The Most Important Trading Rule

This is a discussion on The Most Important Trading Rule within the First Steps forums, part of the Reception category; You may have already seen this poll in another trading forum. If you have already voted in that forum please ...

View Poll Results: What is your most important trading rule?
Never add to a losing trade (or "average" into a position) 9 4.62%
Lower trade size when trading poorly 5 2.56%
Never turn a winner into a loser 11 5.64%
Biggest loser must be smaller than biggest winner 2 1.03%
Get out of your losers - use stops 38 19.49%
Hit singles and not home runs - little by little 14 7.18%
Plan your trades and trade your plan 70 35.90%
Keep a positive attitude, no matter how much you lose 9 4.62%
If a market doesn't do what you think it should do, get out 18 9.23%
Other rule not mentioned here 19 9.74%
Voters: 195. You may not vote on this poll

Reply
 
LinkBack Thread Tools Search this Thread
Old Oct 1, 2004, 7:28am   #1
 
DeltaGuy's Avatar
Joined Oct 2004
The Most Important Trading Rule

You may have already seen this poll in another trading forum. If you have already voted in that forum please do NOT vote here again as I'm trying to get a good cross section opinion from as many people as possible.

In this poll please select the rule that you consider most important. The objective of this exercise is to get a feeling from traders what rule is the most import rule they apply (or feel that they should apply) to trading.

If you vote for the last option then please post the rule that you think is most important in this thread so that I can include it in a future poll of rules.

Thanks
DeltaGuy is offline Software vendor   Reply With Quote
Thanks! The following members like this post: bizmanny
Old Aug 16, 2007, 11:09pm   #2
Joined May 2007
Quote:
Originally Posted by DeltaGuy View Post
You may have already seen this poll in another trading forum. If you have already voted in that forum please do NOT vote here again as I'm trying to get a good cross section opinion from as many people as possible.

In this poll please select the rule that you consider most important. The objective of this exercise is to get a feeling from traders what rule is the most import rule they apply (or feel that they should apply) to trading.

If you vote for the last option then please post the rule that you think is most important in this thread so that I can include it in a future poll of rules.

Thanks
Plan your trades and trade your plan
Theta2000 is offline   Reply With Quote
Old Aug 17, 2007, 11:04am   #3
Joined Aug 2007
all of the above

cheers
toxictrading is offline   Reply With Quote
Old Aug 17, 2007, 11:48am   #4
Joined Nov 2001
If you make a wrong move, don't hope that it will come right. Close it. The earlier you do it, the more money you will have for the next trade.
Splitlink is offline   Reply With Quote
Thanks! The following members like this post: bizmanny , black bear
Old Aug 17, 2007, 12:41pm   #5
 
shadowninja's Avatar
Joined Jul 2007
It was a toss-up between "Get out of your losers - use stops" and "Plan your trades and trade your plan" but the killer would be ignoring stops.
__________________
The markets can stay solvent longer than you can stay irrational.
shadowninja is offline   Reply With Quote
Old Aug 17, 2007, 2:57pm   #6
 
Vorbis's Avatar
Joined Dec 2005
The Trend is your friend!

I went for the last option. The most important rule for me is "Always ensure you're aligning your trades with the primary trend of whatever time-frame you're trading". I base this rule on sober analysis of my losers. I've lost more money fighting the trend (catching falling knives) than by any other bad practice.
Vorbis is offline   Reply With Quote
Thanks! The following members like this post: Lightning McQueen , bizmanny
Old Aug 17, 2007, 3:07pm   #7
 
rols's Avatar
Joined Sep 2004
Don't take any notice of trading rules.
rols is offline   Reply With Quote
Thanks! The following members like this post: black bear
Old Aug 17, 2007, 3:25pm   #8
 
new_trader's Avatar
Joined Jan 2006
Don't Drink and Trade
__________________
"It always pays a man to be right at the right time." - Jesse Livermore | Less Marx, More Mises

CLICK - My Trading Journal
new_trader is offline   Reply With Quote
Old Aug 17, 2007, 3:44pm   #9
 
shadowninja's Avatar
Joined Jul 2007
Quote:
Originally Posted by new_trader View Post
Don't Drink and Trade
Have you tried? What happened?
__________________
The markets can stay solvent longer than you can stay irrational.
shadowninja is offline   Reply With Quote
Old Aug 17, 2007, 5:15pm   #10
Joined Jun 2006
What are "singles" and "home runs"?

Another rule: never address someone as "dude", especially if you're English.

Grant.
grantx is offline   Reply With Quote
Old Oct 2, 2007, 12:25pm   #11
Joined Feb 2007
When in trouble double.
__________________
A well timed tommy tank can prevent unprofitable boredom trades.
enterthe is offline   Reply With Quote
Old Oct 2, 2007, 12:30pm   #12
Joined Dec 2002
Greed kills.
JTrader is offline   Reply With Quote
Old Oct 2, 2007, 12:32pm   #13
Joined Oct 2005
Learn that knowing when to stay FLAT is also a a trade
jacinto is offline   Reply With Quote
Old Oct 2, 2007, 12:41pm   #14
Joined Aug 2006
dont trade the lower time frames within one hour of waking up
tightstops is offline   Reply With Quote
Thanks! The following members like this post: black bear
Old Oct 2, 2007, 12:41pm   #15
Joined Dec 2003
yes knowing when to do 'nothing' is conspicuous by it's absence on that list and yet where is there a better stop loss to be found
__________________
Distance = Perspective
chump is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
What Do You Consider As The Most Important Aspect Of Trading CYOF First Steps 85 Jul 10, 2012 3:51pm
Article: Rule Based Discretionary Trading T2W Bot Educational Resources 9 Dec 17, 2010 1:10pm
Pattern Day Trading rule...help...please! RedArmy Stocks 8 Dec 30, 2004 9:50am
Does IB $25k rule apply to futures trading? Creech Futures & Options 2 Aug 16, 2004 3:34pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)