These are some rules which you need to follow when you think of becoming a successful trader. You cannot even avoid them and also can’t trade without these trading rules so let us see which those important rules are.
Don’t allow the outcomes of your past trade to affect the future trades.
Many of the traders breakdown easily due to losses in the trade due to which they start being emotional and end up doing stupidity with the trades.
For example if you trade in 50 trades and you think that in 70% of your trades you are going to get profits that means you are going to lose 30% i.e. 15 trades.
So as market goes randomly your profits and loss also goes in random distribution. Due to which you can get 5 to 6 loss trades in a line but you should not get affected by that as total trades to lose are 15.
You need to think positively and practically during that time , I know you may not even remember at that time about the remaining trades due to losses , but you need to think on it.
Be very cool and calm , don’t be in hurry to allow the market to turn into your pockets, you should be really keeping calm while trading.
Try to manage losses as you cannot avoid it.
This is the answer to the traders who always email me about how to avoid losses .Don’t look for the trades were you don’t want any kind of loss to happen because it’s practically impossible in trading to avoid losses.
You can only manage your money and losses by managing the risk to reward ratio and by proper management of strategies.
If you learn to do that than your trading becomes really easy and stress free. You just need to limit your losses within a certain limit.
Always enter into the High Probability Trade setup.
Keep your capital safe for trading in high probability trade setups which has a greater chances of getting you a profit with maximum percentage.
So for getting advantage of those setups you need to be in market for most of the time i.e. for identifying these kinds of setups.
If not found than you should not trade in other setups which are not worth and has greater risk then profit. Wait for the right time to trade.
Don’t waste your accounts money on small setups which has more risk , Instead of it wait for the good setups to earn more profit. Strictly follow this trading rule to get better results in trading.
Be more focused on trading and not money.
You get success in life when you heartily start enjoying your work. Give more importance to your trading and not just earning money.
So if you really want to make trading as your career you need to love it by getting involved in studying more about price action and charts.
Thus I can say that the successful traders are one which is more worried about the trades and not money from market.
Run behind becoming a perfect trader and money will automatically follow you in to your accounts.
Take proper training on trading.
It applies for all i.e. beginners as well as traders who are already trading , you can’t do trading without having the knowledge about trade.
If you don’t have knowledge and you trade it’s just like knowing about falling in a well and still you want to fall.
You need to know about the basic strategies of market to check whether you are going on a right path in a trade or not.
So to learn more about trade you can join my price action course. CLICK HERE to know more about the course.
Be pre-planned about your trades.
You can’t directly jump into the markets without any plan. Before you enter you need to have properly pre-planned all the outcomes and directions for trading.
You should have a clear plan of entering the trade and also a clear goal for exiting the trade. This should be pre-planned before entering the trade.
Set limits for your risk above which you should not trade , otherwise you’ll just end up losing money from the market.
Trust your gut feelings and not news.
When you are ready with your trading rules and trading plan and strategies you need to just listen to yourself, stop worrying about the rest of the world’s thoughts.
The news on television and in newspaper regarding trading is just opinions and one should not judge the market on that basis.
Because once when you will start analyzing the market then you will start getting the gut feelings about the market’s moves.
Trust yourself and your decisions without thinking of other traders because successful traders are those who believe in themselves.
This are the above mentioned trading rules which one has to follow strictly while trading the markets.
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