I wrote these rules a long time ago. Some are a little dated, but they’re still relevant…
1. Do not over-trade
2. Do not take a loss home
3. Never add to a bad trade
4. Once you have a profit in a trade, never let it become a loss.
5. When making a new trade, set loss idea – don’t overstay or start hoping.
6. Don’t be a one-way trader. Be flexible.
7. Concentrate on one pit.
8. You’re trading to make money, not for fun and games.
9. Add to good trades only.
10. Learn quirks of all traders and brokers.
11. Learn runners and brokerage houses.
12. Try to avoid trading in the market in the middle of the session unless it is really busy.
13. When carrying a position in the market, don’t leave the floor without leaving a stop loss order.
14. Never buy rallies or sell breaks when initiating a new trade – only do this when liquidating a bad trade.
As always, please use protective buy and sell stops when trading futures and options.
Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
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