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Top 7 Rules You Need to Follow as a Trader

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Old 16-11-2016, 18:32
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Default Top 7 Rules You Need to Follow as a Trader

Rules are everything, this statement may sound tedious and overused but as a trader, the faster you realize this, the better off you will be. There are always certain guidelines that one must follow to achieve the things he wishes to, following rules will not only be of financial benefit to you but it will also help you attain status amongst other traders and make you seem like someone of principle.

Donít Put Impulse Over Logical Thinking
Unless you are someone who has been in the market for a long long time and has mastered the art of trading with his gut, make sure you donít let your impulse take away your profits. Even if youíve been winning for a long time and think you know your way around the market, you need to understand that one wrong, illogical move can cause you to lose twice as much as you have gained. So listen to your mind and brain rather than what you feel like you should do on impulse.

Understand the Pairs
While trading, the trader always buys one currency while shorting the other, always dealing in pairs. To be a successful trader, you need to pair the strong currency with the weak currency as economic trends are always changing.

Donít Look at Trading Scientifically
As a trader understand that no trade set up is ever 100% correct and you canít look at it like a lab experiment, trading is an art that takes time to perfect and master, you can just look at all the quantitative data and draw conclusions of your own.

Never Risk More Than What You Can Afford to
In most cases itís likely that your common sense works enough to tell you this, but putting too much of your money out on the line rarely ever ends well. You should set a 2% stop loss for every trade and thus ensuring that you limit your losses.

Donít Let Changes in the Market Affect Your Trading Position
Weíve already established the fact that the forex market is unpredictable and fluid, so when we say that you can be winning one minute and then losing the second, itís only understandable why. To prevent yourself from losing too much on one trade you should use trailing stop techniques.

Lame Excuses Will get you Nowhere
Say, youíre a trader with zero understanding of the price action in the market and manage to trade and lose, you will automatically look for excuses as to what caused you to incur a loss- when the only reason why you were in a loss was because you yourself didnít know how to properly trade and didnít educate yourself well enough.

Never try to Predict the Reward
Nothing is ever certain in a trade, before going in you should educate yourself and update yourself with all the things that can be lost in the trade rather than only working towards finding out whatís up for grabs.



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Old 19-11-2016, 04:45
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Default Re: Top 7 Rules You Need to Follow as a Trader

That is quite a nice article, you need to follow those rules if you really wanna become a successful trader. This would help the beginners to understand all the rules needed to follow in Forex Trading.
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