🔥💫⭐️Top 4 Trading Rules Every Trader Must Follow
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Trading foundations: basic principles that will guide you to success
Trading rules are fundamental stepping stones on our journey towards achieving trading success. We often wrestle with this pivotal question, “What are these essential guidelines?”
Lets explore the essential foundations a trader must establish before trying to fine tune their trading strategies.
✨️ Trading Rule #1: Find your tribe and surround yourself with a supportive community
The first of all trading rules is that you need to find a tribe, a group or an environment.
People are social beings, there has practically never been a success story that has occurred outside of a support network. The scenario where a boy goes into a mountain, meets an old kung-fu master and becomes a master himself is a popular movie plot that quite possibly had never occurred in real life
🌟 Trading Rule #2: Deepen your trading knowledge through mentoring others
The saying that those that can’t do something, teach it, is incorrect. Yes, there are plenty of teachers that are not very competent but if you want to be a successful trader and keep being successful, you need to mentor
⚡️Trading Rule #3: Write down and update your trading plans regularly
Traders do a lot of research but that research tends to be mental. There is very little evidence of what is discovered. Even if the research is done in terms of coding or back testing, the tendency is for traders to never write down all their findings in a consistent and visually appealing manner.
This is where the trading rules come in.
💥 And the trading Rule # 4
Don't over leverage in a volatile market. It is one thing to leverage in a normal and tepid market. But that strategy cannot apply when we are in a volatile market. Leverage can hit your trades big time when markets are volatile. On such occasions try to keep your leverage to the bare minimum so that you can avoid burgeoning of losses.
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