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-   -   Make your Trading Taboos "Do not" (https://www.forexfactory.com/showthread.php?t=952193)

Macd-rsi Oct 2, 2019 4:21pm | Post# 1

Make your Trading Taboos "Do not"
 
I have tens of taboos that I am trying to abide by,
1) do not sell after breaking up,
2) do not buy after breaking down
3) do not trade at abnormal trading times!

make your rules, then strictly adhere to it

Ef5 Oct 3, 2019 1:16am | Post# 2

Here are some of mine...

Do not:

  1. Enter a position without a stop.
  2. Trade without knowing for sure that you have an edge.
  3. Add to a losing position.
  4. Use market orders. (always use limit)
  5. Listen to financial commentators (ie CNBC).
  6. Listen to friends/family.
  7. Break your system's rules.
  8. Stay in a position simply because you're already in it.


CrocodileRex Oct 3, 2019 4:10am | Post# 3

Do not:-

 

  1. add to a losing position/averaging in
  2. trade while drunk
  3. trade tested areas
  4. trade after new york lunch until asian lunch


Macd-rsi Oct 3, 2019 7:42am | Post# 4

Ef5
CrocodileRex
thanks for sharing your taboos,
I will add most of them to my taboos.

deuce Oct 3, 2019 9:13am | Post# 5

Do not:

1. Chase price
2. Trade with margin

Macd-rsi Oct 3, 2019 2:16pm | Post# 6

My taboos updated:

do not
1) sell after breaking up,
2) buy after breaking down
3) trade at abnormal trading times!

4) Add to a losing position.
5) Use market orders. (always use limit)
6) Stay in a position simply because you're already in it.
7) trade tested areas
8) Chase price.

Ef5 Oct 4, 2019 1:12am | Post# 7

One more I thought of...

 

  1. Do not reenter a trade after being stopped out.


For example, I could buy a breakout then the breakout fails and I wind up taking a loss. You could try again on what looks like the next breakout, but I won't take the same trade twice.

This one is debatable because I've read a lot of great traders have no problem trying the same trade multiples times. In my experience though, if it doesn't work the first time it usually doesn't work the second and it just leads to frustration.


Aussi Oct 4, 2019 1:18am | Post# 8

what i do not do
use a stoploss
use a ea


what i do, i trade

xobexcevex Oct 4, 2019 5:47am | Post# 9

what i do not do use a stoploss use a ea what i do, i trade
this is wrong,
the correct one. use stoploss, unless use an ea. this is correct.

Macd-rsi Oct 6, 2019 4:19pm | Post# 10

Stop Loss should be used in clever way

KeenPips Oct 6, 2019 4:25pm | Post# 11

Do not:
1. marry your trade,
2. trade while you are emotionally down
3. trade a poor R:R setup
4. hop trading systems

KP

MXT Oct 6, 2019 4:26pm | Post# 12

i do not use a stoploss
hey man , you serious about that ?

Robertk Oct 6, 2019 4:27pm | Post# 13

Do not:

1. Create a new rule after you lost a trade, instead, accept the market for what it is.

Aussi Oct 6, 2019 4:31pm | Post# 14

{quote} hey man , you serious about that ?
yes i do not use a stoploss

bluesteele Oct 6, 2019 4:35pm | Post# 15

what i do not do use a stoploss use a ea what i do, i trade
Yep Me Too

DO NOT: Use a Stop Loss

Aussi Oct 6, 2019 4:47pm | Post# 16

{quote} Yep Me Too DO NOT: Use a Stop Loss
hi mate , its hard for people to understand because all the books and noise around stoplosses is a brokers friend

bluesteele Oct 6, 2019 5:08pm | Post# 17

{quote} hi mate , its hard for people to understand because all the books and noise around stoplosses is a brokers friend
Yep exactly Aussi...I started trading FX around 2005 or so...and for many of my years I used a SL and would chastise others that did not.

But the entire financial industry has ingrained these false notions into traders... Use a SL... R:R ratio has to be such and such... Dont trade the small
timeframes... Scalping is for those that dont know how to trade big TFs ( LOL) ..The trend is your friend etc etc blah blah blah ..

But we know different my friend
For the majority of all the struggling traders here...forgetting what you have traditionally learned may be your biggest asset.

Macd-rsi Oct 6, 2019 5:08pm | Post# 18

{quote} hi mate , its hard for people to understand because all the books and noise around stoplosses is a brokers friend
so use SL in clever way:
instead of direct SL, hedge position for hours or days, and play in bounded area until loss = 0 USD
Wrong decision is cured by correct decision

when your trade reach first SL, mean it was wrong entry!
so next time be calm and wait market to be very very clear, then see what is better

asgcorp Oct 6, 2019 5:21pm | Post# 19

you can use stealth EA to hide SL/TP from brokers.
https://www.mql5.com/en/market/product/5914

rafat habeb Oct 6, 2019 5:29pm | Post# 20

Dont not :

trade while you at home or with family and not fully focus
keep a trade more than 24 hours( specially i trade per 4h)
trade before study full week ahead of news and major events


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