Masterminds do's and don't

Greetings gentlemen,

You can be a mastermind Forex trader, but you probably don't know it yet.

I'd like to help you figure out if you are a Forex mastermind.

Here are the rules, feel free to break them... but I will only give points to you if you reply to this thread with:
- a significant insight of what a mastermind (i.e. excellent) Forex trader does
- a significant insight of what a mastermind (i.e. excellent) Forex trader doesn't do

Your reply should start with the words "The mastermind" and should not exceed 1 phrase. One point is given if the phrase is significant.

Example of valid "do's":

- "The mastermind manages buy/sell orders by phone if his internet connection breaks"
- "The mastermind adjusts his position size relative to his risk"

Example of valid "don'ts":

- "The mastermind doesn't risk his entire portfolio on one trade"
- "The mastermind doesn't trade when his mind is tired"

Each of those previous do's and don'ts, for example, bring one point.


I will count the points for all participants.

Sometimes, insights can be contradictory, but they will still bring points if they make sense.

The person having the most points is the Forex mastermind.

Thanks for participating & best regards,
reVerser


Top masterminds

1) Skippy (7 points) - The Mastermind
2) Doblece (1 point)

Mastermind Noble Quotes

1) The mastermind never turns a winning position into a loss by moving his stops (Doblece)
2) The mastermind manages buy/sell orders by phone if his internet connection breaks (Skippy)
3) The mastermind adjusts his position size relative to his risk (Skippy)
4) The mastermind doesn't risk his entire portfolio on one trade (Skippy)
5) The mastermind doesn't trade when his mind is tired (Skippy)
6) The mastermind risks up to a maximum of 3% of the account on any single trade (Skippy)
7) The mastermind risks a maximum of up to 20% of the account on all open trades (Skippy)
8) The mastermind is usually too tired,does not care,nor needs the gratification to post numerous times a day-regardless of how boring trading is" (Skippy)

Last update: March 13th 2009

No answers ?

I started this topic to establish a listing of good and bad trading principles, does anybody have suggestions to make it work ?

I don't think masterminds hang out in the rookie section.

Well, my message was moved to this section by the moderator

It was previously posted on the "Trading Discussion" forum ..

reVerser,
I wouldn't have a clue. You did say you also wanted suggestions on how to make them worthwhile. Well, lists of what to do in trading are everywhere; ranking them effectively is not.
The suggestions --
Your second and third ideas seem to contradict, to me. You said that's okay; sure, if you explain the difference. What if you're really sure about your trade? That's 100%. What about margin? That's way over 100% of your capital.
The last one is the most important, to me, because it leads to a bevy of related ideas: Don't trade if you're tired, upset, confused, distracted, etc. The first one is kind of desperate and forced upon you; knowing when to do it'd be great.

Thanks for your reply ha-pattern, your remarks were clever.

My goal was to establish a list of "best practices" in trading... and it is indeed true that it's hard to rank them effectively.

But in order to rank them, I'd previously need something to rank (i.e. how can I rank "best practice" ideas from the community if the community doesn't suggests some ideas yet ?). I have no clue about how to rank them yet, but I believe that things will become clear as the thread evolves.

I agree that contradictory ideas must be discussed.

My "Do's" and "Don'ts" need to be discussed aswell.

I believe that the people who provide a high number of "best practices" ideas are the one who are on the right track because:
- they probably already have an investigating mind
- they are open to discussion by validating / unvalidating their beliefs
- they make this thread progressing
- they will remind their ideas by the fact of writing & discussing them

reVerser

By the way, do you really think that you can be sometimes 100% sure that your trade will bring profits ?

Sure.
When you've already moved your stop to BE+1...

What Doblece said.
Now there's a mastermind.

... and it's a girl ? Nice surprise

"The mastermind manages buy/sell orders by phone if his internet connection breaks"
- "The mastermind adjusts his position size relative to his risk"

- "The mastermind doesn't risk his entire portfolio on one trade"
- "The mastermind doesn't trade when his mind is tired"

and "the mastermind risks up to a maximum of 3% of the account on any single trade"

and"the mastermind risks a maximum of up to 20% of the account on all open trades.

and" the mastermind is usually too tired,does not care,nor needs the gratification to post numerous times a day-regardless of how boring trading is"


Seven points for me...so what's my prize??

Good points !

I believe the mastermind is a canadian guy now ... I edited my 1st post to put the rankings; you take the lead

reVerser