Hi to all dear traders... i have been collecting some trading systems in the past few month in this forum and else where... so i think i wanna share it here with u all. at least this is my contribution to this beloved forum of ours... i will post it here one by one. some usefull e books also... i hope the administrator wont banned me for this...
before i started i wanna share a few trading rules that ive read and come to sense that whatever trading system u are using this is the main rules...
i dont remember where i got it and the author.. so read on.. these are the main rules. These rules are to be followed to the letter. Ignore them at your own peril:
Rules summary
- Define your long-term goals
- Treat trading as a business
- End every day in profit
- Every trade must conform to objective criteria
- Never force a trade
- There’s nothing wrong with getting out early if you are in profit
- Always have a profit target for the day
- Always stick to a small daily profit target
- Your initial trading stake should be small
- Do not enter a trade without a profit target
- Always set a hard stop
- Do not trade unless you are nearly 100% certain about what will happen
- Do not trade when signals are mixed
- Follow your system
- Don’t lose your head
- Identify key support and resistance levels
- Look at longer timeframes for both support and resistance, and for clues regarding future price direction
- Be aware of peak market times
- Be careful when trading in the Asian session
- Don’t trade thin or directionless markets
- Be careful when trading forex on non-news days If you trade intraday, don’t enter a trade unless you can actively focus on it
- Avoid reversing trades
- Stay out of the market near news release time
- Watch your broker like a hawk
- Don’t go crazy with leverage
- Stop trading after two consecutive losses
- Take profits quicker after a losing streak
- Don’t gloat over your winners