subject seems really well, but also inside is more interesting. 20 rules is so much for a starter but I would like to mention about at least three important one of them for starters :
Follow Your Discipline
Discipline can’t be taught in a seminar or found in expensive trading software.
This should be first one but is not a lesson learn subject.
then you can follow second as third at below :
Pay Attention to Early Warning Signs
Big losses rarely occur without multiple technical warnings.
Don’t Break Your Rules
You create trading rules to get you out of trouble when positions go badly. If you don’t allow them to do their job, you’ve lost your discipline and opened the door to even greater losses.
Topic: 20 Rules Followed by Professional Traders (Read 331 times)
Pretty good tips I must say, but like you said this is a tip that is actually applicable to professional traders and to be able to get to that stage; learning and consistent practice is always a parameter.
Actually there would always come to be a time when you are so deep in trading and you have great deal of knowledge that overcoming some of these things mentioned would be so easy and come naturally which is why knowledge and experience is always very important in any profession at all. If you know it, you know it, and you will always be confident with the decisions you make.
Actually there would always come to be a time when you are so deep in trading and you have great deal of knowledge that overcoming some of these things mentioned would be so easy and come naturally which is why knowledge and experience is always very important in any profession at all. If you know it, you know it, and you will always be confident with the decisions you make.
I really like this. There are people who till now they don’t know all these– some people still goes with the crowd till now and they never learn to trade with their head which is really bad for them. When loss occurs, accept it, profit doesn’t come at all times that’s why it is a risky business.
If you make a mistake, try to learn from your mistake. One of my friend who I once introduced to trading, decided to quit just because he lost once. That’s what happens when people keep on expecting profit only and counting their eggs before they hatch.
If you make a mistake, try to learn from your mistake. One of my friend who I once introduced to trading, decided to quit just because he lost once. That’s what happens when people keep on expecting profit only and counting their eggs before they hatch.
Get Your Personal Life in Order
Whatever is wrong in your life will eventually carry over into your trading performance. This is especially dangerous if you haven’t made peace with money, wealth and the magnetic polarity of abundance and scarcity.
Whatever is wrong in your life will eventually carry over into your trading performance. This is especially dangerous if you haven’t made peace with money, wealth and the magnetic polarity of abundance and scarcity.
I agree with this, emotions are always in our lives but when our emotions are unstable, and we are trading, it only makes our instincts unable to work because of confusion and cannot focus
A lot of suggestions that came to my attention when I started learning trading, mental, discipline and reading chart skills were the key to all that included emotions, I had experienced a 50% loss of my capital due to an unstable emotional situation, and made more than 50% profit when I have no problems in daily life
Sure, getting your personal life in order are things that will always help you but not a very huge criteria for someone who wants to be successful at trading, it is just a criteria for someone based on real life situations because no matter what you are doing, if your mental condition is in disarray and your personal life is messed up, the chances of focusing will be a lot hard, and that is something you really need when it comes to trading.
I found the excellent rule for myself "do everything in the opposite way to the way in which retail traders do things" because there is conflict of interest (smart money vs dumb money).
Do not forget that the biggest players of fees to exchanges are investment banks, hedge funds, pension funds. This is Wall street and they all work together and smart money requires dumb money to exist.
Do not forget that the biggest players of fees to exchanges are investment banks, hedge funds, pension funds. This is Wall street and they all work together and smart money requires dumb money to exist.
This things will helo also in traders like me to know all good rules for investing in cryptocurrency.
To manage your funds in a good way and not in a risky way.
To manage your funds in a good way and not in a risky way.
Actually, I read so many theories, but it never suited me. When I started investing, all of that theory broke down. It does not help me. So I suppose we should try small investment first. If that fails, let's revise our strategy. After many failures, we will find the best strategy for ourselves and can earn a lot of money.
All points listed by OP have been rehashed for decades to make people understand the dos and don't in stock markets. If people after all this time still haven't figured out what the deal is when it comes to trading, they never will, especially not when it comes to crypto. You really have to figure out everything yourself, and this will make you lose a lot initially, but it's the only way to figure out what is the best way for YOU to trade, not what others think is the best way.
I have lost a lot with trading crypto in 2013/2014 which made me feel very uncomfortable back then, but looking back now, it was the best ever form of self education. It's up to people of course to read through tips and tutorials, but it's largely garbage. All the tips and tutorials you read into now (with a calm state of mind) are worthless when you're under pressure of potentially losing or making a lot money.
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Can people ffs just stop quoting the entire OP? Thank you.
Actually, I read so many theories, but it never suited me. When I started investing, all of that theory broke down. It does not help me. So I suppose we should try small investment first. If that fails, let's revise our strategy. After many failures, we will find the best strategy for ourselves and can earn a lot of money.
That is usually the thing about trying to build on a strategy either as a trader or as an investor, but you certainly cannot have a strategy unless you are well vast at what you are doing. By being vast I am referring to at least having some very good knowledge of trading, great knowledge of the market as those are the things that would help you when you are making short and long term decisions depending on what suits you best.For example I am not a big trader and all that but I had some investments here and there and bought sold some coins for quick cash however I also try to not lose that money because I may need it soon, hence it is really risky to follow these steps when you do not have money enough even for living.
Yes, all the things that the OP mentioned are attributes that are worth having, but they cannot just come unless you have decent capital first and confidence in yourself second and that is what should be built based on your skills.
Here is another one. Do not trust and follow mass media's suggestions especially in case of making investing.
Trader Anton Kreil Bashes Mainstream Media
https://www.youtube.com/watch?v=DHx2imVKUvE
Trader Anton Kreil Bashes Mainstream Media
https://www.youtube.com/watch?v=DHx2imVKUvE
I think one thing that "prof traders" forget to add there ; have a lot of money. If you are a professional trader you can make money with small amounts as well but you always have a cushion to fall back on whereas there are thousands even maybe millions of people who are trying to both survive with the income they have and also try to trade their way into comfort zone.
For example I am not a big trader and all that but I had some investments here and there and bought sold some coins for quick cash however I also try to not lose that money because I may need it soon, hence it is really risky to follow these steps when you do not have money enough even for living.
For example I am not a big trader and all that but I had some investments here and there and bought sold some coins for quick cash however I also try to not lose that money because I may need it soon, hence it is really risky to follow these steps when you do not have money enough even for living.
Market News and Emotions play a very important role in Trading and smart developer
never avoid this things
Market news sometimes can actually be very misleading so, sometimes it is always better to focus on the charts and price action than placing so much of your attention on the news. The thing with trading is that there will always be different perspective to it since we cannot always have the same strategies anyway, but one thing is that as long as you are knowledgeable, know exactly what you are doing and confident with your skills, there are something you will not really find yourself doing.never avoid this things
Normally, if you have no strategy, then it is more like you are gambling and the chance of emotion rushing in and then acting some of the things listed by the Op will always be there but as long as you have what it takes, they really do not even become a thing actually.
Get Your Personal Life in Order
Whatever is wrong in your life will eventually carry over into your trading performance. This is especially dangerous if you haven’t made peace with money, wealth and the magnetic polarity of abundance and scarcity.
Whatever is wrong in your life will eventually carry over into your trading performance. This is especially dangerous if you haven’t made peace with money, wealth and the magnetic polarity of abundance and scarcity.
I agree with this, emotions are always in our lives but when our emotions are unstable, and we are trading, it only makes our instincts unable to work because of confusion and cannot focus
A lot of suggestions that came to my attention when I started learning trading, mental, discipline and reading chart skills were the key to all that included emotions, I had experienced a 50% loss of my capital due to an unstable emotional situation, and made more than 50% profit when I have no problems in daily life
Actually, I read so many theories, but it never suited me. When I started investing, all of that theory broke down. It does not help me. So I suppose we should try small investment first. If that fails, let's revise our strategy. After many failures, we will find the best strategy for ourselves and can earn a lot of money.
Follow Your Discipline
Discipline can’t be taught in a seminar or found in expensive trading software. Traders spend thousands of dollars trying to compensate for their lack of self-control but few realize that a long look in the mirror accomplishes the same task at a much cheaper price!
Lose the Crowd
Long-term profitability requires positioning ahead of or behind the crowd, but never in the crowd because that’s where predatory strategies target. Stay away from stock boards and chat rooms. This is serious business and everyone in those places has an ulterior motive.
Don’t Break Your Rules
You create trading rules to get you out of trouble when positions go badly. If you don’t allow them to do their job, you’ve lost your discipline and opened the door to even greater losses.
Avoid Market Gurus
It’s your money at stake, not theirs. Keep in mind that they're probably talking up their positions, hoping the excited chatter will increase their profits, not yours.
Listen to Your Intuition
Trading uses the mathematical and artistic sides of your brain so you need to cultivate both to succeed in the long run. Once you're comfortable with math, you can enhance results with meditation, a few yoga postures or a quiet walk in the park.
Get Your Personal Life in Order
Whatever is wrong in your life will eventually carry over into your trading performance. This is especially dangerous if you haven’t made peace with money, wealth and the magnetic polarity of abundance and scarcity.
Pay Attention to Early Warning Signs
Big losses rarely occur without multiple technical warnings. Traders routinely ignore those signals and allow hope to replace thoughtful discipline, setting themselves up for pain.
Don’t Confuse Execution With Opportunity
Traders make up for insufficient skills with expensive software, prepackaged with all sorts of proprietary buy and sell signals. These tools interfere with valuable experience because you think the software is smarter than you are.
Ditch the Paycheck Mentality
We’re taught to grind through the work week and then pick up our paychecks. This pay-for-effort reward mentality conflicts with the natural flow of trading wins and losses during the course of a year. In fact, statistics indicate that most annual profits are booked on just a handful of days the market is open for business.
Embrace Simplicity
Focus on price action, understanding that everything else is secondary. Go ahead and build complex technical indicators but keep in mind their primary function is to confirm or refute what your trained eye already sees.
Make Peace With Losses
Trading is one of the few professions where losing money every day is a natural path to success. Every trading loss comes with an important market lesson if you’re open to the message.
Discipline can’t be taught in a seminar or found in expensive trading software. Traders spend thousands of dollars trying to compensate for their lack of self-control but few realize that a long look in the mirror accomplishes the same task at a much cheaper price!
Lose the Crowd
Long-term profitability requires positioning ahead of or behind the crowd, but never in the crowd because that’s where predatory strategies target. Stay away from stock boards and chat rooms. This is serious business and everyone in those places has an ulterior motive.
Don’t Break Your Rules
You create trading rules to get you out of trouble when positions go badly. If you don’t allow them to do their job, you’ve lost your discipline and opened the door to even greater losses.
Avoid Market Gurus
It’s your money at stake, not theirs. Keep in mind that they're probably talking up their positions, hoping the excited chatter will increase their profits, not yours.
Listen to Your Intuition
Trading uses the mathematical and artistic sides of your brain so you need to cultivate both to succeed in the long run. Once you're comfortable with math, you can enhance results with meditation, a few yoga postures or a quiet walk in the park.
Get Your Personal Life in Order
Whatever is wrong in your life will eventually carry over into your trading performance. This is especially dangerous if you haven’t made peace with money, wealth and the magnetic polarity of abundance and scarcity.
Pay Attention to Early Warning Signs
Big losses rarely occur without multiple technical warnings. Traders routinely ignore those signals and allow hope to replace thoughtful discipline, setting themselves up for pain.
Don’t Confuse Execution With Opportunity
Traders make up for insufficient skills with expensive software, prepackaged with all sorts of proprietary buy and sell signals. These tools interfere with valuable experience because you think the software is smarter than you are.
Ditch the Paycheck Mentality
We’re taught to grind through the work week and then pick up our paychecks. This pay-for-effort reward mentality conflicts with the natural flow of trading wins and losses during the course of a year. In fact, statistics indicate that most annual profits are booked on just a handful of days the market is open for business.
Embrace Simplicity
Focus on price action, understanding that everything else is secondary. Go ahead and build complex technical indicators but keep in mind their primary function is to confirm or refute what your trained eye already sees.
Make Peace With Losses
Trading is one of the few professions where losing money every day is a natural path to success. Every trading loss comes with an important market lesson if you’re open to the message.
I think only a few things above that I still do today, being a trader is actually quite simple (at least for me).
1. Never get greedy after making a profit
"dont break your rules" it seems to me quite excessive, as a trader should be able to adapt according to market conditions
I have just recollected Ray Dalio's interesting principles
https://www.youtube.com/watch?v=zI9I6MaS5OE&list=PLykIL_1_MFWnDnFu7GgeF5rBSPts-7wOS
and Jim Rogers's cool interview (If you want to get rich, don't diversify
)
https://www.youtube.com/watch?v=ru7rPdE-4Jg
enjoy it!
https://www.youtube.com/watch?v=zI9I6MaS5OE&list=PLykIL_1_MFWnDnFu7GgeF5rBSPts-7wOS
and Jim Rogers's cool interview (If you want to get rich, don't diversify
)https://www.youtube.com/watch?v=ru7rPdE-4Jg
enjoy it!
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