The Most Important Trading Rule

[DeltaGuy]

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

 

[Theta2000]

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

 

[toxictrading]

all of the above

cheers

 

[Splitlink]

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.

 

[shadowninja]

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.

 

[Vorbis]

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.

 

[rols]

Don't take any notice of trading rules.

 

[new_trader]

Don't Drink and Trade

 

[shadowninja]

Don't Drink and Trade

Have you tried? What happened?

 

[grantx]

What are "singles" and "home runs"?

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

Grant.

 

[enterthe]

When in trouble double.

 

[JTrader]

Greed kills.

 

[jacinto]

Learn that knowing when to stay FLAT is also a a trade

 

[tightstops]

dont trade the lower time frames within one hour of waking up

 

[chump]

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

 

[shadowninja]

I have now decided that since my stops are mechanical, "Plan your trades and trade your plan" is more important.

Greed kills.

How's this for you?

 

[shadowninja]

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

so true. I have gone from running around with my hair on fire to trading like a sniper. Quality over quantity.

 

[enterthe]

Going away to make a cup of tea can sometimes be the right trade too. It helps one to think and prevents bad entries from happening.

 

[zambuck]

....Don't go on hols.....

.....everything happens then....

....world markets wait until you go on hols and then....

....splat...!!

 

[zambuck]

Have you tried? What happened?

.....under drunkun stupor, a deal was made by mistake and ended up with 20K profit....

....so more drink flowed....