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RULES OF TRADING
In my search for a way to trade, I read many books, applied several indicators, etc. I want to share one the books I read.
Trendylines wrote:
hey please share it here if you don't mind. and i will also share to you a website i follow with updated daily market reviews
here http://www.funds-money.com/
The title of the book is phantom of the pits. There are 3 rules given in the book.
Here is rule No 1
In a losing game such as trading, we shall start against the majority, and assume we are wrong until proven correct! (We do not assume we are correct until proven wrong) Positions established must be reduced and removed until or unless the market proves the position correct! (We allow the market to verify correct positions)
Rule 2 will soon follow
Here is rule No. 3
We shall go against the majority and assume the market is not always correct (those times being when liquidity is poor) At those times we shall question all signals and wait for future signals for positioning.
We shall use the converse of poor liquidity and remove our existing positions when extreme liquidity takes place in two steps and within three days of extreme high volume. Half of our position shall be removed immediately the following day after an extreme high-volume day. The other half of our existing position shall be removed within two additional days. We shall wait for further signals in those cases for future positioning.
My comments on these rules to follow.
If you take the statistics of winners versus losers in this game of trading, you will be shocked at the number of losers, more than 90% of traders, especially new traders lose their money in this game.
So, before you invest your money in this business, bear in mind that trading is a loser's game and the best losers eventually win. They are in the minority. Rule 1 emphasizes this point very well. Also the reason for leaving a position on is because the market has verified that you are correct, otherwise GET OUT!
In order to my opinion, trading without stop loss trading toolis really risky! Whatever trading strategy or system you use you need to use stop loss trading tool! Basically, I trade according to my price action knowledge and obviously I use stop loss trading tool in my live account!
faridulbdfx wrote:
with In order to up my opinion, trading without the stop loss trading toolis really risky! Whatever trading strategy or system you use you need to use stop loss trading tool! Basically, I trade according to my price action knowledge and obviously I use stop loss trading tool in my live account!
I agree with you. No trade should be executed without a stop loss, but equally important is the take profit (TP) target. If you don't have a TP in place, your winners may eventually end up as losers
More can be said about Rule 1. It says we shall start against the majority, this means if the majority is buying we shall sell and assume being wrong unless the market says our assumption is correct. Conversely if the majority is selling, we buy.
This may appear to be contrary to the usual teaching of follow the trend.....the trend is your friend....I tell you again winners in this game are the minority and to be a winner, you must think and act like the minority.
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