[TheNegotiator]

So we all have rules to adhere to when we trade whether we realise it or not. If not, I think we can all agree the likelihood of remaining in the black is low to zero. But is there one particular rule which for you personally, has made a BIG difference to your account size(%-wise)?

For me personally, it's not trading NFP. I always traded news very actively in the past and did extremely well from it as I had a newswire and a fast connection to the exchange, but more importantly I have a good feel for how the market might react in particular big economic releases. "Great!" you might say. But come non-farm payrolls, I seemingly turn into a rabbit in headlights. I can never really work out the flow or the reasoning. I reckon it's probably because so many people trade it aggressively that actually that 'flow' tends to not show itself to a high degree in the initial trading post release. I know that there are traders who love NFP day. But hey, one thing I'm sure of is that when I stopped trading NFP I saved myself time, stress and most importantly, MONEY!!

What's your golden rule?

[zdo]

The rule that has saved me the most money = take small losses.
(ie the rule that has cost me the most accounts = don’t take small losses)
Breaking the phrase up:
The ‘take’ part means getting to a place where taking any loss (in all but a few cases) does not move any of my biometric or subjective (SUD) measures at all. When individual losses do finally become truly da nada / meaningless – whole new opportunity horizons open up in the game.
The most obvious application of the ‘small losses’ part in most systems is never hanging on for a loser to come back. Set a dropdead out point. If it passes that point, eat it gratefully and gracefully.
Generally the best, but certainly not easy, way to apply this rule is researching and testing the very best type of loss levels to take for each individual system. For each system there is a best near or far, dynamic or fixed, single or arrayed, etc or etc. stop that needs to obliterate any and all ‘comfort level’ urges, impulses, tendencies, whatnot!
Further developing the concept (in some systems) means getting enough experience to be able to call a loser by its activity instead of its price level and exit before stop is hit. In one of my edges, since the profits take care of themselves, getting out and cancelling the stops before they are hit is actually the main focus of each trade in that system…

[SIUYA]

along with zdo, reducing my losses has helped saved me money, but definitely for me, I know the thing that costs me the most money when I break it is not having enough patience.
Going too early on a trade, (or not sitting in a winner long enough - though this is not about saving money) I would have to say lack of patience is my biggest killer.
When I wait, for just the right setup it seems so much easier.

[Mysticforex]

My #1 Rule, never enter a trade unless/until I have been awake for at least 1 hour.

[TheNegotiator]

Taking small stop outs is a good one although somewhat subjective. If you lose focus on your system and start changing your targets, you can trick yourself into thinking it's a small risk at the time.

I can definitely relate to you on being wide awake for trading Mystic! When I first started I had a bit of a trek to get into work, which was actually a good thing. After that I got a place right near the office and really just rolling out of bed into trading is not good for me!

[zdo]

TN,
re; "Taking small stop outs is a good one although somewhat subjective. If you lose focus on your system and start changing your targets..." If you inferred that from my post, then I need to work on my 'communication' skills far more than did the feral child ...

[TheNegotiator]

Lol. No, merely a thought on the pros and cons of the rules!

[SIUYA]

actually - I try not to relate my stops too much to my targets. I try and look more at the bigger picture context, get the timing right with tight stops and then manage the trade after that. for me the whole 1r:4r risk to target mindset is merely historical measurement.
In short, maybe its against the grain but by focusing on my bigger context allows me to run tight stops without worrying too much about the targets - I let the market decide those.