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What Are Your Trading Rules?

  • Post #1
  • Quote
  • First Post: Edited 1:41pm Sep 12, 2009 3:03am | Edited 1:41pm
Hello Traders,

Do you have a set of Trading Rules? Are they printed out & posted prominently at your trading station? Hopefully, they are tattooed into your very soul....

Seriously. I am a new trader and I keep making some of the same mistakes, so I thought it is about time I tightened up & made some Rules and paid attention to them every time I trade until they are tattooed into my very soul, too. A 1-page set of Trading Rules. That's my trading related weekend homework.

I'd like to see yours, if you got 'em.

Please Post your Trading Rules Here.

Thank You.
"If The Fool persists in his Folly he will become wise." - William Blake
Ok, this just recently came up and this is a good place to discuss it again.

Even if one has trading rules printed up, memorized, pasted on their screen, tattooed on their hand, etc, one has to follow them. That is self-evident.

The problem is what to do you do to yourself when you don't follow them? As you mentioned you keep making the same mistakes. Do you really think the act of writing them down and putting them on your desk will now allow you to stop making them?

A trader needs a method to make him/her follow their rules. They need deterrence and punishment. Because you are your own boss you cannot rely on someone else to do these things for you. At work you'll be demoted or fired for breaking the rules. But what are you going to do to yourself?

One thing you can do is to stop trading. Every time you break a rule, stop trading for the day. Maybe don't trade the next day. If you keep breaking rules then you need to increase the punishment. All traders want to trade, so by taking that away from yourself it might work.

Of course for some it won't. They won't even adhere to their own set punishment. For those folks I suggest a ball-peen hammer. Keep it by your keyboard. When you break a rule, pick up the hammer and break one of your fingers. I promise you won't get past the first hand before you start doing the right thing.
Attached Image
Not really rules, I guess. Just something to get your thread started. A card I made:
Attached Image
Quoting Dopey
Even if one has trading rules printed up, memorized, pasted on their screen, tattooed on their hand, etc, one has to follow them....
Hehe...so true.
I have the rules by my side from as far as I can remember,the only difference is I now follow them. Most people just have to get enough pain to start doing what is needed,and what is needed is so simple- JUST FOLLOW THE FREAKIN RULES!
The best thing is to have the rules on desktop of the computer screen, read them every day. Even if you do that,the become blur after time for your mind,it is just something in the background you don't pay much attention to. Soon after that happen,you'll probably need that hammer somewhere near you,LOL
Did you break your rules again?
http://img411.imageshack.us/img411/7446/90797342.jpg
Same Whore .... Different Dress
My Pain is Real.

Everybody gotta start somewhere. I need to have the Rules that I thought I knew how to obey printed out and posted. I need to go over them before every trading session, like a prayer, like a mantra. Then, after doing that for a number of weeks months or years without seriosly f*cking up, I won't need the paper anymore because the Rules will be encoded into my trading DNA.

Maybe you are in the same boat. What are your Rules?

Show 'em if you got 'em.
"If The Fool persists in his Folly he will become wise." - William Blake
  • Post #7
  • Quote
  • Edited 9:50pm Sep 12, 2009 2:27pm | Edited 9:50pm
You must go beyond a vague set of trading cliches such as 'cut losers' or 'sell into resistance' (ask of a definition of resistance and you will get as many answers as people asked), you need a clear, rock solid set of conditions for entry, trade management and trade exit. If at any time you are improvising any of these aspects of your trading, you are simply gambling as you have no chance of evaluating the effectiveness of your system over time. To quote a well known trader 'Plan your trade and trade your plan'. Computers are very good at following such rules. So in answering the OP's question, asking a question like 'show me your rules', is only going to generate a list of over baked folklore as nobody is giving away anything worthwhile on a public forum.
The breaking of a wave cannot explain the whole sea.
Don't break the rules, this is my first rules and the others are on my system based.............And I work with anti trend............lol..........
Who has Trading Rules posted at their trading station? Who has Trading Rules printed out that they go over every day?

Anybody?

Please show them here.
"If The Fool persists in his Folly he will become wise." - William Blake
beside my personal MM and RM rules i only go with the rule of all rules TREND IS YOUR FRIEND. i never put my money against the trend , am using the Ichimoku System and it gives a clear view of the trend i am supposed to follow( i know Ichimoku might looks complicated but one you understand it you will be amazed). going with the trend will give the market hard times to work against your deals .
play it safe

have a nice weekend

Vic
Quoting vic_elc
TREND IS YOUR FRIEND
I admit trend is our friend and I use anti trend to enter trend as it reduces my SL and to make reward and risk ratio higher I made my own policy to enter anti to get the real trend.......

With regards
kawser
On my trading journal:

Rules to follow
1. Always stay with your strategy. Never change your strategy even if the outcome is positive from a case of not following your strategy.

Judge the success of your trades based on whether you followed the strategy, not based on the outcome.

2. Before entering any Trade:
- Always Trade with a Definite Plan
- Ensure there is a clear-defined, rational reason for entering a trade
- Complete the decision-making process before entering a trade (this includes stoploss and target profit)
Quoting kawser
I admit trend is our friend and I use anti trend to enter trend as it reduces my SL and to make reward and risk ratio higher I made my own policy to enter anti to get the real trend.......

With regards
kawser
am sorry Kawser , am i get it right , do you go against the trend ??!!
what is the Anti trend , is it a system or u mean just the word Anti.
thanks for your patience

have a great weekend
Quoting The Fool
Who has Trading Rules posted at their trading station? Who has Trading Rules printed out that they go over every day?

Anybody?

Please show them here.
i have them in front of my eyes all the time , as long as there is chart i am following, my rules will be there , Ichimoku provides me with all the rules i want

-Trend
-Analysis
-Signal
-MM&RM

cheers

Vic

EDT:Is it ok to post a chart here to show you how i can see all the my rules ??
This one is important for me: Don't chase the trade, let the trade come to you.
hehe my idea differs a little for me rules are made to be broken so presently i don't have any rules
Quoting vic_elc

EDT:Is it ok to post a chart here to show you how i can see all the my rules ??
Sure, of course, and Thank You, but let's not make this an Ichi thread - you have that already.
"If The Fool persists in his Folly he will become wise." - William Blake
Quoting Craig
You must go beyond a vague set of trading cliches such as 'cut losers' or 'sell into resistance' (ask of a definition of resistance and you will get as many answers as people asked), you need a clear, rock solid set of conditions for entry, trade management and trade exit. If at any time you are improvising any of these aspects of your trading, you are simply gambling as you have no change of evaluating the effectiveness of your system over time. To quote a well known trader 'Plan your trade and trade your plan'. Computers are very good at...
Quoting TraderT
Rules to follow
1. Always stay with your strategy.
2. Always Trade with a Definite Plan
Thanks TT.
"If The Fool persists in his Folly he will become wise." - William Blake
Quoting artov
This one is important for me: Don't chase the trade, let the trade come to you.
Good one. One of mine is:

- Don't Press. Relax and let the Market come to you.

I do alot better whan I adhere to this simple rule.
"If The Fool persists in his Folly he will become wise." - William Blake
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