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.
Don’t Put Impulse Over Logical Thinking
Unless you are someone who has been in the market for a long long time and has mastered the art of trading with his gut, make sure you don’t let your impulse take away your profits. Even if you’ve been winning for a long time and think you know your way around the market, you need to understand that one wrong, illogical move can cause you to lose twice as much as you have gained. So listen to your mind and brain rather than what you feel like you should do on impulse.
Don’t Look at Trading Scientifically
As a trader understand that no trade set up is ever 100% correct and you can’t look at it like a lab experiment, trading is an art that takes time to perfect and master, you can just look at all the quantitative data and draw conclusions of your own.
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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