the dominant principle

there are a million principles, philosophies, and theories that guide us in our trading. after years of trading you gather a nifty sack of them. but have you ever thought about what is most important? tonight i was considering this....

my #1 guiding principle is to not lose money. ya know, the ole "it takes a 100% gain to come back from a 50% loss" maxim... yeah, thats the most dominat principle in my trading.

anyone else care to share?

Mine is this:
Listen to the older, more venerable traders and give much value to what they say. We spend too much time trying to prove 'em wrong and in the end we surrender to their wisdom anyway.
Like if one tells you that his #1 guiding principle "not to lose money"....That's stuff worth listening to.

small is beautiful i guess.... it is said in many way, i astray from it many time, but i keep coming back to it (like it or not)
because
if i remember 10 thing, mostly i will forgot 9 of it, especially when panicked,
and the 1 that i remember is not always gives a good result.

the back fire is: i can't do something big and high risk thing.

1. Do not fight the underlying trend - ever- go with the flow

2. i'm crap at predicting so don't even try

3. the price always tells the truth

4. don't eat yellow snow

5. the market isnt a big monster - it's just a bunch of idiots like me.

6. avoid brown snow

7. you can't make a huge omlette without breaking a lot of eggs - dont be afraid of losers just make sure they are egg sized and not as big as the omlette.

8. avoid long lists of rules and principles

9. green snow is dodgy also.

10. if your ducks arent in a row - dont go duck hunting, its harder.


i'm sure there are many others, but 1 and 2 are what drive my trading decisions whilst 4 6 and 9 dictate why i stay in during a harsh winter.

I don't remember who said this but it's an appropriate quote:

Trade like a mercenary guerrilla. We must be willing to change sides readily when one side has gained the upper hand.

You need to come to Florida or get indoor plumbing. Your list was excellent and hilarious.

I keep this picture on my desk because it reminds me that life goes on after stoplosses:

Principle: Be the dog. Bulls and bears (people married to a sentiment) are the losers of the speculative market. Winners are willing to read the chart and make the decisions without the BS involved. I am not saying to be hesistant and jump from sell to buy every minute - just take the charts for what they are.

And yes, avoid yellow snow at all costs

My dominant principle for trading is the same as in life.
"What I believe to be right, may not always be correct"

Mine is at the bottom of my page as it applies to everything in life not just trading, and to be a better trader one must be balanced in other aspects of life as well.

I'm not half as smart as I like to believe I am.

1. turn on your plan and let it prove you right or wrong
2. make your own decisions
3. be careful what you read as it may not be the truth
4. keep your ego in check or it will have you in checkmate
5. learn from your mistakes

the market is like a herd on the run. Run in the opposite direction and you will be stewed beef!

7. you can't make a huge omlette without breaking a lot of eggs - dont be afraid of losers just make sure they are egg sized and not as big as the omlette.

I loved this one soul trader

Pristus Ristus est Rex
Price Action is King

It's in my sig & has nothing to do with Scotland.

As Merlin says: Numero Uno is protect your trading capital.

Everything else is secondary.

My personal fav's so far...

merlin:
my #1 guiding principle is to not lose money. ya know, the ole "it takes a 100% gain to come back from a 50% loss" maxim... yeah, thats the most dominat principle in my trading.

billflet:
if one tells you that his #1 guiding principle "not to lose money"....That's stuff worth listening to.

philmc...
Trade like a mercenary guerrilla. We must be willing to change sides readily when one side has gained the upper hand.

Pluto...
Principle: Be the dog. Bulls and bears (people married to a sentiment) are the losers of the speculative market. Winners are willing to read the chart and make the decisions without the BS involved. I am not saying to be hesistant and jump from sell to buy every minute - just take the charts for what they are.

MrG...
"What I believe to be right, may not always be correct"

Oooo, Time to claim your @'s because, for sure, some of these are going to show up in a future FX Best Seller Book.

#1. Never pet a burning dog.

Youre back! woot! And, uh, nice comment. I have not the freakiest idea what you mean, but yeah I don't pet burning animals, also the smell tends to be a little nasty especially if the creature excretes at the same time so you get burning feces and...yeah. Like I said, nice to see you again

disagree, if that is number one then the capital should be in a bank

im guessing most peoples real number one is to INCREASE you trading capital