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.
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.
Never Risk More Than What You Can Afford to
In most cases it’s 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.
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