Sense Rules for Traders
by Bill McCready of FuturesTradingSecrets.com
1. No matter what you read about trading,
until you use an approach and test it with your money
on the line you will never learn how to trade. Paper Trading
is NOT Trading!
2. If it were really possible to "Buy
Low Sell High" or "Cut your Losses and Let your
Winners Run", then almost everyone would be making
money rather than losing it.
3. Remember that there is ALWAYS someone
on the other side of your trade who is using a trading
technique exactly the opposite of yours who hopes to make
money with his system.
4. If 90% of all traders lose money, they
must be following generally accepted trading rules. The
10% who win do not!
5. You trade your beliefs and your beliefs
about your system. If you have a problem with yourself,
fix yourself first.
6. Impatience, Fear and Greed will make
you poor. Any need to trade is rooted in greed and impatience.
7. If you really understand the markets
then YOU KNOW that there is the same opportunity on every
time frame, in every market, every single day.
8. Waiting for the perfect trade is "chickening
out", and caused by your lack of faith in yourself
or your system.
9. Any hardwired, automated trading system
sold that truly works 70 or 80 or 90 percent of the time
in every market would be worth hundreds of millions of
dollars and would not be for sale at any price.
10. Asking "How small an account do
I need to begin trading" is asking to be wiped out.
11. Having a series of winning trades early
can be more hazardous to your account than a series of
12. Learn to trade before you trade. If
you win or lose without understanding why, you will never
develop a winning strategy.
13. Ninety five percent of everything you
hear from everyone about the markets and the markets "reasons"
for doing what it did or will do are lies. Neither you
nor anyone can predict the future. You can only make educated
guesses about potentialities.
14. Asking someone (such as using a service)
for advice on where the market is going is a sign you
should be on the sidelines until you understand the market
better. If the upcoming market direction is not obvious
to you, you should not be risking your money. You will
lose often enough even when you are right.
15. There is NO GUARANTEED way of making money in the
Markets or anywhere else. NONE, NADA, ZIP, ZERO! All you
can do is increase your knowledge about yourself and how
to estimate the probability of placing a winning trade.
Then trade by taking controlled and measured risks.
16. We recommend you read and fully understand the risks
by reading what the National
Futures Association has to say about risk.
Written by Bill McCready of FuturesTradingSecrets.com.
Their Futures Trading Secrets Course offers a complete
guide to high probability setups, including live annotated
videos that show the trade setups before they occur, so
you can learn to trade at the "Right Edge" of
the chart. Visit