Check out these useful 22 rules to guide you in trading foreign currencies (FOREX).
- Use a system and don`t deviate from it.
- Use money management at all times.
- Establish your trading plan before the markets open.
- Detail your plan for each trade.
- Develop a trading plan for each potential situation you may face.
- Establish entry and exit points and understand risk reward ratios.
- Accept small losses as part of the game if you want to win.
- Stand aside from a position, knowing you have taken a position.
- Stay the course so you are around for the big moves.
- Don`t blame the market for your losses. You are the reason for your losses.
- Do not concentrate on break-even levels when you are losing.
- Remember that break-even levels do not impact on the future success of a position.
- Don`t liquidate a winner to keep a loser.
- Develop and maintain an exit plan. Follow this plan with rigid discipline.
- Remember that greed kills.
- Never add to a losing position. A losing position means you were wrong.
- Sustain your patience. Big movements take time to develop.
- Remind yourself there is nothing new in the markets.
- Don`t predetermine your profits.
- Avoid techniques you don`t understand.
- Don`t be overly curious about the rationale behind a move. The key to wealth in trading is simplicity.
- Bulls and bears make money, but pigs get slaughtered.
Source: http://www.forextradingsecrets.com/
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