Attachments: What Are Your Trading Rules?

What Are Your Trading Rules?

#41
Edited 10:57pm Sep 12, 2009 10:45pm | Edited 10:57pm

LasVahGoose
Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts

I've read the Van K. Tharp book and it is good. Steenbarger is on my to-read list, I'd like to hear more about it once you finish reading it.

Also, one more along the same lines on my to-read list is "Trading Rules that Work: The 28 Lessons Every Trader Must Master" by Jason Alan Jankovsky.

Quoting The Fool

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Thanks, LVG. That is right along the lines of the questionnaire in Ch. 3 of Van Tharp's "Trade Your Way to Financial Freedom". I am reading that now, along with Steenbarger's "The Daily Trading Coach"...

For anyone who is interested in improving your performance as a trader, or in anything you do, Steenbarger's psych materials on self-coaching are very good.

His blog is here:

http://www.traderfeed.blogspot.com/

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Don't wish it were easier, wish you were better. ~ Jim Rohn

#42
Sep 13, 2009 4:03am Sep 13, 2009 4:03am

TraderT
| Joined Aug 2009 | Status: Trader | 140 Posts

Quoting LasVahGoose

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Also, one more along the same lines on my to-read list is "Trading Rules that Work: The 28 Lessons Every Trader Must Master" by Jason Alan Jankovsky.

Ignored

Excellent thread.

Another vote for Jason Jankovsky's books:
Art of the Trade
Trading rules that work

#43
Sep 13, 2009 4:20am Sep 13, 2009 4:20am

dodo
| Joined Aug 2009 | Status: Trader | 2 Posts

Don't follow trade recommendations from forum..
Believe your own trades..

Forum is good form of entertainment tho'..

#44
Sep 13, 2009 8:25am Sep 13, 2009 8:25am

Jhig
Joined Oct 2008 | Status: Sentiment and Global Macro | 2,321 Posts

My rules are pretty much the same as M.A.C Doug's rules.

We all talk about rules for trading but what about rules for not trading. M rule number one would be: If the market isn't moving or in a 10-20 pip tight range, step away from the computer and enjoy the remander of the day.

#45
Sep 13, 2009 8:59am Sep 13, 2009 8:59am

BlueBull
| Joined Jun 2007 | Status: Trader | 94 Posts

Quoting The Fool

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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....

.

Ignored

1. No trading after a big move day - expect stop hunting.
2. Trade only daylight hours of the currency pair you are trading.
3. If you see price battling to make higher highs, maybe it's time to go short? and vice versa.

Regards.

#46
Sep 13, 2009 9:15am Sep 13, 2009 9:15am

ALThau
| Joined Aug 2007 | Status: I play | 784 Posts

Quoting Dopey

Disliked

Here's one of the best rules I've ever heard and I've been using it for years.

Only make changes to your system on the weekends, not on weekdays. If you feel you cannot wait for the weekend, then stop trading for the week.

Ignored

That's a good one. Will add this one.

Rules:
1. Clear mind before opening chart.
2. Is this trade obvious one, or am I forcing it?
3. Is risk acceptable. ( fits my MM)
4. do I have a clear plan for this trade.

#47
Sep 13, 2009 10:24am Sep 13, 2009 10:24am

trading801
| Commercial User | Joined Aug 2008 | 7,691 Posts

Quoting dodo

Disliked

Don't follow trade recommendations from forum..
Believe your own trades..

Forum is good form of entertainment tho'..

Ignored

#48
Sep 13, 2009 5:41pm Sep 13, 2009 5:41pm

TwoBuckChuck
| Commercial User | Joined Jul 2009 | 184 Posts

Different rules for different mules.

The basics I always follow.

1) Golden rule, don't risk more than 1%
2) Buy low and sell high
3) Don't short a strong market
4) Don't long a weak market
5) Let the market prove you wrong

Know the market, know your method, demo until you do.

#49
Sep 13, 2009 6:08pm Sep 13, 2009 6:08pm

FXSurfer
Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts

Quoting TwoBuckChuck

Disliked

Different rules for different mules.

Ignored

Much agreement with this!

#50
Sep 13, 2009 6:42pm Sep 13, 2009 6:42pm

Trout
| Commercial User | Joined Oct 2007 | 851 Posts

Do Not Drink & Trade!

OK, seriously

1)Take time to reflect on life, God, a woman, whatever makes you smile

2)Check Calandar so you don't get blind sided with anything that has to do w/ interest rates or employment

3)Make sure ALL your trend lines are updated

4) Simple Set-Up

5) Simple Trigger

TBC....

#51
Sep 13, 2009 7:29pm Sep 13, 2009 7:29pm

The Fool
Joined Apr 2009 | Status: Live and learn. | 25,160 Posts | Online Now

Thanks Jay, Chuck & all of the above for sharing.

I know there are more out there, so Bring 'em.... I am looking for something frameable.

I am still working on my list. Rome wasn't built in a day....

"If The Fool persists in his Folly he will become wise." - William Blake

#52
Sep 13, 2009 7:52pm Sep 13, 2009 7:52pm

bapxyz
| Joined Jun 2006 | Status: What, NO STOPS !! | 430 Posts

OK Here is one rule I have not seen anyplace.

"The only good candle is a closed candle"

#53
Sep 13, 2009 9:24pm Sep 13, 2009 9:24pm

99vt66
| Joined Feb 2009 | Status: Trader | 393 Posts

What we have read here are only general trading rules which anybody can pick it up from any forex trading guides/books.
IMHO,what one actually/really need is specific trading rules which I will outlined only this time and I will be gone lest I will be seemed to be arrogant/condescending/childish again.

In the specific trading rule, you will need parameters/markers/indicators/tools or whatever which is able to tell/indicate/confirm the followings;

1. Trending market conditions
2. Ranging or consolidating market conditions
3. Topping/ Basing signal/sign
4. Stalling signal/sign
5. Reversal signal/sign

After having correctly setted and identifying all those various market conditions above, you will have to have precise and strict trading rules for Entry/ Exit (its the same really) and ISL. It will get better with experience and gradual honing in actual trading.

So one have to first have the above in place and effectively implemented, there are no trading rules out there which can help us to be a effective trader at all. Of course, we will also need adequate/excess capitalisations, proper leverage, mm, optimal physical and mental conditions, trusted and reputable brokers, conducive and proper working environs/independent charting package, third party price feeds, periodic trading reviews etc etc to assist you in whatever way possible to achieve your goals/objectives in this very difficult and brutal business of forex. This business is full of every kind of predators conceivable waiting to take your money and rip you apart to shred without shedding a single drop of tear.

Good luck and wish you every success.......

#54
Sep 13, 2009 9:37pm Sep 13, 2009 9:37pm

The Fool
Joined Apr 2009 | Status: Live and learn. | 25,160 Posts | Online Now

Quoting 99vt66

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So one have to first have the above in place and effectively implemented, there are no trading rules out there which can help us to be a effective trader at all. Of course, we will also need adequate/excess capitalisations, proper leverage, mm, optimal physical and mental conditions, trusted and reputable brokers, conducive and proper working environs/independent charting package, third party price feeds, periodic trading reviews etc etc to assist you in whatever way possible to achieve your goals/objectives in this very difficult and brutal business...

Ignored

Thank you, 99vt66, for your thoughtful post.

"If The Fool persists in his Folly he will become wise." - William Blake