Welcome

Welcome to the first blog I've ever made. Surprisingly, it only took a couple of minutes to create; I thought it would be a headache. I made this blog mainly for myself, so I can keep track of my trades and learn from my mistakes, but if it helps beginners or anyone else please let me know as this would give me more of an incentive to share my thoughts and update this.

Firstly, I'm a big fan of simplicity: after all, to make money all you have to do is buy low and sell high. Here are my personal trading rules:

1. Use only price action. This means trendlines, supports and resistances; no fancy indicators.
2. The potential profit must be roughly at least 3 times the potential loss. This is because the market is unpredictable most of the time; if we're right, we want to be very profitable whereas if we're wrong, we only want to make a small loss. This is the opposite of a blown account.
3. Never risk more than about 3% of your balance on a single trade. We don't want a blown account.
4. Trade aggressively. Whether we make a trade today or exactly the same one a week from now doesn't affect the outcome -- it only delays it.
5. Do not add to winning or losing positions unless it's a separate trade. Yes, you might make more money, but you might lose more money too. The only time we add to a trade is if we spot a new pattern on the chart, and this trade will have a stoploss and a takeprofit as according to rule #2.
6. If a trade is not going to plan, exit it. This includes winning trades. If what's happening wasn't what we thought would happen, then the fact that we're making a profit could be down to just luck.
7. Close all positions on Friday evening. This is because we cannot amend positions over the weekend.

Good luck,

Adam