So many people fail in trading Forex. But you don't have to. Some people ask me if there any rules to become a successful trader. When I think about my trading I clearly see 20 rules that if followed can make you consistently profitable trader. Some of them you probably know. The only thing is left is to implement them in your trading.
1. Plan your trades and trade your plan.
2. Fear and hope are the two worst enemies for trader. Learn to control them
3. Always keep the records of the results for your trading.
4. Keep the positive attitude regardless of the results of your trading.
5. Don't think about Forex market when you are not trading.
6. Stop-loss is the key to your success in trading. Always cut your losses.
7. Successful traders always devote their time to study the market.
8. Successful trader always sets his profit limit in each trade.
9. Do not collect opinions from people before entering the market. Facts are priceless. Opinions are worthless.
10. Never exit your position because of impatience. Never enter the market because you tired of waiting for the right signal.
11. Do not move your stop losses during the trade.
12. The most powerful tool in your trading is a simple trend following.
13. The hardest part in trading is not predicting the market movement but control of your emotions and discipline. Successful trading is a hard work and can be disappointing. You are the most important element in your success.
14. Develop discipline by following your plan of trading.
15. Expect and appreciative your losses. One who focuses on losses too much usually misses the next profitable opportunity.
16. Applying constant effort is the only necessary component of succeeding in Forex trading.
17. If you don't progress in Forex you will slip back. As soon as you reached your goal set another a higher one.
18. The power of concentration will make you a great trader. In other words split your time between studying the market, developing your trading plan, analyzing your past trades and actually executing the trades.
19. Divide your profit in two parts and never risk more that 50% of your profit in the next trade. That will help you to grow your account.
20. The most successful traders do not do what they wish to do in trading. They have trained themselves to choose between two kinds of freedom: freedom of doing whatever they wish to do and freedom of doing what they must do in order to be profitable.
Albert Schmidt is a part-time currency trader. After quite a long time of struggle he learned to make consistent profit trading in Forex. Review a trading strategy he successfully uses in his trading Forex. |
No comments:
Post a Comment