rules to profiting


By this point you should have a pretty good grasp of technical analysis, fundamentals, psychology, and ways to control your emotions as well as risk management, having goals planned out, your broker and your charts. But some of you may still be asking what some rules you should be following to make sure you are profiting more than you're losing are. Below you will find a list of rules that should be followed no matter your trading strategy.

Take profit - Always use a take profit on every trade

Stop Loss - Always use a stop loss on every trade

Predetermined Entry/Exit - Figure out your SL, TP, and optimal entry before entering any trade

Entry Signal - Be patient enough to wait for the proper entry signal, don't rush it

Exit Signal - Be patient enough to wait for a signal that you need to exit but always remember profit is profit

Moving SL into breakeven and/or profit - Once your trade has moved comfortably into profit move your stop loss to break even or in profit

Follow your trading plan - Stick to your trading plan no matter what other traders do or say

Do not over trade - Once you hit your goal for the day, stop trading

Cut losses early - Do not be a dreamer, cut losses early to prevent your account from taking a big hit

Do not marry a trade - Do not "hope" or "think" your trade will come back from the draw down

Do not add to a losing trade - Do not add to a trade that's in a 100 pip drawdown because you had a horrible entry on the first order

Do not make your SL wider, so it doesn't get it - Once your stop loss is set do not move it to risk more

Do not chase trades - If you didn't get your optimal entry do not enter it half way to your original take profit because you don't want to miss the trade

Do not use someone else's analysis - Always use your own analysis even if they are the best trader in the world. It's more rewarding to learn from a bad trade than to profit from someone else's trade

Be able to adapt to market conditions - Market conditions are always changing, and the setup may not be perfect so don't be afraid to adjust to the market. Humans like you are at the banks and institutions moving the market so think how they think

Do not trade with money you need - Do not trade with your last $200 or money for your bills. Set money aside you are willing to lose, and you will be able to trade with fewer emotions

Do not revenge trade - Do not take a trade without a signal just to make back the money you lost. You will end up losing more

If you can implement these rules and tools into your strategy and engrave them into your head, you're already ahead of the 95% of people losing money. Capital preservation is the ultimate goal, and it's better to take a small win, rather than a significant loss. 

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