I think everyone needs trading rules they feel comfortable with.
If you don't break your own rules you can't blame yourself for doing something stupid.
Trading is hard even without rules.
Dude, have trading rules.! Its suicide protection and stress relief.!
My trading rules:
1. Before taking any action. Take all rules in consideration.
2. Wait for 1h/4h candle close. Can use 15m chart as confirmation.
3. Do not sabotage own trades except if t-line indicates,
or a setup in opposite direction happens that you would trade.
4. Trade what you see, not what you think.
Write down exactly why you entered to feel secure later.
5. Use T-line to confirm trade and to exit trade.
6. Let others do the fighting.
7. Always use stop loss beyond last swing.
8. Do not base trade on EW or harmonics but on their cause.
On themselves they are unreliable.
If you don't break your own rules you can't blame yourself for doing something stupid.
Trading is hard even without rules.
Dude, have trading rules.! Its suicide protection and stress relief.!
My trading rules:
1. Before taking any action. Take all rules in consideration.
2. Wait for 1h/4h candle close. Can use 15m chart as confirmation.
3. Do not sabotage own trades except if t-line indicates,
or a setup in opposite direction happens that you would trade.
4. Trade what you see, not what you think.
Write down exactly why you entered to feel secure later.
5. Use T-line to confirm trade and to exit trade.
6. Let others do the fighting.
7. Always use stop loss beyond last swing.
8. Do not base trade on EW or harmonics but on their cause.
On themselves they are unreliable.
Comment:
rule 9. Never ever add to a losing position.
Comment:
rule 10. Stick to the plan.
Comment:
rule 11. don't ever trade against news momentum.
Comment:
rule 11. don't ever trade against news momentum.
Comment:
rule 12. Keep track of news of pairs you trade.
Comment:
rule 13. Write all actions on paper or on a chart and why you did them. You will forget why and then you will blame yourself for doing something stupid. Do it before you take action so you can have a conversation with yourself.
