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Rules of Successful trader

  • #121
  • Aug 15, 2017 11:40am Aug 15, 2017 11:40am
Money management is the hands down most important thing you can have, so study it alot.
Do the 20/80 rule 20% of your trading should be MM and 80% should be the trading system, 20% of it represents 80% of your profits. What will give you the most profit is your MM not the system, MOST of them can and will be profitable at some point, and later on you will monstly trade based on instinct, because the "system" will be printed on your mind...

So, beginners should focus on losing less. Profit will come eventually, dont force it to come prematurely.
Focus on what is important not on what can change. Your system can and probably WILL change, your management cannot.
You wont profit 100% of your account in 1 day, I was so thrilled when I traded for 33,7% of my account in one day (my highest profit in 24 hours in 11 years of trading!)
Backtest the shit out of the graphs, if you backtest you will gain knowledge (even today I take 3 hours every weekend to backtest 2 years to see if I can find something new!).
Choose the time for trading, don't just randomly sit in the chair and start trading, take it as a profession, be professional. Don't stay the whole day in front of the computer, take care of yourself and your family, be consistent with trading as well as your family.
KNOW YOUR SIZE, dont trade with lot 0.10 or 1.00 if you only traded in demo acc, you need to learn to control your emotions, otherwise you WILL have a heartattack.
Last one should be: DONT BE A LAZY F*CK, study and spend time if you really want to make to the top 5% that are successful!
  • #122
  • Aug 18, 2017 10:32am Aug 18, 2017 10:32am
Yes, Forex trading is like others business in general! But the difference is, the whole process of trading! I appreciate your last point, yes there is no way without learning and making trading skill!
  • #123
  • Mar 24, 2020 6:59am Mar 24, 2020 6:59am
Keeping your emotions in check for me.
  • #124
  • Mar 24, 2020 7:19am Mar 24, 2020 7:19am
Quoting Teotrader
Keeping your emotions in check for me.
I think that particular rule applies to every successful trader out there.
  • #125
  • Mar 25, 2020 12:24am Mar 25, 2020 12:24am
Staying consistency and keep your emotions under control.
  • #126
  • Mar 25, 2020 8:18am Mar 25, 2020 8:18am
Always Use a Trading Plan before going live in trading.
  • #127
  • Mar 25, 2020 11:42am Mar 25, 2020 11:42am
This couldn't be stressed enough. Don't trade at random, you may as well be gambling, form a trading plan!
  • #128
  • Mar 27, 2020 5:51am Mar 27, 2020 5:51am
Quoting Adolf75
Always Use a Trading Plan before going live in trading.
That's my first rule. Whenever i trade without it i have always had a disappointing experience, so now i've made a point to never trade without it.
  • #129
  • Mar 28, 2020 11:17am Mar 28, 2020 11:17am
Quoting bunnyy
{quote} That's my first rule. Whenever i trade without it i have always had a disappointing experience, so now i've made a point to never trade without it.
What kind of experiences? Would you share?
  • #130
  • Mar 30, 2020 2:02am Mar 30, 2020 2:02am
Quoting bunnyy
{quote} That's my first rule. Whenever i trade without it i have always had a disappointing experience, so now i've made a point to never trade without it.

That's true though, even i follow that rule first. when ever you trade without that its like entering into a battle without weapons.

I learned that the hard way.
  • #131
  • Mar 30, 2020 7:41am Mar 30, 2020 7:41am
Rule of a successful trader is to keep calm and focus on building a solid trading strategy.
  • #132
  • Mar 30, 2020 7:44am Mar 30, 2020 7:44am
Quoting hamedmohd
hi you can see that already i complete more than 1.5 years in the market and i got the main idea of how to trade and that why i didnt start trading till now trading like any other sport of business you must understand first what is all about like casino it is all about having fun - a stupid guy enter the casino to became rich second understand the rules like diving - everyone can dive 10 M but can you get get back before the drown third plan for it- if you planing to open a jet-sky rental in the middle of the mall for sure you will lose because...
I learnt that luck and timing also play a signigicant or large part. Don' t forget risk management. I am losing alot less and have more sense of direction with risk management.
  • #133
  • Mar 30, 2020 6:52pm Mar 30, 2020 6:52pm
The thing about successful trading is simple for me but maintaining the process is hard. Normally, new traders think that they need to know about how to enter or how long they needed to be in a trade. But the fact is, this entry and exit rules can be taught with few step by step process, but the psychology and how to manage the trade after you take it, is the part if you can master, you'll become a successful trader.
  • #134
  • Mar 31, 2020 2:02pm Mar 31, 2020 2:02pm
Presently, while some of this needs to do with the brokers tricks and misdirecting training that they put out there for their own particular benefit, it additionally needs to do with the traders also. Most traders lose, on the grounds that they don't regard forex trading as a venture. Without a doubt, the forex advertise moves regularly and it is open 24 hours per day, 5 days seven days. Be that as it may, this doesn't legitimize not regarding forex trading as a speculation.
  • #135
  • Apr 12, 2020 11:05am Apr 12, 2020 11:05am
Quoting rststation
The thing about successful trading is simple for me but maintaining the process is hard. Normally, new traders think that they need to know about how to enter or how long they needed to be in a trade. But the fact is, this entry and exit rules can be taught with few step by step process, but the psychology and how to manage the trade after you take it, is the part if you can master, you'll become a successful trader.
I think there is more to entering and exiting than a few simple lessons, but I do agree about the psychology part.
  • #136
  • Apr 13, 2020 12:44pm Apr 13, 2020 12:44pm
Quoting mlawson71
{quote} I think that particular rule applies to every successful trader out there.
Absolutely. That's a foremost thing for me when it comes to trading.
  • #137
  • Apr 14, 2020 11:00am Apr 14, 2020 11:00am
What other rules do you follow?
  • #138
  • Apr 14, 2020 3:25pm Apr 14, 2020 3:25pm
Rule 1: Never expect anything definite from the market. It gives wins and losses but these are at random events. Like tossing a coin. Because of that I cut short my losses through risk management and let my winners run by taking partial profits whenever a trade is in my favor.

Rule 2: Every trade is unique. If your last trade was a loss doesn't mean the next trade will be a loser. The outcomes are random and unique. Because of this when I decide to place a trade, I make sure it has a high probability of success, place it, and walk away from the terminal. The market will decide the outcome. Predicting the outcome will only lead to emotional ruin.

Rule 3: Before opening my terminal to scan the charts for an opportunity I ask myself this question: are you emotional fit to do any trading now? Ate you distracted? If my answers are not positive there will be no trading for that moment until another time.

Rule 4: This cannot be overemphasized. Risk management! Risk management! I don't set my position size based on my expectations but based on my risk management strategy. I don't tighten my stops because I want a good RR but based on my rules for entry. I understand market structure before deciding on a trade.

I hope I helped someone be a good trader.
  • #139
  • Apr 15, 2020 5:08am Apr 15, 2020 5:08am
Hey Guys,
I used a website to code my strategy as I have 0 experience in coding, the thing is I am having difficulty to back test it. I wanted to use Trading View to back test it, but the pine editor won't accept my code/ can any one help??
  • #140
  • Apr 16, 2020 1:27am Apr 16, 2020 1:27am
generally traders think successful traders dont make loses when trading , but for being a successful trader with certainly you have must to make losses more and more , it a condition, just take it or leave it. decisions is completely yours. take the pain and then be a good trader.
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