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Traders Have Rules – This Is A Short List– Both traders have rules – This is a short list. Here are some recommendations that the trader should consider before trading.

Having a set of rules and trading by them will give you a better chance of success.

Number 1. Forex is not a place for gamblers

If you want to gamble, go to Las Vegas or Atlantic City. If you make spontaneous decisions without dealing with signals, trends, fundamentals and other factors, you are betting.

A trader plans his trades and relies on the best information available at the time. Any trade based on a hunch, gut or hunch is a gamble, you may or may not get lucky. But it is a good way to have a short trading career.

Number 2. Paper trading before investing real money

Allow a reasonable amount of time to learn more about Forex and the Forex trading program and platform you will be using. There is no need to rush to take risks. The more knowledge you acquire, the more likely you are to succeed.

This gives you the opportunity to hone your skills and master the software you will be using. Mistakes can be used as a learning experience.

Number 3. Don’t be a hero, go with the trend

No one can pick the top or the bottom, and trading with the trend increases the chances of success. Going against trades requires a lot of skill and lower percentages in trading. Get on the train in the direction it’s going.

Number 4. Learn some technical analysis

The market trades on technical analysis and most traders follow it, that’s why it works. Read a good book or two on the basics of technical and market analysis. This information will help you trade and give you new skills.

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Number 5. Never risk too much on any trade

A good rule of thumb is 3 to 4% of your capital. That way, even if the trade is a total bust and you lose everything, your account won’t suffer losses that you won’t be able to recover from.

Number 6. Always use defeat

Enter your stop loss at the same time you trade. This way, the trade against your losses will be limited. Some traders use 8% for their losses.

It all depends on the time frame, account amount, how good the signals are, risk tolerance, etc. You no longer feel like you are the right person in this situation.

Number 7. Always look at the different time frames you are trading.

Looking at different time frames will provide a different perspective on the trend. If you’re trading 5-minute charts, look at the 15- and 60-minute charts to get a broader perspective. Sometimes you see the trees, but you pretend it’s in the forest.

Number 8. Leave emotions out of trading

If I had to choose one feature that the fall of more traders than it would be excitement. They have no place in trading and you should base your trades on technicals and fundamentals, not how you feel.

Number 9. You don’t fall in love with any job

Before the trade clearly has the entry price, the profit and stop loss targets are defined. If the trade goes your way, there is no harm in extending and taking profits at the predetermined point. When it reaches its final destination, get out, sure it can continue or turn around suddenly.

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Number 10. Choose the right time frame for you

Different people have different temperaments and that determines the best time frame to trade. Not everyone can be a good collector or trapper. Choose the time slot that you think is best and most comfortable for you.

It is important for a trader to keep learning and adapting. A trader who follows the rules without making exceptions is usually a successful trader.

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