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10 Rules for Traders

  • #21
  • Aug 14, 2016 6:07am Aug 14, 2016 6:07am
Quoting FerruFx
{quote} That's exactly why it's important to warn about this nosense ...
Rule 8 should be a dead giveaway OP is either joking or as clueless as they come and too look somewhere else for better guidance.
  • #22
  • Aug 14, 2016 6:15am Aug 14, 2016 6:15am
10 rules to follow if you want lose
practising coitus interruptus
  • #23
  • Aug 14, 2016 6:17am Aug 14, 2016 6:17am
Quoting avibe
10 rules to follow if you want lose
sounds about right. this is 10 steps to not even survive a single day.
  • #24
  • Aug 14, 2016 10:11am Aug 14, 2016 10:11am
This thread is a shit post, nearly all those rules are utter nonsense.
  • #25
  • Aug 14, 2016 11:01am Aug 14, 2016 11:01am
Quoting RFMagus1
10 Rules for Traders 1. Never use stops. Stops are for amatuers. 2. Never use "How to Trade" trading materials 3. Never buy and use a trading robot 4. Never use chart indicators....price is your best indicator 5. Never worry about risk-to-reward ratios. You can't precisely predict how far a currency pair will move 6. Never use someone elses trading system. Design you own to fit your trading style 7. Never log onto trading forums to get "advice" from other traders. No one has the Holy Grail 8. Never close a trade that has gone negative. Charts prove...
1. With no stop you would put your whole account at risk on every trade. You have to manage that risk! Stops are a must.

2. "how to trade" learning materials can help you to learn the basics and are an essential for any new trader when they are finding their feet.

3. I'm not a fan of buying other people's robots, why would they be selling a profitable robot, why don't they just run the robot and watch the money roll in if the robot is actually that good? Don't buy robots, develop your own so you know what is actually happening.

4. Chart indicators are helpful and you can use these in conjunction with other factors to make great trades, being able to read price action is essential but it will take time to learn this.

5. Managing risk is what this game is about, you need to watch your risk reward ratio so that you don't take crap trades. this means having a predetermined entry, stop and exit prices.

6. I wouldn't use someones trading system unless I fully understand it and have tested it myself, don't rely on other people.

7. Its good to talk with other traders, you may be able to learn from their mistakes, spearing you from making your own mistakes. It never hurts to get "advise", its the skill of identifying what advise is good and which advise is nonsense (like your post).

8. Cut losers quickly and decisively and let the winners run.

9. Whats a "slick" trading system? Where here to make money not boast about the expensive platform your using.

10. Trade on what ever time frame you can make money on. Use a combination of time frames for the best results.


You sound like an EA salesman, pushing "slick" unprofitable trading systems. we shouldn't feed the trolls but we can't stand by when they spout misinformation that a noob might take as real.
  • #26
  • Aug 14, 2016 11:05am Aug 14, 2016 11:05am
stop loss are always a must...
thanks for the thread!
  • #27
  • Aug 14, 2016 11:31am Aug 14, 2016 11:31am
No wonder all these 10 "rules" posted on rookie talk sub forum...coz this is how rookies talk
practising coitus interruptus
  • #28
  • Aug 14, 2016 3:07pm Aug 14, 2016 3:07pm
11. Rule: Forget the above 10
  • #29
  • Aug 14, 2016 3:16pm Aug 14, 2016 3:16pm
Quoting Forexcube
{quote} rules 1 - 9 seem absolutely okay for me, rule 10 is bullsh*t. FXcube
Joking right? rule#1 Preservation of capital
  • #30
  • Aug 14, 2016 5:13pm Aug 14, 2016 5:13pm
Quoting avibe
No wonder all these 10 "rules" posted on rookie talk sub forum...coz this is how rookies talk
This isn't how rookies talk.. I consider myself a rookie. This is how idiots talk.
  • #31
  • Aug 14, 2016 11:02pm Aug 14, 2016 11:02pm
Abandon this thread
  • #32
  • Aug 15, 2016 12:40am Aug 15, 2016 12:40am
these are the 10 rules for crash your account very quickly...
  • #33
  • Aug 15, 2016 4:47am Aug 15, 2016 4:47am
I, personally, have only 1 general rule really - I do whatever it is that works for me and I don't follow somebody else's rules. That doesn't make me them wrong or bad, since they might be working for the other person, but if something else works for me, then it works. I don't question that.
  • #34
  • Aug 15, 2016 4:16pm Aug 15, 2016 4:16pm
Quoting vishu1987
these are the 10 rules for crash your account very quickly...
more like instantly in the right scenario.
  • #35
  • Aug 17, 2016 2:55am Aug 17, 2016 2:55am
Quoting vishu1987
these are the 10 rules for crash your account very quickly...
Definitely, yes xD
Why would anyone follow these rules.
  • #36
  • Aug 21, 2016 2:08pm Aug 21, 2016 2:08pm
Quoting RFMagus1
9. Never close a trade that has gone negative. Charts prove that every pair eventually comes back.
I believe that this thread should be closed. Using this advice in live trading would technically destroy your account in one losing trade and as we all know losing trades are a part of the game. So why the hell is this thread still open?

Quoting RFMagus1
1. Never use stops. Stops are for amatuers.
Really dude? I mean 99,9% of the people can not handle the pressure and will close the trade too soon or too early so their best bet is to use stop-losses and take-profits and you are advising them the exact opposite? Not sure if troll or stupid...
  • #37
  • Aug 22, 2016 4:27am Aug 22, 2016 4:27am
Quoting DeploX
{quote} I believe that this thread should be closed. Using this advice in live trading would technically destroy your account in one losing trade and as we all know losing trades are a part of the game. So why the hell is this thread still open? {quote} Really dude? I mean 99,9% of the people can not handle the pressure and will close the trade too soon or too early so their best bet is to use stop-losses and take-profits and you are advising them the exact opposite? Not sure if troll or stupid...
Don't recommend people to read this
  • #38
  • Nov 27, 2016 1:49am Nov 27, 2016 1:49am
holy grail.
a term used a lot - means different thing to different people.
for me holy grail is simple, only 2 ingredients..
1 - win rate greater than 50%
2 - risk : reward ratio. risk is always less than 1:1

of course to be profitable you only potentially require one of these ingredients. but for me, the holy grail requires both.

it's funny I see many traders here, with potential talent. but they very often sabotage themselves, some even for see the exact circumstance in which this will happen but and simply allow it to happen anyway.

They don't know how to have a losing day. they martingale the next revenge trade. they average into a losing position. & it works out, it probably will usually work out. they trade on. they trade like this for months and months.
But in the back of there logical brain they hear the ticking of the time bomb but the ego devil whispers sweet dreams in the ear.

10 rules

1) always use a stop loss ( learn to accept losses, patiently wait for another correct trade to setup with the confident knowledge you will likely make that loss back, and then some..
  • #39
  • Edited 4:21pm Nov 27, 2016 2:21am | Edited 4:21pm
2) take note of rule number 1.
  • #40
  • Edited 4:22pm Nov 27, 2016 2:38am | Edited 4:22pm
3) before you enter a trade, obviously you need to know exactly the line in the sand where you are going to exit (or hedge if you're into that) should the trade go against you and you wish you were no longer long/short, because you realize that trade is now fucked.
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