6 Rules of Successful TradersI’ll tell you this.
The money you desire, is not going to just fall into your lap.
If you want to be a successful trader, you need to write down the ground rules to get your as$$into gear.
I can’t profess for every professional trader, but I can share with you my rules I’ve been following for the last 2 decades.
Feel free to write them down for your trading.
RULE 1: Always have a trading plan
This is a must.
The financial markets are dangerous. Once you enter them, you are playing with the big boys.
If you go in blindly or naked (without risk levels in place), prepare to be caught with your pants down.
You need your game plan in front of you at all times.
There needs to be criteria you’ll follow from when you switch on your computer to when you close it.
RULE 2: Don’t procrastinate
Trading is like waiting for the next train.
Wait too long and you’ll miss your train. You’ll then have to wait an unnecessary extended period of time for the next one.
When your trading plan fires a signal – FIRE.
When your trading plan fires an adjustment move – FIRE.
You are only fooling yourself, if you don’t act when you need to.
RULE 3: Be patient
There are two important factors to patience.
First, never rush into getting into a trade for the thrill, excitement or revenge!
Second, never rush at getting out of a trade if it has not hit one of your trading levels.
Patience is where you will grow your portfolio.
Say that out loud…
Patience is where you will grow your portfolio.
RULE 4: Take the trade
If I made a T-Shirt I think I would have one just saying.
“Just take the trade” Repeat after me!
If all is lined up and ready to go. It doesn’t matter what fundamental factor or news event is going on. It doesn’t matter how you’re feeling or that you have a headache.
Just take the trade when your plan tells you to.
It will take you 30 seconds.
Then close your laptop and go rest.
RULE 5: Keep learning
With technology advancing, financial instruments changing, market dynamics shifting and with the world evolving…
You need to keep learning and updating your knowledge base.
You never know if the new developments, will lead to a higher win and success rate. You never know if your system and trading will be optimised and maximised to a better performance,
The onus is on you to keep up with learning…
RULE 6: Don’t give up
We all have our own time lines with trading. We are all on our own journeys, challenges and struggles.
You only lose when you quit.
So please, I beg you, don’t give up and you will thank me later…
Let’s sum up the 6 rules quickly for you…
1. Always have a trading plan
2. Don’t procrastinate
3. Be patient
4. Take the trade
5. Keep learning
6. Don’t give up
