so many rules

[hayseed]

sometimes it seems almost natural to rebel against rules..... no matter how good they are......

here lately i've been trying to collect a list rules followed by professional traders...... figured if i could follow 50% it should be a benefit......

or, perhaps follow a rule 50% of the time which would make me 50% rebel....... a 50% example would be not holding trades over the weekend.....

my favorite rule in investopedias list below is 16...... ditch the paycheck mentality......

my rule most likely to break would be 6...... don't break your rules.......

20 rules followed by professional traders.......h

 

[hayseed]

this list is supposedly from w d gann .......... i would fail miserably on all but a few....... still, oddly it is my favorite........ maybe for that very reason......

rule number 1....... Never risk more than 10% of your trading capital in a single trade......... probably the only one i could adhere to .......

the golden rules of trading by w d gann........h

 

[hayseed]

10 essential rules of professional traders.......

rule 9....... do not repeat your mistakes....... just 5 small words....... so hard to follow......

think following this rule will be my 2024 focus......h
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[agazio]

a 50% example would be not holding trades over the weekend.....

every book about trading I read over the years had a "guru" (name from hindu religion, rightly) with its list of "10 rules", just to add more pages...
a few weeks ago I read that the #1 trader of a famous broker uses only weekly and daily timeframes.
which means that he holds trades over the weekend.
He said that with lower timeframes it's more gambling than trading.
which is true for discretionary traders who uses technical analysis.
The main problem is that a large portion of them (of traders) start to sell "courses" within a few years, even if they are not profitable.
it's maybe the main source of incomes in this area. They're everywhere

 

[hayseed]

They're everywhere

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hey agazio..... yes they are......

so many of trading rules might be learned from experience and wise to follow, but are beyond my abilities to adhere to.....

the do not hold over the weekend rule is a good example...... some prop firms will fail you for doing so......

the logic of it is easy to see..... and it's no problem to prove/disprove with mq4.....

the problem, for me, is after waiting several weeks for a signal that might run for several days or weeks, it's annoying to close out on friday..... so , right or wrong, i will hold over the weekend..... my lot size is so small, hard to see the harm......

my goal for 2024 is to collect 10 rules that help me improve me...... some will be hard.....

some might be the 50% follow type......h
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[agazio]

This trader is the #1 of a prop firm (I said broker to make better the idea)

he's a german living in Dubai (many traders go there, maybe due to low taxes, I wouldn't even if they paid me)

That said the most titled trader, Andrea Unger - won 4 times the world championship - does use only automatic systems (he's against technical analysis), on shorter timeframes, with easy language (did never learn mql which he considers too difficult).

Assuming that we all know discipline, R/R ratio, size, psychology, etc. my “rules” which I took from a friend of mine who started in 1998 are the following:

1. avoid distractions (music, internet, etc.)
2. fast from trading, every now and then
3: continuous training. Personally I’m practising with options (I suggest IB demo account does not expire and has all feautures, including greeks and payoff charts)

they might seem trivial rules (they are) but are less useless than “excesses are never permanent” which I took from The 10 rules of Bob Farrell.

As regards less empirical rules, there’s a nice website (I’m not sure I can mention it) called intradayseasonal with useful stastistics, for example that gold tend to be bearish on monday and bullish on friday, or EUR bullish some months, etc.

 

[hayseed]

Assuming that we all know discipline, R/R ratio, size, psychology, etc. my “rules” which I took from a friend of mine who started in 1998 are the following:

1. avoid distractions (music, internet, etc.)
2. fast from trading, every now and then
3: continuous training. Personally I’m practising with options (I suggest IB demo account does not expire and has all feautures, including greeks and payoff charts)

they might seem trivial rules (they are)

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all 3 of yours benefit me......

bob farrell's list seem to be more like observances..... it would be hard to code......

my 2024 goal is to find 10 that can be put into code....... and then into a ea that has control over it's own creation........

so the ea would be restrictions and permissions......

i'm the worlds worst manual trader......h

 

[fargana]

Is it possible to create an EA that will trade on its own and make adjustments to its algorithm time to time, depending on performance. Should it be a kind of an EA that involves machine learning?

 

[hayseed]

Is it possible to create an EA that will trade on its own and make adjustments to its algorithm time to time, depending on performance. Should it be a kind of an EA that involves machine learning?

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hey fargana...... yes that is possible..... those are somewhat organic systems....... meaning they grow, evolve and adapt......

which is very similar to us.....h

 

[hayseed]

the idea of news trading can divide the room in seconds...... or faster......

i was on the wrong side of that room today.....
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forex day trading...... 5 mistakes to avoid......

rules might help avoiding mistakes .......h

 

[Chadpowell]

sometimes it seems almost natural to rebel against rules..... no matter how good they are......

here lately i've been trying to collect a list rules followed by professional traders...... figured if i could follow 50% it should be a benefit......

or, perhaps follow a rule 50% of the time which would make me 50% rebel....... a 50% example would be not holding trades over the weekend.....

my favorite rule in investopedias list below is 16...... ditch the paycheck mentality......

my rule most likely to break would be 6...... don't break your rules.......

20 rules followed by professional traders.......h

Generally the main rule is to develop your trading strategy in the best way you can and then, just correct if based on your mistakes, do not rush and also stick to what you have created!

 

[fargana]

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hey fargana...... yes that is possible..... those are somewhat organic systems....... meaning they grow, evolve and adapt......

which is very similar to us.....h

Are there any guides how to create such system? Maybe youtube videos of webinars?

 

[hayseed]

Are there any guides how to create such system? Maybe youtube videos of webinars?

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doubtful...... it not the kinda thing people think about..... i have made videos on it but probably never uploaded......
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the way to do it is first check for proper conditions...... once those conditions exist, create the button..... once those conditions no longer exist, delete the button...... clicking the button will do what ever it is programed to do.....

in the audjpy chart below, which is not current, the sell atr button would appear during the time between the red lines..... the conditions required are a 10 red count or higher..... the count is the obtained by counting the jjma, jfatl and alma direction on the 30, 60, 240 and 1440..... those are the 3 mtf indicators at the bottom of the chart......

later, if 10 or more are lime, a buy atr button would be created......

those conditions can be simple or elaborate...... it's just depends on how deep you want to think......

the ea layout might be radically different from one pair to another due to the situation being radically different......

descriptive button names helps....h
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[hayseed]