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The 7 Basic Rules of Forex Trading
The moral here 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.
Rule 1 Never risk any more than you can afford to lose, you will lose money, all traders do, make sure you're 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 haven't figured out where your stop loss order and limit order should be at the start of your trade then you shouldn't be trading.
Rule 4 Know your exit point before you enter a trade.
Rule 5 Demo Trade First: Become successful with paper trading when there's nothing on the line before you open a real account.
Rule 6 Take a breather when your equity has taken a dive.
Rule 7 Don't let your emotions call the shots: Stay cool, calm and collected. Patience and a clear head will win the game.
ForexGen is the easiest and fastest gateway for the traders to perform successful trading, which provides a unique institutional investor professional facilities and highly qualified individualized services for the international customer.
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