All professions tend to have or should have a written code of conduct which is expected to be followed by all members of that profession. Trading is no different. Over the years, I have worked out my own Traders Code governing my activities as a trader and funds manager, which I try to follow as best as I can. And here it is:
1. I will not trade if I am hungry, tired, emotionally upset or physically ill.
2. I will never trade without an adequately worked out trading plan with well defined entry, exit and risk management criteria, and will try to follow the plan as best as I can.
3. I will only use trading strategies, tactics and methods which I have personally tested and have observed to be valid.
4. I will at all times continue to improve my understanding of the markets, my trading strategy and the skills required to gain maximum benefit from market movements.
5. All trading decisions I make will be based upon my own observations and evaluation of the market and not upon the opinions or recommendations of anyone else.
6. I will always try to maintain an objective view of the market, uninfluenced by the fact of having or not having an open position.
7. When analyzing the market, I will try to keep a flexible attitude, willing to rapidly change my view of the market in the light of new information becoming available.
8. I will only take a trade if I am reasonably certain of the positive outcome of the trade in a particular direction.
9. When I am watching the market, I will never hesitate to take advantage from an opportunity the market offers that is in accordance with my trading strategy.
10. I will never gamble or squander money entrusted to my care with rash, doubtful, experimental or irresponsible trading decisions.
11. I will never indulge in impulsive trading and will put on a trade only after adequately analyzing the market according to my trading system.
12. I will never trade in the hope mode. If a trade is not continuing as expected, I will get out of the trade.
13. If my trading plan or some aspect of it is not working as expected, I will stop trading and rework the plan.
14. When I have open positions, I will never neglect to have adequate information about the progress of my trades.
15. I will always keep my trading equipment and communication lines working with maximum efficiency.
16. I will treat other traders and colleagues with dignity and respect and will never subject their trading methods, ideas or personalities to sarcasm, ridicule or undue criticism.
17. I will never tell destructive lies to or deceive other traders or give them opinion of the market or suggest trading strategies, which if acted upon, may lead them to a loss.
18. I will never try to acquire unlawful possession of other traders trading secrets or intellectual properties.
19. I will always abide by the laws of the land and will follow the rules applicable to my activities as a trader and funds manager.
20. I will conduct myself in a manner that will enhance the general image of the trading community.
All comments are welcome.
1. I will not trade if I am hungry, tired, emotionally upset or physically ill.
2. I will never trade without an adequately worked out trading plan with well defined entry, exit and risk management criteria, and will try to follow the plan as best as I can.
3. I will only use trading strategies, tactics and methods which I have personally tested and have observed to be valid.
4. I will at all times continue to improve my understanding of the markets, my trading strategy and the skills required to gain maximum benefit from market movements.
5. All trading decisions I make will be based upon my own observations and evaluation of the market and not upon the opinions or recommendations of anyone else.
6. I will always try to maintain an objective view of the market, uninfluenced by the fact of having or not having an open position.
7. When analyzing the market, I will try to keep a flexible attitude, willing to rapidly change my view of the market in the light of new information becoming available.
8. I will only take a trade if I am reasonably certain of the positive outcome of the trade in a particular direction.
9. When I am watching the market, I will never hesitate to take advantage from an opportunity the market offers that is in accordance with my trading strategy.
10. I will never gamble or squander money entrusted to my care with rash, doubtful, experimental or irresponsible trading decisions.
11. I will never indulge in impulsive trading and will put on a trade only after adequately analyzing the market according to my trading system.
12. I will never trade in the hope mode. If a trade is not continuing as expected, I will get out of the trade.
13. If my trading plan or some aspect of it is not working as expected, I will stop trading and rework the plan.
14. When I have open positions, I will never neglect to have adequate information about the progress of my trades.
15. I will always keep my trading equipment and communication lines working with maximum efficiency.
16. I will treat other traders and colleagues with dignity and respect and will never subject their trading methods, ideas or personalities to sarcasm, ridicule or undue criticism.
17. I will never tell destructive lies to or deceive other traders or give them opinion of the market or suggest trading strategies, which if acted upon, may lead them to a loss.
18. I will never try to acquire unlawful possession of other traders trading secrets or intellectual properties.
19. I will always abide by the laws of the land and will follow the rules applicable to my activities as a trader and funds manager.
20. I will conduct myself in a manner that will enhance the general image of the trading community.
All comments are welcome.