If you want to succeed with trading, and you are here to learn and practice, there is a good chance to make consistent gains from trading if you follow some rules.
Make sure to read this post carefully to learn more about the most important factor to succeed with trading: The Trading for a Living Mindset!
1. Be patient with winning trades and close losing trades early
Keep in mind that Making Money is the goal of trading and is more important than being right.
2. Do not enter a trade without knowing where to exit the position in the case it moves against you and also set a rule when to realize your profits.
3. Trade every trade with the same approach and mindset, even if you lost a few trades in a row.
4. Price Action Strategies are easier to master as they are not repainting.
5. Know your tools, even if you do not use Fibonacci or trendlines in your strategy, you should know how to use them. Use them if you need more information.
6. You will not find a strategy with the perfect entry for every trade. Instead learn to use your strategy, add more tools if needed, and keep the big picture in mind. (Making more money is more important as winning more trades)
7. Be flexible, if the chart tells you that it will move against you, do not rely on your previous prediction.
8. Keep in mind tomorrow is another day you can use to trade. If the market looks bad, let it be for today.
9. Never add to a losing trade… EVER
10. Cash is the goal, but never the measure of success.
11. Keep up to date with real-world news.
12. Your Money Management is key – Never break your money management.
13. Just a few good trades a month can be enough to make a living.
14. Write down or record every trade, price, thoughts, news, attitude, this way you can analyze and optimize later on.
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