Thread: Things a trader should never do

I posted this at another forum several people said I must also post it here as well, to give new traders here a list of a few of the things they should not do. I started this list when I first started trading and add to it. I read it each day before I trade. I hope it helps you because it actually helped me.
1. Constantly be Learning. Keep an open mind. Never quit attempting to learning. Do not only try to learn from the people you agree with; but the ones you don#8217;t.
2. Never make. Always make your choices based on: relevant details, relevant options then pick the least of the evils.
3. Never Trade with no egy. Trading is long term. Every transaction you choose or don#8217;t require will allow you to get closer to your goals or further away from your goals. Create a Trading Plan and after that always follow your egy.
4. Never enter a transaction without planning the entry, choose profit targets and stop loss.Base your entry on the appropriate information (analysis), the alternatives which are available and pick the least of those evils.
5. Never add to positions that are losing. Adding to losing positions consistently works but it doesn#8217;t. Remember the principal reasons why I blew up an account at demo trading was due to adding to losing positions and not placing a stop loss.
6. .Never trade unless you#8217;re ready to trade.Don#8217;t trade when you#8217;re tired, angry, have something else on your mind or out of desperation.
7. Never go against the grain.When everyone is moving right, don#8217;t even move abandoned. Think Long Term.
8. Never Forget you can mathematically calculate odds; you can not mathematically calculate probabilities.You#8217;re using probabilities if you are deciding whether to choose a transaction. Use what#8217;s available to put the balance of probabilities in your side
9. Never believe there's but one method to do anything in regards to trading.Trading is not approximately 5 5 = 10. . .it#8217;s about what#8217;s the best possibility of me getting to ten: 1 9, 2 8, 7 3 etc.. Consistently think balance of probabilities.
10. Never trade or make a trading decision out of fear of loss.Trading and learning is not based on a single chance: #8220;should act now#8221;, #8220;if you act right now#8221;, the holy grail at this price only for#8221; #8220;dismiss or will include for now only#8221; its based on taking the max advantage of this chance.

11. Never forget Rome. Rome was not build in a day. . .and neither will your trading career. Take the opportunity to turn your trading egy using a egy that#8217;s satisfied for you, dependent on a predetermined money management and which you can work using discipline and patience.

12. Never confuse an impression. An opinion is #8220; all of forex brokers give exactly the very same spreads; a simple fact is not all broker spreads will be exactly the same. #8221;

13. Never trade for the sake of having a transaction. Occasionally not investing has become the most profitable.

Very good Article GP

I like your listing. There are. One of my favorites: Don't commerce at market, always set a pending order and let the price come to you.

Wonderful list gp....
Wish that men could actually follow a few of these

Originally Posted by ;

Nice list gp.... Want that men may actually follow a few of these

Thank you. Another reaction I Have You can lead a horse to water. But you can't make them drink...

Love your points.

Read a fantastic novel, Trading In The Zone, presumed it will be quite related to this subject. Those interested check it out!

Great list!

Adore this gt; Do not trade when you are tired, upset, have something else on your mind

Originally Posted by ;

Love your own points. Read a good book, Trading In The Zone, thought it'll be pretty related to this subject. Those interested check it out!

I concur. Anyone who's searching for something to read ought to look it over.
Thanks Gp

Originally Posted by ;

Nice list, thanks! Really like this gt; Don't trade when you are tired, angry, have something else on your mind

You'd think that this one would fall underneath ordinary sense but a guy told me, a friend of mine since she had been tired (hang over) stated she put a trade and went searching if she got home she blew her account as she forgot to put in the stop loss.

Originally Posted by ;

I like your listing. There are heaps I could increase the list. One of my favorites: Do not commerce at market, constantly place a pending order and allow the price come to you. Another of my favorites: To avoid confusion, if you're going to have a list of 13 things, number them 13. You only seem to have 8? (Numbered 11111, 11, 12, 13) I only noticed some others. Oh, I give up...

I really don't understand what happened there I copied and pasted in the listing that I keep on my desk. I will bring the pending order, all of my orders are now pending. But I was not always like that. That's a great one