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6 Golden Rules of Forex Trading

  1. 6 Golden Rules of Forex Trading
  2. Index 1. Forex Market 2. 6 Golden Rules of Forex Trading 1. Don't Expect to Make Profits From Day One 2. Have a Trading Plan 3. Minimize Losses By Setting A Stop-loss 4. Keep Your Emotions Aside 5. Always Do Analysis 6. Adapt Quickly
  3. Forex Market  Over the past decade years, the Forex market has become the largest financial market in the world.  The Forex market is also widely accessible, and plenty of resources are available.  But many traders are often discouraged by not seeing profit from it.  FX trading takes consistent discipline to yield success.
  4. 6 Golden Rules of Forex Trading
  5. 1. Don't Expect to Make Profits From Day One  Most new traders face a common problem: 1. Lose money 2. End up out of the game immediate than they would have anticipated.  It's common for traders to double their capital within their first week of trading then lose it all soon after because of over-confident trading.
  6.  Trade small and build-up profits slowly.  Some traders get succeed in the early stages of their career.  It takes time and patience.
  7. 2. Have a Trading Plan  Having a trading plan is one of the golden rules of Forex trading.  A trader with a plan is more likely to succeed than someone without it.  What things you should have: 1. Trading Strategy Outlined 2. Entry and Exit points explained 3. Stop-losses and Take-profits set.
  8.  Stick to the plan is the main element in your trading.  A modifying plan should only happen when you have no positions opened.  Do not modify your trading plan so that you can keep the losing position open for a long period.
  9. 3. Minimize Losses By Setting A Stop-loss  This technical advice should be fundamental to the trading plan.  As previously discussed, many new traders lose capital and are unable to move forward.  Setting up stop-loss means minimizing the losses and having capital available to trade for another day.
  10.  This is a general trading rule that every trader should stick to, and it's one of the top Forex trading rules.  A stop-loss: 1. Sets a limit at which your losing position will be stopped. 2. Deciding on how many pips you can afford to lose.
  11. 4. Keep Your Emotions Aside  Forex trading can be exciting and stressful both at the same time depending on profits or losses.  As a result, controlling the emotions is one of the essential Forex rules to live by.  There is no room for mistakes in the Forex market once you have lost money, there is no undoing it.
  12. 1. Don't think you can focus only on trading during a session, and you should not be trading 2. If you are not in a good mood, take a break from trading and return when you are feeling good.  Trading when you are too excited can be as detrimental.
  13.  We all know how easy it is to make decisions without thinking clearly.  Trading is a manual activity, which needs to be done with the highest level of discipline.
  14. 5. Always Do Analysis  Your trading history is the source of your knowledge.  Get the maximum benefit from this, by exploring what you have done in the past and analyzing how the market behaved at this time.  Establish these review sessions on a daily or weekly basis and assess how you can improve your trading strategy.  Learning from others is great but First, try to learn from your own mistakes and successes.
  15.  Don't focus only on the losing trades sometimes analyzing profitable trades can be even more beneficial.  And if you have been making losing trades: 1. If you learn from your mistakes 2. You have gained valuable knowledge and experience to adjust your strategy.
  16. 6. Adapt Quickly  Market behaviour tends to change.  So it's vital to modify the trading strategy and adapt quickly, by consistently adding new items to it.  The scope of the Forex market is huge, and so is the scope of the items you can learn about it.  Don't think that if your current trading strategy works, it will work over a long period.
  17.  Successful Forex trading requires you to follow rules of currency trading including: 1. Correct Implementation 2. Analyzing 3. Learning.  Learning and adapting from trades, should be a repetitive process.  If you stop learning and analyzing, then you stop growing as a trader.
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