The 7 Undeniable rules of trading forex
There are 7 rules of Forex Trading, that have been approved by a number of full time and successful traders, and therefore you should not ignore these rules if you want to become a successful forex trader.
It is easy to be caught up in the heat of the moment and want to make that big clip, get rich at once, but if you fall for the heat of the moment, it is a big risk that you will lose everything…… Besides that, you have to be up to date on what is happening but also what is to come, it is important that you can withstand the heat of the moment and actually stick to the goals you have set, not to give in to them and certainly do not be greedy, if you become greedy it will ending up loosing everything!
The 7 Undeniable Rules of Trading Forex
- Never risk any more than you can afford to lose, you will lose money, all traders do, make sure you are not sacrificing anything else important in the process.
- Never risk any more than 2% of your margin trading account on a simple trade. For mini accounts holders, 2% of $300 would be $6, so realistically you would need around $15 so you can make this 5%. As soon as you account size is big enough, make this 2%.
- Always use a stop loss order. If you haven’t figured out where your stop loss order and limit order should be at the start of your trade then you should not be trading.
- Know your exit point before you enter a trade.
- Demo Trade First: Become successful with paper trading when there is nothing on the line befojre you open a real account.
- Take a breather when your equity has taken a drive.
- Don’t let your emotions call the shots: Stay cool, calm and collected. Patience and a clear head will win the game.
It is much more better to open 10 trades and take a profit on $1 as open a trade and wait for a $10 profit – mini account, balance $100.
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