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"The Number One Trading Rule You Live By" The Top 10

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Have you ever wondered what most traders consider their top trading rule? The one that with all their might they stick to with nothing but stubbornness, discipline and commitment?


This is just the question Traders Laboratory (TL) member "RXS005" put to our community and the answers were fascinating. Here's the Top 10 that were provided, and you'll clearly profit more if you put these into place in your trading. Skill level doesn't matter, whether a beginner or experienced, there's some real trading gems here.


The Top 10, in no particular order:



1. "RXS005" had this to say: Never Trade before news ( I have been whipsawed several times and it hurts!)


I Wait for all the news to be baked in and let the markets show me the direction.


2. "Tikitrader" said: Stick with the plan and trade whats displayed ignore the urge to create before it too late.


3. "AgeKay" had this to offer: NEVER average down. You only learn this the hard way.


4. "METrades" picked up on one we've all done: #1 Rule: Cut your losses quickly. Once a trade turns against you, kill that emotional thread that says, "It'll come back". You may look at cutting losses, as losing money, but actually, it's a strategy. It's proper management, that will "save" you money, and a piece of mind, in the longer run.


5. Pre-Market Routine and Preparation of Thyself and System (both) was pointed out by "Minoo" he went onto state "As per myself, the above is more of a Process or Good Habit. In my book, If my mind knows of a Rule it inadvertently wonders off to break it." (MMS notes: I think this is a good point -- you need to know yourself and if you don't, you're about to find out everything you ever wanted to know - the good, the bad and the ugly when you trade.)


"TheDude" likewise felt that following trade rules could be overrated Tying to find a 'rule', 'set-up', whatever to give that elusive edge is a hiding to disaster. The market cycle is always changing and to expect a rule to apply all the time and generate serious coin just ain't going to happen.


6. "Amswak" felt METrades was onto something and agreed that Never rationalize a loss. The moment you say "It'll come back," you've probably already gone too far.


7. "emg" kept it simple: here is my rule #1. control emotion. Simple but very challenging.


8. DO NO PREDICT (a.k.a. having a BIAS not based on what is actually happening) was what "Attila" had to say.


9. The most important thing is to love your money losing trades and your drawdowns as much as your winners and winning periods. If you can achieve that then fear can disappear and all the discipline issues become much much easier says "Kiwi"


10. Gabriel Baryard My number 1 rule is this, when trading never desire a win or a loss, simply desire an outcome.


And, there were just so many great gems here's a few more bonus contributions to the #1 Rule to Trade By:


wrbtrader: #1 rule for me is to "never ignore key market events" (e.g. international economic calendar, global events, breaking news and closing times of other key markets).


tams: There is a lesson in every trade, especially the losing trades. You've got to embrace them to learn them.


AgeKay: I've never learning anything from winning trades, it was always the losing trades that taught me a lesson.


Siuya: On getting the head around losing trades, a great piece of advice is not to think about them in terms of individual losses but as part of a series of trades.


Once you understand and accept that there will be losses, its a matter of reminding yourself with these losses there will be wins, and that is what you are after. Every business has them, from inventory losses, spoilage, drilling mines that dont work until you hit the mother load, reasearch and development. Its all a matter of 'tricking' yourself in how they are perceived.


The full thread can be found here:



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