1. The market pays those who are disciplined

Compliance with the 12 rules of a successful trader will give you a stable income.

Discipline is key in trading. Be disciplined every day and in every operation. And most importantly, do not deceive yourself, as with a bad habit: if you quit smoking, but from time to time shoot a cigarette, then there can be no talk of any willpower. If you open 9 disciplined operations out of 10, you still have work to do. It only takes one operation to ruin the results of an entire trading day. 

2. Don't hesitate

If you have correctly analyzed the chart and opened a trade according to all the rules, you will make a profit. Use tools like btc 6.0 avage for quality analysis.  If you start to doubt, it’s better not to open it at all. You will not be able to relax and will check the operation every 5 minutes. This will lead to you closing with a minus with a minimal correction, or at zero. Therefore, it is better not to waste your time and nerves on such situations at all.

3. Don't let a profitable operation become unprofitable

This is influenced by human greed. You correctly analyzed the market and the price moved in your direction, allowing you to take a profit, but it’s not enough for you and you postpone the Take Profit. 

The market turns around, and you go into the red.

No need to be greedy. The market always provides an opportunity to make money. And it’s better to earn a little less now, but close the operation with a profit.

4. The biggest loss should not exceed the biggest profit

Analyze every transaction. If you earned 100 points today, do not let the negative transaction exceed 100 points. 

Otherwise, your trading day will end in losses.

5. Don’t change trading strategies like gloves.

I insist that my students create their own trading system and keep it in front of their eyes. It is important that while working you see a list of rules, templates and price behavior models that allow you to open an operation.

If you are working on a strategy that has been proven over the years, but today it showed an undesirable result, do not abandon it. A good strategy is effective more than half the time.

6. Be yourself. Don't try to be like someone else

Of the 12 rules of a successful trader, I would like to dwell specifically on the psychological aspect. In trading, it is important to have a stable emotional state. Trading should be comfortable for you. Starting from the workplace - ending with the position volume. If you trade currency pairs, restrain yourself from opening a trade on Bitcoin when it is rising. Open a trade with the lot that is correct for your balance, so that you can calmly close the gadget and go about your business. Learn to be and work in your comfort zone. You are who you are.

7. Know how to exit a losing trade

You will not be a failure if you have a minus operation open now. But you will be if you don’t close it the moment you realize that it is unprofitable.

I'm surprised how accurate an indicator intuition is. If you suddenly feel that the operation could end in loss, then most likely it will be so. Never get yourself into a shaky state where you lose more than you can handle. I advise that a loss and profit plan be calculated every day. For example, today you can afford to go negative by $500, and when you see this figure in the trading terminal, close the operation and go to rest. Tomorrow you can always return to work.

8. Stop hoping and asking. This does not work

Beginners are often not mentally prepared to lose their balance, so instead of closing a position now, they begin to ask the price to reverse in their direction. Unfortunately, this doesn't work.

The market doesn't owe anyone anything. If there is a minus, close the operation.

9. Earn a little every day

Planning your monthly profit will help you analyze your results. In class we talk about this in a separate topic. The table that we calculate opens the eyes of many students, as they understand that very little is needed to achieve the goal. Just imagine, if you earn 25 points every day, with one lot, in a month you will receive a profit of $5,000. You will be surprised how quickly your balance will grow if you earn a little bit every day.

10. Learn to get the most from a profitable position (partial closing of the transaction)

By partially closing a position, you will increase your average profit and also be able to keep your loss at an acceptable level. Never close unprofitable operations in parts.

When you use Stop Loss, after closing the first part of the operation, move it to breakeven. In the second part you will not lose in any way - this is the best situation that can be created.

11. Reduce the lot if trading is bad

All professionals adhere to this rule. Why continue to lose five lots if you can save your deposit by simply reducing the volume of the next trade? If you have made two negative transactions in a row, always reduce the lot to the minimum. If the next two are positive, return to the working volume.

12. Everyone is equal before the market. Take responsibility

The market goes where it wants. He doesn't care about you or me. He doesn't have any favorites either. Here everyone works according to the rules of the market. Beginners can often say that the market is “watching” them and deliberately turns in the opposite direction. This is wrong.

Trading requires constant work on yourself. If you do not adhere to all 12 rules of a successful trader, and as a result you lose your deposit, you must understand that it is only your fault. You take risks consciously and accept all possible consequences.