMHO, one should be practicing how to actually follow the rules they know...rather than seeking the new holy grail of trading rules.

Trading rules haven't changed, not since humans roamed the earth.
 
Quote from Banjo:

There are 3 cardinal rules of trading:

1. DO NOT LOSE MONEY
2. DO NOT LOSE MONEY
3. DO NOT LOSE MONEY
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Sorry, but that's big BS.

You have to lose money in order to win money. You have to lose some battles in order to win the war.
 
Quote from me1969:

And think about correlation (i.e. if you are long in 10 stocks and risk 2 percent on each, your total risk could be 20% , imo quite to much)
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u are kiddin' right?
 
An important rule and truth about market is that initially everyone loses before he she breaks even and then the third stage comes when he makes profit.

In the first two stages, 90% people quit.
 
Quote from NZDSPeCIALISt:

To be patient and vigilant when you have to be and to be greedy and enthusiastic when you have to be - often at moments that you least expect or naturally feel like.

Example - You've been waiting for a settup for most of the day and yesterday you didn't trade at all.

Then you spend half an hour slowly working up an appetite to put on a trade, when everything lines up just right. And then, just when your about to put on the trade, the very last one minute bar gives you a "no go" type signal not in a big way, but it is there. You must be disciplined to follow it, not easy in some personal circumstances, especially if you missed that big move on Friday.

Then you might have to wait another ten minutes to feel vindicated for not getting in. In those ten minutes there are many reasons to get in - and one false move and the trade is a looser. After that, same process again. 15 minutes later a very similar signal pops up (before it took 30 minutes to form) and then again, that very next one minute(or tick) bar gives that same "no go". Next bar, same again as before.The next bar though is a breakout bar - not a big one - but enough to signal that everything is a go. Put on a trade at this point - it is very difficult to do.
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The voice of painful yet profitable experience.

I can tell you've earned your stripes and Mr. Market is less of a mystery.

You've sharpened your tools and honed your craft.

Enjoy the fruits of dedication and discipline.:D
 
Quote from BlueStreek:

There are no rules.....for every cliche trading rule....their is a contra trading rule.....i.e.,,,,,poker books and gus hanson.....or thegolden rule: treat others as you would like to be treated.......versus.........he who has the gold makes the rules......the only thing that matters is being successful.....and even this statement is total bullshit......how about this...do what wallstreet does......either sell pitchforks to the gold miners.....or trade off of inside information.....or do what goldman sachs does........consult on investment banking deals....have about 5 ex-sachs guys running treasury, new jersey, nyse, etc.....or just manipulate markets by having your analyst say bidu should be a 27.00 stock right when you want your short position to get bailed out!!!!!
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Wow, 'been a rough ride, aye?
 
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