I personally feel these are the 10 most important rules to follow, especially as a beginner in order to become a consistently profitable trader. You can refer back to these rules whenever you feel lost or confused about what’s going wrong with your trading.
1. Set a maximum risk percentage per trade. 2. Never let a winner turn into a loser. 3. Once profitable, make small regular withdrawals. 4. Don't use money you can't afford to lose. 5. Focus on the trade, not your profit and loss. 6. Set a minimum risk to reward ratio. 7. Focus on the long term, stop trying to hit an all-in-one. 8. Use leverage effectively, the lower the better. 9. Admit when you're wrong. 10. Track your progress, be measurable.
Thank you for this post, It really looks like smart ideas. Definitely gonna use this :)
LewisGlasgow
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@Triple_HO, no problem at all, thanks for the feedback!
chrisfx07
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Thanks for the notes that you had posted on tradingview and I will definitely write these notes down on my book so that I can recall the notes easily.Besides that I'm still learning how to trade the market and aim to be a profitable trader as well regardless of me still being a beginner.
LewisGlasgow
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@chrisfx07, my pleasure! Keep putting in the hours and don't give up :)