Forex Education Center-Principles That Should Include In Trading,All traders, who joined Forex, trying to achieve the best results. However, for trade with profit, the trader must know and follow some of the principles of Forex.
- Having your own trading strategy. Develop your system, which is based on several factors significant for Forex trading.
- Take control of your emotions. Unstable emotional state can interfere with the decision-making process.
- Learn how to control emotions and desires.
- Having your own historical data. Write down where the circumstances and factors of your decision to open / close orders and comments are based on each situation.
- Constantly review your work.
- Learn from your mistakes. And work on error analysis is one of the most important components of successful trading. It is important to be self-critical in a loss position analysis. Having dealt with the loss position, you can avoid repeating these mistakes.
- Do not trade without reason. Do not open a trading platform just because you have nothing else to do or you can not fall asleep. Trade only when trere are factors that justify such action.
- Work and think for themselves. Assistance and guidance from others can help, but not while trading in Forex. You can consider the advice of experienced traders, but do not just follow it without thinking. Progress will only appear when you make your own analysis, develop your own strategy, and only depends on your decision.
- Trade only when you are sure about it. Better to wait for the right moment to enter the market rather than opening order when you do not understand the situation. It is important to enter and leave the market at the right time. If you do not feel confident, you better not take the risk. Some pips lost can not be compared to a huge loss, which may be caused by the reckless actions. Just open the order later, the market will not work.
- Limit your risk. Use only the amount of money to trade, the loss of which will not cause a shortage of family budgets.
Know your limits. Can be stopped.
- Be careful with early success. Do not lose your head of happiness just because a few hundred dollars profit '(back to 2).
- Do not trade against the market. With a lack of experience, it is better not to take risks. In the process of price movement in a particular direction, the market began to jump up / down. To learn how to use short-term fluctuations, you have to get experience, so as to minimize the risk.
