The 10 Commandments of Successful Traders

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We’ve all heard stories about people who suddenly start living lavish lifestyles after getting into trading. We’ve also watched TV ads of “revolutionary” trading platforms that promise us quick and easy income on the side. Of course, there’s much more to trading than just pouring money in and cashing profits out.

So, how does one become successful in this industry?

Those who manage to turn trading into a lifelong career are typically people who always stay on top of the latest market news, constantly strive to improve their analytical skills, never let a losing trade discourage them and, most importantly—trade as often as they can.

We firmly believe that nothing is impossible and that you too can become one of those people given enough experience. However, you will also need a set of principles to guide you on your road to success. To get you started, here is a list of the 10 golden rules of trading that virtually every professional follows on a day-to-day basis.

Grab a cup of coffee and let’s dive right in!


Rule #1: Choose a regulated broker

Your first order of business is to choose a financial broker that plays by the rules. In other words, the company should be regulated by its respective financial authority for that country. In Bulgaria, this authority is called the Financial Supervision Commission (FSC).

Some intermediaries, especially those located in offshore areas like Belize, Seychelles, Vanuatu, Saint Vincent, and the Grenadines, typically don’t follow particularly strict requirements and shy away from any form of regulation, so it’s generally wise to avoid them altogether.

Once you limit your choice to a few regulated candidates with a solid reputation, the next order of business is to compare their trading conditions and choose the ones that fit your needs the best.


Rule #2: Learn the trading basics

As mentioned, you don’t really need a finance diploma to become a skilled trader. What you will absolutely need to learn, however, are the basics of market trading and investing. In case you can’t decide what to do first, you can start by visiting our “Education” section.

There you will find free educational video tutorials, handy financial glossary, and insightful articles and lessons covering a variety of topics ranging from forex fundamentals to how to calculate your overnight positions. Of course, you should never limit yourself to a single source of knowledge. Places like and are a good starting point, but we highly encourage you to seek out other sources as well.


Rule #3: Come up with a plan (and stick to it)

Once you feel confident in your abilities, you can begin working on your trading strategy next. The good news here is that you can do so without spending a single penny! All you need to do is to create a demo account with a virtual €10,000. This will allow you to explore the functionalities of the trading platform (in this case Delta Trading), such as trading signals and technical indicators, at your own pace and in a safe environment that is based on real market data.


Rule #4: Start small

After trading for a while with a demo account, you might feel tempted to up the game by opening a live account and depositing a big sum of real-life money. Don’t do this! Mistakes in the real trading world can often be costly due to the highly volatile nature of the markets, so the best approach here is to always start small and only ramp up the stakes once you’re confident in your abilities (and even then, only trade as much as you can afford to lose!).


Rule #5: Use technology to your advantage…

Thanks to modern technology, the financial markets of today are equally accessible to professionals and beginners alike. That being said, the trading platform you’ll end up using will likely have a variety of instruments and tools to choose from. While a bit intimidating at first, useful features like chart time frames, technical indicators and trading signals will start to make much more sense as you gain more experience. In fact, you may soon find that you’re using them regularly to identify potential buy and sell opportunities!


Rule #6: …But don’t rely solely on it

While there is no doubt that modern platforms have made life easier for everyone, you should avoid overusing their features in your day-to-day trading sessions. One such example are the so-called “trading signals”, which give valuable insights about what you could trade. Some of these are automated, while others are sent to you by experienced traders (and are usually paid). However, trusting trading signals too much can quickly get you into a sticky situation, so you should always treat them as reference points and never as trading advice.


Rule #7: Trade every single day

One of the necessary prerequisites to becoming a successful trader is to practice your craft each and every day. Make sure to always read the latest economic news, spend some time analysing price moves, get acquainted with technical analysis reports, and always review your currently open positions so that you can change your trading strategy if necessary.


Rule #8: Never go all-in

As we all know, trading CFD instruments on leverage could lead to bigger profits. However, this can quickly go the other way as well. In fact, statistically speaking, losing trades tend to outperform winning ones, which is why you should never invest more funds than you can afford to lose.


Rule #9: Don’t be greedy

If your trading session is doing better than expected, but there are clear signs that the market is about to reverse its price trend, resist the urge to maximise your profits and immediately close all of your positions. We think you’ll agree with us that it’s better for you to cash a small profit than to earn no money at all.

In case you don’t have the luxury of constantly keeping an eye on the markets, you can take advantage of the so-called semi-automated price orders. These days, almost any trading platform (DeltaStock included) offers the following type of semi-automated orders:


– Limit orders (buy and sell limits);

– Stop orders (buy and sell stops);

– Conditional orders (One-Cancels-the-Other).


You can learn more about the different types of automated orders in our detailed guide.


Rule #10: Keep your emotions in check

Emotions can sometimes get in the way of trading since they tend to cloud our judgement and often lead us to decisions that we later regret. To be a successful trader, you need to first and foremost learn how to remain calm under pressure to prevent doubt and fear from entering the stage and causing irreversible damage to your financial health.


Looking for a financial broker with years of experience on the global markets? Open a free demo account with DeltaStock to enjoy tight spreads, competitive leverage, and a virtual €10 000 that you can use to test your strategies in real market conditions, without any of the real risks!

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