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The 7 Undeniable Rules Of Forex Trading
The moral of the story is to learn from others mistakes. Now we proceed to our 7 rules. These are for you benefit as mentioned earlier, from experienced, successful traders.
Rules #1 Never risk any more than you can afford to lose, you will lose money, all traders do, make sure youre not sacrificing anything else important in the process
Rule #2 Never risk any more than 2% of your margin trading account on a simple trade. For mini account holders, 2% of $300 would be $6 so realistically you would need around $15 so you can make this 5%. As soon as your account size is big enough, make this 2%.
Rule #3 Always use a stop loss order. If you havent figured out where your stop loss order and limit order should be at the start of your trade then you shouldnt be trading.
Rule #4 Know your exit point before you enter a trade.
Rule #5 Demo Trade First: Become successful with paper trading when theres nothing on the line before you open a real account.
Rule #6 Take a breather when your equity has taken a dive.
Rule #7 Dont let your emotions call the shots: Stay cool, calm and collected. Patience and a clear head will win the game.
Articles compliments of skaDoogle.com
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