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Single most important rule of trading
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Single most important rule of trading

  #21 (permalink)
Elite Member
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wldman's Avatar
 
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Maybe...

to know that there is not a single most important rule in trading?

Mike this Q is sort of like what is the best use of duct tape?

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  #22 (permalink)
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trendisyourfriend View Post
Mike this question is in the same league as the search for the holy grail. There is no single most important rule.

I think you already know that I agree with you. I am just facilitating a discussion. I've also said that the closest thing to the holy grail is diversification, something that basically no one ever looks at.

Mike

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  #23 (permalink)
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my Single Rule


01. Start by one investment unit , Only add in a winning position.

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  #24 (permalink)
Live Your Bliss
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1. Master one and only one setup on demo first.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #25 (permalink)
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Big Mike View Post
I've also said that the closest thing to the holy grail is diversification, something that basically no one ever looks at.

Mike

Look at the second post

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  #26 (permalink)
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Know what market condition you are currently trading in and be able to adjust to it in real time.....

Hardest to know and the cause of the majority of my trading losses.

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  #27 (permalink)
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Good trading is dull and boring. Most of the time you are waiting for the same set up, indicator and/or a combination of a few selected methods that you narrowed to over the years. The best quality you can develop over time is patience for your setup.

Not sure how to explain why...but, let me try. Initially beginners approach the whole idea of trading with some sort of an excitement for risk and opportunity.
There is a throwing of a wide net of methodologies to see what has the highest and most consistent return. Eventually a trader could potentially conclude
what fits him/her in the process in terms of time frame, risk and the comprehension of methodology. This is where the narrowing starts until the parameters are in place.
Once the parameters are chosen, the challenge is three fold: being inactive waiting for action/indicator/system, recognizing which environment is more suited for the method, and accepting the draw-down of the system.
This is my observation and conclusion, recognizing that for different traders the "important" element could be different. But, my observations are based on actual experience for myself and others I have seen over the years.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.

Last edited by mattz; March 3rd, 2013 at 05:52 PM. Reason: elaborating "why"
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  #28 (permalink)
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Picking winners, because it's something to apply going forward, the sum of observed results giving context to appropriate SL and profit expectations.

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Last edited by whatnext; March 3rd, 2013 at 04:51 PM. Reason: details
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  #29 (permalink)
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It seems most everyone is unable to explain the "why" as requested as part of the challenge of this thread...

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #30 (permalink)
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Big Mike View Post
It seems most everyone is unable to explain the "why" as requested as part of the challenge of this thread...

Mike

I think i found what might be the most important rule of trading to me but it could also apply to any other field and that is to stay healthy mentally as well as physically. Why? because day trading demands a lot of attention, mental agility and energy.

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