So you have been thinking about Forex trading, well before you get started you need some rules and guidelines to help you become a successful trader. The other question you need to ask yourself is do you really want this? What are the reasons that you have decided to trade forex? If you write this down and continually look at these reasons, you will increase your chances of becoming a successful trader.
At the CFD FX REPORT we are big believers in these principles and we make sure that we are continually developing our members on getting better traders. If you are looking for a great Best Forex Brokerthat can help you implement these rules then please feel free to contact us
The 30 Rules to Follow to Forex Trading Success:
1. You should never over-trade- Don't trade for trades sake, you will lose otherwise 2. Make sure that you never risk more than 10% of your trading capital in a single trade, protecting your capital is very important. There will be more trade opportunities 3. Ensure that you never trade without careful stops and use trailing stops 4. Don't cancel a stop-loss after setting the trade- other than get out 5. Never average down on a suffering trade 6. When you get into a profit never let it run into a loss. 7. Never buy or sell just because the price is low or high, as what is high and low 8. Never try to think tops or bottoms- otherwise go to the casino and pick black or red 9. You should never limit a profiting trade, instead move your stops to guarantee a profit- ideal trading is as soon as you get into a good profit at aleast ensure a break even 10. You should never close a position toget out of the marketplace because you have lost patience or get in because you are anxious from waiting. 11. Please never hedge a losing position. 12. Never change your position or close a trade without a great reason. 13. Never follow a blind man's advice, everyone has trading certainties. Use systematically approach 14. Make sure that you never enter a trade if you are unsure of the trend. Never buck a trend. Remember the rule TREND IS YOUR FRIEND 15. Try to avoid scalping for little profits and taking large losses if you scalp you need tight stops 16. Avoid trading after long periods of failure- take a break, re look at your goals. 17. If you have a great run don't keep raising your trade size, otherwise you will blow yourself up. Remember great runs will come to an end, and sometimes great runs turn into bad runs. 18. Avoid getting in misguided or getting in right and out wrong, making a big mistake. 19. Always identify firm support/resistance levels. 20. Always lock in a profit at predetermined increments on profiting trades. 21. EVERY trade must have stop losses 22. Always distribute your risk equally among different markets. 23. Don't be a one trick pony, make money from both sides of the marketplace 24. Always reduce trading after the first loss; never increase, it is ideal if you use equal trade sizes, do not double up and try and get your money back. 25. Always cut your losses short and let your profits run- remember learning to take a loss is the first step to trading success. 26. When in doubt, get out. Do not get in when in doubt- back yourself if it doesn't feel right don't do it. Follow your gut sometimes as most of the time it is right. 27. Only trade active markets- illiquid markets will leave you thirsty- remember small markets are easy to get in, but remember you always have to get out. This is why forex trading is so popular. 28. Only pyramid trades that have a firm trend and should be accomplished once the price has crossed support/resistance. 29. Profits from a successful trade should be saved for future trade security deposits or put somewhere else, spread the risk. 30. Make sure you follow your rules
Extra Trading Tools:
If you are short term and trade goes bad, cut it, don't become a long term trader, other than you buying and hoping, not even buying and holding. Have a trading strategy before entering the market. Know before the trade is executed where you will take profits/loss.
Understand why a win/loss occurred and how you could of made the trade better. Consistency is the key to trading success, without it you have nothing. Your assessment is the only care, do not let outside factors affect the way you trade. Not everyone can be a trader, deem yourself worthy if given this opportunity. Most importantly have fun and stick to your rules and hopefully by following these rules they will increase your chances to becoming a successful Best Forex Broker
I hope this helps you achieve your goals. Happy Trading - 16003
At the CFD FX REPORT we are big believers in these principles and we make sure that we are continually developing our members on getting better traders. If you are looking for a great Best Forex Brokerthat can help you implement these rules then please feel free to contact us
The 30 Rules to Follow to Forex Trading Success:
1. You should never over-trade- Don't trade for trades sake, you will lose otherwise 2. Make sure that you never risk more than 10% of your trading capital in a single trade, protecting your capital is very important. There will be more trade opportunities 3. Ensure that you never trade without careful stops and use trailing stops 4. Don't cancel a stop-loss after setting the trade- other than get out 5. Never average down on a suffering trade 6. When you get into a profit never let it run into a loss. 7. Never buy or sell just because the price is low or high, as what is high and low 8. Never try to think tops or bottoms- otherwise go to the casino and pick black or red 9. You should never limit a profiting trade, instead move your stops to guarantee a profit- ideal trading is as soon as you get into a good profit at aleast ensure a break even 10. You should never close a position toget out of the marketplace because you have lost patience or get in because you are anxious from waiting. 11. Please never hedge a losing position. 12. Never change your position or close a trade without a great reason. 13. Never follow a blind man's advice, everyone has trading certainties. Use systematically approach 14. Make sure that you never enter a trade if you are unsure of the trend. Never buck a trend. Remember the rule TREND IS YOUR FRIEND 15. Try to avoid scalping for little profits and taking large losses if you scalp you need tight stops 16. Avoid trading after long periods of failure- take a break, re look at your goals. 17. If you have a great run don't keep raising your trade size, otherwise you will blow yourself up. Remember great runs will come to an end, and sometimes great runs turn into bad runs. 18. Avoid getting in misguided or getting in right and out wrong, making a big mistake. 19. Always identify firm support/resistance levels. 20. Always lock in a profit at predetermined increments on profiting trades. 21. EVERY trade must have stop losses 22. Always distribute your risk equally among different markets. 23. Don't be a one trick pony, make money from both sides of the marketplace 24. Always reduce trading after the first loss; never increase, it is ideal if you use equal trade sizes, do not double up and try and get your money back. 25. Always cut your losses short and let your profits run- remember learning to take a loss is the first step to trading success. 26. When in doubt, get out. Do not get in when in doubt- back yourself if it doesn't feel right don't do it. Follow your gut sometimes as most of the time it is right. 27. Only trade active markets- illiquid markets will leave you thirsty- remember small markets are easy to get in, but remember you always have to get out. This is why forex trading is so popular. 28. Only pyramid trades that have a firm trend and should be accomplished once the price has crossed support/resistance. 29. Profits from a successful trade should be saved for future trade security deposits or put somewhere else, spread the risk. 30. Make sure you follow your rules
Extra Trading Tools:
If you are short term and trade goes bad, cut it, don't become a long term trader, other than you buying and hoping, not even buying and holding. Have a trading strategy before entering the market. Know before the trade is executed where you will take profits/loss.
Understand why a win/loss occurred and how you could of made the trade better. Consistency is the key to trading success, without it you have nothing. Your assessment is the only care, do not let outside factors affect the way you trade. Not everyone can be a trader, deem yourself worthy if given this opportunity. Most importantly have fun and stick to your rules and hopefully by following these rules they will increase your chances to becoming a successful Best Forex Broker
I hope this helps you achieve your goals. Happy Trading - 16003
About the Author:
The CFD FX REPORT is the first stop for traders education, real time trade ideas, they also help you find the Best Forex Brokers in the market.
