My trading rules

9 27 2014 - No comment
ProRealTime

My trading rules or the trader's Mantra

 The trader's ritual

I am going to share my 10 trading rules with you. I read them each time I am going to trade. These are my mantras in a literal sense, my ritual steps to put me in the right psychological state for trading and to simply check during the day if I am still capable of trading.

The trader's Mantra

The term mantra in Sanskrit means tools of the spirit (Manas) and the suffix-tra protection, from where the commonly accepted definition, protection of the Spirit derives. I use it to protect my own capital because I think that the greatest weakness for a trader, whether beginner or experienced (who theoretically is a master of his technique, his money management, his indicators, etc.) is himself. We always come back to the essential point, how to manage stress, tension, how to stay clear-headed while trading. Of course I analyse price curves throughout the day as well as changes in my emotional state. If any one of these rules is no longer upheld, I stop trading, it's the end of the day.

Rules for traders to safeguard against any weaknesses

Strict application of these trading principles has transformed my results. These rules are not exceptional nor very original, but since I started applying them to the letter, my results are much more regular and consistent in terms of earnings. The objective is not to suggest a single framework which can be applied to every trader, we are all individuals with our own psychological reactions and personal relationship with money, personal capital, etc. These rules are adapted to my personality, my trading problems, my financial standing, etc. These are the psychological and technical techniques that I have put in place in trying to find solutions to overcome my weaknesses, to avoid repeating the same mistakes, etc., and make it into the 10% of traders who regularly earn on the stock market.

Adapt your own rules to your trading style and personality

You may find some rules that apply to you, others you might find absurd, but they can give you ideas, paths to creating your own rules, your personal commandments. Above all it is complex deliberation because you will need to really look in the mirror, list all your recurring mistakes, find a way to avoid the mistakes if you are unable to improve, in short, carry out a thorough analysis, accept your weaknesses and look at how you can accommodate them within your trading style so as to minimise their negative consequences on your trading results. This is most likely the hardest job for a trader to carry out, but also the most lucrative both financially and personally.

List of my personal trading rules:

1) Trading rule number 1: do not lose money

2) Trading rule number 2: reread rule number 1

3) Trading rule number 3: always have a backup plan

4) Trading rule number 4: only trade when you are on top form

5) Trading rule number 5: think for yourself

6) Trading rule number 6: check your losses

7) Trading rule number 7: don’t force yourself to trade

8) Trading rule number 8: don’t stick to conventional trading rules

 

My trading rules
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