Traders Corner

Sam Shenker from FXCM has written his Golden Rules of Trading that he’s compiled over the years.

-Only the price knows where it wants to go, it speaks, and I listen, and if I listen correctly, I will be rewarded and if I make a mistake I will be punished.

-Over 95% of traders tend to grab a quick profit and let the losses run.

-Always keep the risk reward to at least one… If the trader trads short-term keep the risk/reward lower, anywhere between 2 and 3 to 1…

-The best trade sometimes is the one not taken.

-Why do we trade? Money, financial freedom, recognition, success… These are all good reasons to trader by they ultimately lead to vanity and greed.

-Never try to make your money all in one trade.

-Never add to a losing position.

-Don’t blame the market for your mistakes, blame yourself

-Don’t turn to someone else to make a decision for you

-Don’t let wishful thinking cloud your judgement

-Don’t force trades.

-Don’t increase the size of the next position after a losing trade

-Don’t overtrade

-Don’t chase trades

Read the full article titled Trader’s Corner Volume 1

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