December 2002 Trading Tips Newsletter: "Trading Rules 101
Many traders maintain and refine a set of Trading Rules that they attempt to follow. The rules are intended to encourage and remind traders to have some discipline, or to follow a trading system with exactness. A good set of Trading Rules will often prevent greed and plain stupidity from creeping into your trading. Almost any trader can identify a losing trade, and then say, 'If I had only followed my rules I wouldn't have had that losing trade'.
The following list of general Trading Rules is a compilation from many different sources. They are not in any particular order of importance. Many of the rules are common sense and you have heard them before. You may see a rule that you would like to add to your own Trading Rules list.
* Trade with the Trend.
* Cut your losses short, and let your gains run.
* Trade the Chart, not the Money.
* Don't chase the Market. Wait for a 2nd chance.
* Never buy because it seems too low. Never sell because it seems too high.
* Trade only symbols that have sufficient volume and liquidity.
* Never add to a losing position. Just get out and start over.
* When in doubt, get out, or stay out.
* Know where to exit a position before entering a trade.
* Never have an opinion about the market. Lose your opinion, not your money.
* Trade what you see, not what you believe.
* Think for yourself.
* Don't borrow money to invest.
* Don't trade tips.
* Focus on Trading, rather than on making Money.
* Avoid Impatience. You don't always have to be in the market. Wait for good trade opportunities.
* Always place a stop.
* Follow your Rules.
* Never 'Go for Broke'.
* Don't get sloppy after successful trades.
* Control your losses.
* If you wouldn't take the trade now, then don't stay in a current trade. Get Out.
* Don't trade without a plan.
* Lock-in profits.
* Move stops to a break-even (risk free) exit point as soon as possible.
* Focus on not-losing, more than winning.
* The trend is your friend."
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