Golden Rules of Trading
DISCIPLINE is the bridge between the GOALS and ACCOMPLISHMENT. - JIM ROHN
Discipline
Discipline is doing right thing at the right time...every time! Survival in this business is dependent on the right decisions.
Risk Management
Always use stop loss. Don't hold or average loosing position.
The Market Is Always Right
Don't UNDERESTIMATE the power of Market...Do not try to IMPOSE your own theory on the market and try to BE RIGHT to satisfy your EGO. The market has relentless power... no matter what YOU may think. The Best Traders are the first to admit ( to themselves and the Market ) that they made a mistake.
Trade Probabilities not Tips
Trading on tips is gambling. Traders always use their own trading patterns which are suitable to them. Using their trading ideas ends up in making losses. So find out trading pattern which suites you. Trade what you see not what you fear or doubt. There is no too high or too low... the Market will do what the market wants to do no matter what you think.
Trade for Skill, Not the Money
Always be a student and trade to improve your skill. Take learning from Successful and Experienced Traders. Money will automatically come.
Losses are the Part of Trading
Making Losses is the part of trading business. Even Best Traders also loose money.You will never win 100% times.
Follow Money Management Rules
Don't take over exposure or do over trade. This will destroy you as a trader. Money management addresses the preservation of existing and accumulated capital. Without the implementation of strict adherence to money-management principles, even the best trading strategy will not succeed.
Psychology of Trader
Only Mentally strong Trader survives in the Market. Winning or loosing can create powerful emotions which distort reality. The more you win or loose, the better or worse you feel, and your ego takes over.
