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The 10 Rules To be a Great trader

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Aug 19, 2011 02:05 am
#1

Messaggi: 513
Member since: 08/02/2011

1. Never Let a Winner Turn Into a Loser
2. Logic Wins, Impulse Kills
3. Never Risk More Than 2% per Trade
4. Trigger Fundamentally, Enter and Exit Technically
5. Always Pair Strong With Weak
6. Being Right but Being Early Simply Means That You Are Wrong
7. Know the Difference Between Scaling In and Adding to a Loser
8. What is Mathematically Optimal Is Psychologically Impossible
9. Risk Can Be Predetermined, but Reward Is Unpredictable
10. No Excuses, Ever

Note:- collected from diffrent sources from diffrent great traders books

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Aug 21, 2011 06:47 pm
ironical User

Messaggi: 734
Member since: 22/04/2011

I agree with all statements except one that is normally said by different traders. "no risk more than 2% per trade". Whenever u go to any forex site, broker or forum. You will see a common statement that never risk more than you can loose. So when u open an account with a broker, you must not deposit more than u want to loose. Once you have deposited, now trade with your own strategy if you have. If you want to follow someone, follow him or whatever.

But this 2% thing is not logical because you are already warned once you open an account. You are already risking by depositing the money.

The good or ill of a man lies within his own will. – Epictetus

Aug 21, 2011 08:47 pm
leebut User

Messaggi: 158
Member since: 16/07/2011

Hmm,

1. How do you know it's going to turn into a loser until it is?

2. yes

3. No. I hear often 5%, others might say 'comfort level'. It also depends on your account size.

4. Not always. Patterns and price levels can cause markets to react.

5. Not always. Prices go up and down regardless of strength and pairing strong with weak can kill your account too. It's all in the timing. And, not if you want to trade a range.

6. Early for what? If you are early it means you are predicting. You could also enter too late.

7. Yes

8. Try not to be emotional.

9. Yes, but you can limit your profit target to historical data or typical trading/chart patterns.

10. Yes. Never blame luck as luck is a fantastical notion. It does not exist.

Aug 22, 2011 12:22 pm

Messaggi: 513
Member since: 08/02/2011

Originally posted by leebut

Hmm,

1. How do you know it's going to turn into a loser until it is?(if your trade goes in positive then lock ur profit to break even after 30 to 40 pips or not w8 more that it will go up up and up ... like dont think to make millions in just one trade)

2. yes

3. No. I hear often 5%, others might say 'comfort level'. It also depends on your account size.(its depend on ur trading style not account size)

4. Not always. Patterns and price levels can cause markets to react.

5. Not always. Prices go up and down regardless of strength and pairing strong with weak can kill your account too. It's all in the timing. And, not if you want to trade a range.

6. Early for what? If you are early it means you are predicting. You could also enter too late.

7. Yes

8. Try not to be emotional.

9. Yes, but you can limit your profit target to historical data or typical trading/chart patterns.

10. Yes. Never blame luck as luck is a fantastical notion. It does not exist.( )



[grin]

[grin]

http://www.xynafx.com/ Xynafx ... fund managers and forex signal service providers Minimum investment for our Forex managed Account service is $2k that will be managed individually in one investors account. XynaFx signals As low as $26 per Month.

Aug 22, 2011 07:06 pm
Sasha User

Messaggi: 836
Member since: 16/05/2011

Stronger/weaker debate is already discussed. The problem is that how do you identify which currency is stronger against the other at a specific time. By news?  or by techincal analysis? or by price action? then again if you r using any of these strategies why u need to see stronger or weaker? Just do analysis and enter trade.

Maybe I do not understand the stronger/weaker rule and it is actually something else. So if someone else can explain abt it?

Aug 22, 2011 09:50 pm
leebut User

Messaggi: 158
Member since: 16/07/2011

I've been taught to bring up H4 charts for the pairs your interested in with a 200 SMA.

Go through each pair: EUR/AUD; EUR/CAD; EUR/GBP; EUR/USD, etc.

Using EUR/AUD and EUR/CAD as a hypothetical example; EUR/AUD price is below the 200 SMA then EUR is weak (W) and AUD is strong (S).

If EUR/CAD price is above the 200 SMA, EUR = S  CAD = W 

Do this for other pairs (GBP/AUD, NZD/USD) until all pairs have been referenced against each other.

You should now have currencies with S and W, add them up. The more Ss the stronger the currency, the more Ws the weaker the currency.

Here's one I did in August: http://img819.imageshack.us/img819/7963/90109584.png

Aug 23, 2011 03:21 pm
widhie75 User

Messaggi: 118
Member since: 05/12/2010

all of his 10 rules seem correct......but about point 5, (Always Pair Strong With Weak)...how to determine this? is it mean, we have to trade 2 pair in same time?

http://www.fxstat.com/widget/link?t=wide&c=3&s=8617&o1=growth&o2=drawdown&o3=profitfactor

Aug 24, 2011 11:26 am

Messaggi: 513
Member since: 08/02/2011

I mention this point to for that pairs like cross currencies pairs.. i already share a jpg file in general discusion aboout cross currency pair where you can decide which pair you wana go to trade like eurusd has many unwanted or undecided sparked during us and uk market that confuse newtraders but other pairs like eurgbp and usdjpy move slow but not make spark to confuse traders that trend is changed or brokern

http://www.xynafx.com/ Xynafx ... fund managers and forex signal service providers Minimum investment for our Forex managed Account service is $2k that will be managed individually in one investors account. XynaFx signals As low as $26 per Month.

Aug 28, 2011 12:09 am

Messaggi: 939
Member since: 21/04/2011

Originally posted by sadscorpion
I mention this point to for that pairs like cross currencies pairs.. i already share a jpg file in general discusion aboout cross currency pair where you can decide which pair you wana go to trade like eurusd has many unwanted or undecided sparked during us and uk market that confuse newtraders but other pairs like eurgbp and usdjpy move slow but not make spark to confuse traders that trend is changed or brokern


I dont understand it. Does it mean that EU is a combination of currencies of same strength and  EG currencies are of different strength?

Stick to your rules

Aug 29, 2011 07:46 pm
Sasha User

Messaggi: 836
Member since: 16/05/2011

Initially I was also unable to understand the full concept of this strength and weakness of a currency. After some research on google and by reading some articles on different forums, now I can understand it to some extent. Maybe there is still much more in this concept. I will explain what I got.

Lets take an example of USD pairs and GBP pairs. There are many USD pairs (eu usd, usd jpy, usd cad etc) and similarly many GBP pairs. Lets assume that usd pairs show that USD is strengthning. e.g.(eu/usd going down, usd/jpy going up, usd/cad going up and same with other pairs). Similarly GBP is weakning. In this condition the GBP/USD pair will go downward coz denominator is strenghening.

So to meausre strength and weakness of a pair, you will have to see different pairs. You will analyze their trends and then you can conclude if it is going upward or downward.

Sep 01, 2011 01:43 pm

Messaggi: 939
Member since: 21/04/2011

Originally posted by Sasha

Initially I was also unable to understand the full concept of this strength and weakness of a currency. After some research on google and by reading some articles on different forums, now I can understand it to some extent. Maybe there is still much more in this concept. I will explain what I got.

Lets take an example of USD pairs and GBP pairs. There are many USD pairs (eu usd, usd jpy, usd cad etc) and similarly many GBP pairs. Lets assume that usd pairs show that USD is strengthning. e.g.(eu/usd going down, usd/jpy going up, usd/cad going up and same with other pairs). Similarly GBP is weakning. In this condition the GBP/USD pair will go downward coz denominator is strenghening.

So to meausre strength and weakness of a pair, you will have to see different pairs. You will analyze their trends and then you can conclude if it is going upward or downward.



I got it. Its logically right that by analyzing relevant pairs, we can check the strength of a currency. I think there will be an indicator for such thing.

Stick to your rules

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