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Tags: Make your Trading Taboos "Do not"
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Make your Trading Taboos "Do not"

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  • Post #1
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  • First Post: Edited Oct 3, 2019 7:42am Oct 2, 2019 4:21pm | Edited Oct 3, 2019 7:42am
  •  Macd-rsi
  • Joined Oct 2019 | Status: Forexian Fighter = FF | 11,357 Posts
I have tens of taboos that I am trying to abide by,
1) do not sell after breaking up,
2) do not buy after breaking down
3) do not trade at abnormal trading times!

make your rules, then strictly adhere to it
Be yourself
  • Post #2
  • Quote
  • Oct 3, 2019 1:16am Oct 3, 2019 1:16am
  •  EF5
  • Joined Oct 2013 | Status: Member | 880 Posts
Here are some of mine...

Do not:

  1. Enter a position without a stop.
  2. Trade without knowing for sure that you have an edge.
  3. Add to a losing position.
  4. Use market orders. (always use limit)
  5. Listen to financial commentators (ie CNBC).
  6. Listen to friends/family.
  7. Break your system's rules.
  8. Stay in a position simply because you're already in it.

Self-sufficiency is the greatest of all wealth. - Epicurus
 
4
  • Post #3
  • Quote
  • Oct 3, 2019 4:10am Oct 3, 2019 4:10am
  •  CrocodileRex
  • Joined Sep 2016 | Status: Member | 622 Posts
Do not:-

 

  1. add to a losing position/averaging in
  2. trade while drunk
  3. trade tested areas
  4. trade after new york lunch until asian lunch

 
2
  • Post #4
  • Quote
  • Oct 3, 2019 7:42am Oct 3, 2019 7:42am
  •  Macd-rsi
  • Joined Oct 2019 | Status: Forexian Fighter = FF | 11,357 Posts
Ef5
CrocodileRex
thanks for sharing your taboos,
I will add most of them to my taboos.
Be yourself
 
1
  • Post #5
  • Quote
  • Oct 3, 2019 9:13am Oct 3, 2019 9:13am
  •  deuce
  • | Joined Jul 2008 | Status: Member | 178 Posts
Do not:

1. Chase price
2. Trade with margin
 
1
  • Post #6
  • Quote
  • Oct 3, 2019 2:16pm Oct 3, 2019 2:16pm
  •  Macd-rsi
  • Joined Oct 2019 | Status: Forexian Fighter = FF | 11,357 Posts
My taboos updated:

do not
1) sell after breaking up,
2) buy after breaking down
3) trade at abnormal trading times!

4) Add to a losing position.
5) Use market orders. (always use limit)
6) Stay in a position simply because you're already in it.
7) trade tested areas
8) Chase price.
Be yourself
 
1
  • Post #7
  • Quote
  • Oct 4, 2019 1:12am Oct 4, 2019 1:12am
  •  EF5
  • Joined Oct 2013 | Status: Member | 880 Posts
One more I thought of...

 

  1. Do not reenter a trade after being stopped out.


For example, I could buy a breakout then the breakout fails and I wind up taking a loss. You could try again on what looks like the next breakout, but I won't take the same trade twice.

This one is debatable because I've read a lot of great traders have no problem trying the same trade multiples times. In my experience though, if it doesn't work the first time it usually doesn't work the second and it just leads to frustration.

Self-sufficiency is the greatest of all wealth. - Epicurus
 
1
  • Post #8
  • Quote
  • Oct 4, 2019 1:18am Oct 4, 2019 1:18am
  •  Aussi
  • Joined Sep 2013 | Status: Member | 15,872 Posts
what i do not do
use a stoploss
use a ea


what i do, i trade
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
 
3
  • Post #9
  • Quote
  • Oct 4, 2019 5:47am Oct 4, 2019 5:47am
  •  xobexcevex
  • | Joined Sep 2019 | Status: Member | 23 Posts
Quoting Aussi
Disliked
what i do not do use a stoploss use a ea what i do, i trade
Ignored
this is wrong,
the correct one. use stoploss, unless use an ea. this is correct.
 
2
  • Post #10
  • Quote
  • Oct 6, 2019 4:19pm Oct 6, 2019 4:19pm
  •  Macd-rsi
  • Joined Oct 2019 | Status: Forexian Fighter = FF | 11,357 Posts
Stop Loss should be used in clever way
Be yourself
 
 
  • Post #11
  • Quote
  • Oct 6, 2019 4:25pm Oct 6, 2019 4:25pm
  •  KeenPips
  • Joined Dec 2015 | Status: Member | 7,413 Posts
Do not:
1. marry your trade,
2. trade while you are emotionally down
3. trade a poor R:R setup
4. hop trading systems

KP
Do your homework, follow the footprints of smart money
 
4
  • Post #12
  • Quote
  • Oct 6, 2019 4:26pm Oct 6, 2019 4:26pm
  •  MXT
  • Joined Dec 2005 | Status: Member | 2,851 Posts
Quoting Aussi
Disliked
i do not use a stoploss
Ignored
hey man , you serious about that ?
 
2
  • Post #13
  • Quote
  • Oct 6, 2019 4:27pm Oct 6, 2019 4:27pm
  •  Robertk
  • | Joined Jul 2011 | Status: Member | 1,332 Posts
Do not:

1. Create a new rule after you lost a trade, instead, accept the market for what it is.
 
1
  • Post #14
  • Quote
  • Oct 6, 2019 4:31pm Oct 6, 2019 4:31pm
  •  Aussi
  • Joined Sep 2013 | Status: Member | 15,872 Posts
Quoting MXT
Disliked
{quote} hey man , you serious about that ?
Ignored
yes i do not use a stoploss
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
 
4
  • Post #15
  • Quote
  • Oct 6, 2019 4:35pm Oct 6, 2019 4:35pm
  •  bluesteele
  • Joined Aug 2007 | Status: Member | 1,762 Posts
Quoting Aussi
Disliked
what i do not do use a stoploss use a ea what i do, i trade
Ignored
Yep Me Too

DO NOT: Use a Stop Loss
The Best Loser Wins
 
1
  • Post #16
  • Quote
  • Oct 6, 2019 4:47pm Oct 6, 2019 4:47pm
  •  Aussi
  • Joined Sep 2013 | Status: Member | 15,872 Posts
Quoting bluesteele
Disliked
{quote} Yep Me Too DO NOT: Use a Stop Loss
Ignored
hi mate , its hard for people to understand because all the books and noise around stoplosses is a brokers friend
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
 
4
  • Post #17
  • Quote
  • Oct 6, 2019 5:08pm Oct 6, 2019 5:08pm
  •  bluesteele
  • Joined Aug 2007 | Status: Member | 1,762 Posts
Quoting Aussi
Disliked
{quote} hi mate , its hard for people to understand because all the books and noise around stoplosses is a brokers friend
Ignored
Yep exactly Aussi...I started trading FX around 2005 or so...and for many of my years I used a SL and would chastise others that did not.

But the entire financial industry has ingrained these false notions into traders... Use a SL... R:R ratio has to be such and such... Dont trade the small
timeframes... Scalping is for those that dont know how to trade big TFs ( LOL) ..The trend is your friend etc etc blah blah blah ..

But we know different my friend
For the majority of all the struggling traders here...forgetting what you have traditionally learned may be your biggest asset.
The Best Loser Wins
 
3
  • Post #18
  • Quote
  • Oct 6, 2019 5:08pm Oct 6, 2019 5:08pm
  •  Macd-rsi
  • Joined Oct 2019 | Status: Forexian Fighter = FF | 11,357 Posts
Quoting Aussi
Disliked
{quote} hi mate , its hard for people to understand because all the books and noise around stoplosses is a brokers friend
Ignored
so use SL in clever way:
instead of direct SL, hedge position for hours or days, and play in bounded area until loss = 0 USD
Wrong decision is cured by correct decision

when your trade reach first SL, mean it was wrong entry!
so next time be calm and wait market to be very very clear, then see what is better
Be yourself
 
 
  • Post #19
  • Quote
  • Oct 6, 2019 5:21pm Oct 6, 2019 5:21pm
  •  asgcorp
  • Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
you can use stealth EA to hide SL/TP from brokers.
https://www.mql5.com/en/market/product/5914
 
2
  • Post #20
  • Quote
  • Oct 6, 2019 5:29pm Oct 6, 2019 5:29pm
  •  rafat habeb
  • Joined Nov 2008 | Status: Swinging 2022 and scalping | 651 Posts
Dont not :

trade while you at home or with family and not fully focus
keep a trade more than 24 hours( specially i trade per 4h)
trade before study full week ahead of news and major events
Let me fill my acount wallet then will take Ur advice
 
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