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RidetheMacro|11 GOLDEN TRADING RULES FOR TRADING ๐
๐ GOLDEN RULES FOR TRADING ๐
๐ 1. Donโt break your rules -
The first and foremost rule of share trading is to never borrow capital to invest in share market. Test your trading setup and its logic through paper trading or back test it with the available data. Then start with small quantities or a single lot etc. So donโt break the set rules , you made them for tough situations, just like the one youโre probably in right now.
๐ 2. Donโt believe in a company -
Trading is not investment. Remember the charts and forget the press releases.
๐ 3. Donโt seek the Holy Grail -
There is no secret trading formula, other than solid risk management. So stop looking for it. Always do trade keeping your trading capital into consideration. Donโt over trade.
๐ 4. Donโt forget your discipline -
Learning the basics is easy. Most traders fail due to a lack of discipline, not a lack of knowledge. Maintaining stop loss is one of the key discipline parameter to be religiously followed.
๐ 5. Donโt chase the crowd -
Listen to the beat of your own drummer. By the time the Crowd acts, youโre probably too late. Or too early. Don't chase the Retails.
๐ 6. Donโt ignore the warning signs -
Big losses rarely come without warning. Donโt wait for a lifeboat to abandon a sinking ship.
๐ 7. Donโt count your chickens -
Profits arenโt booked until the trade is closed. The market gives and the market takes away with great fury.
๐ 8. Donโt have a paycheck mentality -
You donโt deserve anything for all of your hard work. The market only pays off when youโre right, and when your timing is really, really good.
๐ 9. Diversification of portfolio -
Do not put all eggs in one basket.
๐ 10. Donโt expect to make profit everyday -
If you consider that you can make profit on every trade, you are 100% wrong. Always be flexible and accept the fact as soon as you realize that you are on wrong side of the trade. Simply exit the trade without changing your strategy during the market; it may cause you double losses. Always follow stop loss. Treat trading as a BUSINESS and Earnings (profits) & Expenditure (losses). Learn to like losses as they are the part of the business.
๐ 11. Never add to a losing position -
When market has given the verdict that your trade is wrong. Accept it. Just exit from the trade and donโt average it. Donโt take it personally and bring your ego in between. Donโt fight the market. Itโs not a one on one thing. Itโs one on many.
Share your comments ideas below to make Things more better.
Thank You.
๐ 1. Donโt break your rules -
The first and foremost rule of share trading is to never borrow capital to invest in share market. Test your trading setup and its logic through paper trading or back test it with the available data. Then start with small quantities or a single lot etc. So donโt break the set rules , you made them for tough situations, just like the one youโre probably in right now.
๐ 2. Donโt believe in a company -
Trading is not investment. Remember the charts and forget the press releases.
๐ 3. Donโt seek the Holy Grail -
There is no secret trading formula, other than solid risk management. So stop looking for it. Always do trade keeping your trading capital into consideration. Donโt over trade.
๐ 4. Donโt forget your discipline -
Learning the basics is easy. Most traders fail due to a lack of discipline, not a lack of knowledge. Maintaining stop loss is one of the key discipline parameter to be religiously followed.
๐ 5. Donโt chase the crowd -
Listen to the beat of your own drummer. By the time the Crowd acts, youโre probably too late. Or too early. Don't chase the Retails.
๐ 6. Donโt ignore the warning signs -
Big losses rarely come without warning. Donโt wait for a lifeboat to abandon a sinking ship.
๐ 7. Donโt count your chickens -
Profits arenโt booked until the trade is closed. The market gives and the market takes away with great fury.
๐ 8. Donโt have a paycheck mentality -
You donโt deserve anything for all of your hard work. The market only pays off when youโre right, and when your timing is really, really good.
๐ 9. Diversification of portfolio -
Do not put all eggs in one basket.
๐ 10. Donโt expect to make profit everyday -
If you consider that you can make profit on every trade, you are 100% wrong. Always be flexible and accept the fact as soon as you realize that you are on wrong side of the trade. Simply exit the trade without changing your strategy during the market; it may cause you double losses. Always follow stop loss. Treat trading as a BUSINESS and Earnings (profits) & Expenditure (losses). Learn to like losses as they are the part of the business.
๐ 11. Never add to a losing position -
When market has given the verdict that your trade is wrong. Accept it. Just exit from the trade and donโt average it. Donโt take it personally and bring your ego in between. Donโt fight the market. Itโs not a one on one thing. Itโs one on many.
Share your comments ideas below to make Things more better.
Thank You.
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