Several rules are essential on forex trading. If you mater them, you have the chance for longer survival on market as a trader. Sometimes, it takes time to master them. Some of them are too complicated to be mastered at the first place. So what are the rules? Here they are:
1. Do Not Settle on Minimum Deposit
You will be required to have minimum deposit to open an account. If you want to trade enough, give it some more so you can move.
2. Don’t Buy Forex Software without Performance Research
Forex software needs to meet certain requirements, so make sure yours is on it. Make research first on it.
3. Stoplosses Facility
This facility is a good help. It will automatically stop your trading if you are about getting losses. This is beneficial when you do multiple things at once.
4. Trading Log
It keeps records on your trading decision. It will remind you later on how you build a trading, and you can learn how to make the successful one then.
5. Make Trading Plan
It keeps you on the right line and helps a lot in avoiding failed trading. You need combination of actions so you must plan it.
6. Do Not Trade More Than the Level of Your Account
Your account must have level and you should trade on your size, and don’t take bigger one on it. It is too risky.
7. Don’t Pitch the Up or Bottom Point
It is always wise to be on the between position. Up and bottom points are too dangerous for newbie.
8. Losing Position Rule
If you are on losing position, you should not add the amount of money you invest on it. That is just moron. You know how it will end.
9. Over Trade
Do not force even if you do not have opportunities to make trade actions. Wait for the moment and then take actions. Just be patient on this.
10. See Bigger Picture
Study your chart every time. In new day, you must study yesterday and recent charts. It will tell you the trends and you will see the bigger picture.
Now, you will need to remember those rules all the time. You may acquire the main point when you experience it. For some people, it is too hard to understand. You should try harder and fight like hell to survive on trading. They have effects and you should know it. Good luck!