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hi traders it's Bruce banks and today we're going to talk about five rules for
an aspiring trader these are traders who are looking to get
into it and are just getting the feel of what trading is about and there's a few
really key things that every trader who's getting into this should know so
the first one is never add to a losing position I'm sure you've heard this
before but this one is incredibly important now let's take a look here and
say that we have a long bias on this market you know the trader through his
analysis has decided that he wants to go along here and he wants to go along here
and he thinks the markets gonna go up market has been trading up recently but
there are a few warning signs that you know as you test though your message
depending what they you what you use you're going to see like for me big
warning sign right here is you see that we have a second low here that broke
this previous low so it kind of broke the uptrend we're going to ignore that
sign you know we're talking about a new trader here says like I want to take a
long position on this goes long on the market and as the market goes down like
you can see here we have a sharp down in the market this is quite a sharp move so
most likely news related as the mark goes down they get a little bit worried
now say the market goes down and they see it bottomed all the way out they
don't have a stop level and you let the market go all the way down human emotion
kicks in there and that's one of the things we're always fighting with this
traders and as the market starts to go up think oh I'm going to have to do so
much to earn them my money back what if I the markets going back up now I can
just go ahead and say I'm just gonna add another position on here so I'll earn
the money back and you know I can average it down so I don't even need the
mark to reach what it previously was when I entered back here all I need to
do is have the market just reach even below that level and I'll average down
and that's such a big mistake because if the trade is not gone in the direction
that you originally anticipated you need to just basically get out of the trade
there's no reason to ever average down by adding on positions
to a losing trade because you can see what would happen is they would add it
on and again they would have just lost even more because they have two
positions on now both losing money and that's how a lot of new traders end up
bleeding a lot of money into the market you know what you have to have your
trade idea and go for it and that goes into rule number 2 using hard stop loss
levels. now we already briefly touched on why taking along here is a little bit
risky but you know say this trader has an idea it's like you know I really
really want to take this trade I believe the markets going to go up through all
of their analysis whatever strategy they're using and they take the trade
and the most important thing is you have to take a level just draw a line when
you enter your trade before you enter that trade you have to find a level and
you're just like okay this is going to be my heart stop loss level this is
going to be my heart stuff here you know you have to choose whatever level that
you choose you have to choose that hard stop loss level and is especially
important for aspiring traders we're just getting into it that level is
golden that's just as important of a level as your entry you have to have
your hard stop loss level because the thing is you can take a losing trade but
a losing trade that is just open-ended without a hard stop loss level can just
end up costing you more and more money it's an open pit so a hard stop loss
level is incredibly important number three is understand that trading is a
long-term plan you're going to have losing trades and they're going to have
winning trades you know you'll have down days and you will have updates you know
just because this trader took this long trade says okay I'm going to take it and
roll with it and he took a loss on the trade if he used a proper like stop-loss
level where as soon as the trade went against the direction that he was
betting on he got out of the trade and you know he cut his losses as soon as
possible you know he can take another trade he doesn't have an open trade
bleeding there and yes I understand that that's just a losing trade you chock
that up in the pile of that's a loser and you go for your next trade which
could be a winner number four is trade with one to two percent risk of your
capital per trade so that's total capital this is a really good rule that
you'll hear quoted quite often because it limits the amount that you can lose
on every trade by so much you know if you have a ten thousand dollar account
you can't trade like a trader who has a hundred thousand dollar account you
might have to scale your position sizing down to meet your actual trades I've got
a video on this that'll pop up in the link above or it will be linked below
but it's a really good rule because the whole thing is if you take a losing
trade it's not account crippling that's the most important thing about the one
to two percent rule is the fact that you can take multiple trades that are losers
in a row which if you're a trader you have to be willing to accept will happen
but as they happen it's not that big of a deal because you're always going for
winning trades like a better winning percentage so losing 1% losing two
percent of your account size on a single trade is not that big of a problem so no
matter even if you make a complete blunder of mistake that you can look
back on and say oh yeah I understand why I shouldn't make that trade it's still
it's not that big of your account size that it took away and you'll end up
being able to take more trades that way by limiting how much risk you take per
trade and that takes us into 0.5 back tests any strategy that you want to use
before you use real money after our traders spent a good amount of time in
the market they get a bit of marketing tuition you understand when you start to
see higher highs higher lows you start to see points of resistance points of
support one thing that is key for all trading strategies is the fact that you
back test it you can have a simple strategy saying that say if you get two
up bars like we will make up the strategy right now if I get two up bars
in a row of equal size I take a long grade if I
get two down bars of equal size in a row I take a short trade and what you can do
is you can quickly and easily test that theory so you look for that on the chart
and say okay well I'm going to test that theory right now look for two up trades
equal here so I see two equal here that'll be an upgrade I see two equal
here roughly that would be a down trade I look for and that's the only ones I'm
quickly seeing right now we'll test that theory should be along so we enter here
and yeah possibly could work see you enter here oh no stop to sell right away
so we've tested that theory that's back test that's a super simple back test
that's a terrible back test but I'm saying that what you need to do is you
need to be able to take whatever theory you have that's why I've tested the
highs and lows theory and I really do like trading with highs and lows but
you'll have to take that theory that you have and back test it religiously
because back testing is basically playing with free money you know you're
not actually playing with real money they have there's amazing back testing
software out there as well where you can use it and you can test your theories
before you apply your real money it's such a easy thing to do because you're
not only you're learning the market at the same time you know if you're an
aspiring trader you're a new trader you really want to have a better
understanding of the market you won't have a better understanding of how the
market moves when there's news announcements that are upcoming or when
there's or during the open of every day you want to have a better understanding
of the market and back testing allows you to not only understand the potential
trading strategy that you're going to use but understand the market as a whole
so it's really important to back test every strategy that was five rules for
an aspiring trader and I hope you got some value out of this as always this is
Bruce Bank saying enjoy trading
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