Top 10 Rules For Successful Trading

:- There are some rules you to make you
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𝗥𝘂𝗹𝗲 𝟭: 𝗔𝗹𝘄𝗮𝘆𝘀 𝗨𝘀𝗲 𝗮 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗣𝗹𝗮𝗻
A trading plan is a written set of rules that specifies a trader's entry, exit, and money management criteria for every purchase.
With today's technology, it is easy to test a trading idea before risking real money. known as backtesting, this practice allows you to apply your trading idea using historical data and determine if it is viable. once a plan has been developed and backtesting shows good results, the plan can be used in real trading.

𝗥𝘂𝗹𝗲 𝟮: 𝗧𝗿𝗲𝗮𝘁 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗟𝗶𝗸𝗲 𝗮 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀
To be successful, you must approach trading as a full- or part-time business, not as a hobby or a job.

If it's approached as a hobby, there is no real commitment to learning. If it's a job, it can be frustrating because there is no regular paycheck.

Trading is a business and incurs expenses, losses, taxes, uncertainty, stress, and risk. As a trader, you are essentially a small business owner and you must research and strategize to maximize your business's potential.

𝗥𝘂𝗹𝗲 𝟯: 𝗨𝘀𝗲 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘁𝗼 𝗬𝗼𝘂𝗿 𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲
Trading is a competitive business. It's safe to assume that the person sitting on the other side of a trade is taking full advantage of all of the available technology.

Charting platforms give traders an infinite variety of ways to view and analyze the markets. Backtesting an idea using historical data prevents costly missteps. Getting market updates via smartphone allows us to monitor trades anywhere. Technology that we take for granted, like a high-speed internet connection, can greatly increase trading performance.

Using technology to your advantage, and keeping current with new products, can be fun and rewarding in trading.

𝗥𝘂𝗹𝗲 𝟰: 𝗣𝗿𝗼𝘁𝗲𝗰𝘁 𝗬𝗼𝘂𝗿 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗖𝗮𝗽𝗶𝘁𝗮𝗹
Saving enough money to fund a trading account takes a great deal of time and effort. It can be even more difficult if you have to do it twice.

It is important to note that protecting your trading capital is not synonymous with never experiencing a losing trade. All traders have losing trades. Protecting capital entails not taking unnecessary risks and doing everything you can to preserve your trading business.

𝗥𝘂𝗹𝗲 𝟱: 𝗕𝗲𝗰𝗼𝗺𝗲 𝗮 𝗦𝘁𝘂𝗱𝗲𝗻𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁𝘀

TABLE OF CONTENTS
TRADING TRADING SKILLS
DAY TRADING INTRODUCTION
Overview
DAY TRADING BASICS
DAY TRADING INSTRUMENTS
TRADING PLATFORMS, TOOLS, BROKERS
TRADING ORDER TYPES
STRATEGY & ANALYSIS
Beginner Day Trading Strategies
Choosing Stocks for Day Trading
10 Rules For Successful Trading
Short Selling
RISK & MONEY MANAGEMENT
DAY TRADING PSYCHOLOGY
Top 10 Rules For Successful Trading
By JEAN FOLGER Updated February 02, 2022
Reviewed by SOMER ANDERSON
Fact checked by AMANDA JACKSON
Anyone who wants to become a profitable stock trader need only spend a few minutes online to find such phrases as "plan your trade; trade your plan" and "keep your losses to a minimum." For new traders, these tidbits can seem more like a distraction than actionable advice. If you're new to trading, you probably just want to know how to hurry up and make money.

Each of the rules below is important, but when they work together the effects are strong. Keeping them in mind can greatly increase your odds of succeeding in the markets.

KEY TAKEAWAYS
Treat trading like a business, not a hobby or a job.
Learn everything about the business.
Set realistic expectations for your business.
Rule 1: Always Use a Trading Plan
A trading plan is a written set of rules that specifies a trader's entry, exit, and money management criteria for every purchase.

With today's technology, it is easy to test a trading idea before risking real money. Known as backtesting, this practice allows you to apply your trading idea using historical data and determine if it is viable. Once a plan has been developed and backtesting shows good results, the plan can be used in real trading.

Sometimes your trading plan won't work. Bail out of it and start over.
The key here is to stick to the plan. Taking trades outside of the trading plan, even if they turn out to be winners, is considered poor strategy.

2:12
Jack Schwager: Investopedia Profile

Rule 2: Treat Trading Like a Business
To be successful, you must approach trading as a full- or part-time business, not as a hobby or a job.

If it's approached as a hobby, there is no real commitment to learning. If it's a job, it can be frustrating because there is no regular paycheck.

Rule 3: Use Technology to Your Advantage
Trading is a competitive business. It's safe to assume that the person sitting on the other side of a trade is taking full advantage of all of the available technology.

Using technology to your advantage, and keeping current with new products, can be fun and rewarding in trading.

Rule 4: Protect Your Trading Capital
Saving enough money to fund a trading account takes a great deal of time and effort. It can be even more difficult if you have to do it twice.

Rule 5: Become a Student of the Markets
Think of it as continuing education. Traders need to remain focused on learning more each day. It is important to remember that understanding the markets, and all of their intricacies, is an ongoing, lifelong process.

Hard research allows traders to understand the facts, like what the different economic reports mean. Focus and observation allow traders to sharpen their instincts and learn the nuances.

World politics, news events, economic trends—even the weather—all have an impact on the markets. The market environment is dynamic. The more traders understand the past and current markets, the better prepared they are to face the future.

𝐋𝐞𝐚𝐫𝐧 𝐡𝐨𝐰 𝐡𝐞 𝐦𝐚𝐤𝐞 𝟏𝟎𝟎𝟎$ 𝐢𝐧 𝐣𝐮𝐬𝐭 𝟐 𝐰𝐞𝐞𝐤 𝐛𝐲 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 !!
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