Top 5 rules for successful trading.


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  • #1 Collapse

    Top 5 rules for successful trading.
    What are the top five rules for successful trading in forex trading market ?
  • <a href="">InstaForex</a>
  • #2 Collapse

    Originally posted by Demilade View Post
    What are the top five rules for successful trading in forex trading market ?


    I am not really certain if there is a universal rule to successful trading that every traders must obliged. But I do know for certain that different traders can create their own trading rules and policies. And it works for them, great, they should live by the rules.

    Nevertheless, there are still some rules that can be of help to every traders if the rules are religiously followed. Some of them include :

    1. NEVER TRADE WITHOUT GOOD TRADING SKILLS : I understand the feelings every new traders have. After learning and studying the FOREX market, they want to get started. But then, this emotion of rushing into trading without being sure of oneself must be properly handled, because if a trader rushes in, he definitely will terribly rush out.

    2. PRACTICE ON DEMO ACCOUNT : Demo trading is waste of time to some people, but I still believe practicing trading on demo account still serves a significant purpose to a trader's life. Spending few months on demo trading before going live can prepare a trader ahead emotionally and psychologically.

    3. GET A TRADING STRATEGY : Some new traders just trade the way it comes to mind. Rather than sticking to one or two strategies of all time that work for them, they keep changing from to another. This is not a professional way of starting or handling FOREX trading.

    4. HAVE TRADING PLANS : Plan your trade. Know when or time of the day, week or month that you will be trading. This is the way a trader can avoid trading on emotion, which is very risk.

    5. BE PATIENT : After following all these steps, it is important to understand the power of patience in FOREX trading. A patient but not slack trader becomes emotionally strong. And it is when a trader is patient and closes his eyes to greed that he can see the FOREX market for what it really is.

    These are some of the rules to successful trading that I believe can work for amateur traders.


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    • #3 Collapse

      I feel different traders will have different types of thinking and views in this matter .I am working for the last 9-10 years in the Forex trading market and as per my view the five points from which we can make successful tradings are as follows :-

      1. Experience :- First of all traders have to gain the experience in the Forex field perfectly because here its not the place that we can jump in and try our luck but instead here we should gain the experience and the knowledge first and then we should start our real trading work .So the demo trading is the must in this arena.

      2. Money management :- Every trader should trade with perfect money management because as per the experience we have to know that how we can save our trading accounts from the margin call and for that the utilization of perfect lot size is very important .Always try to use the low lot size and avoid frequent trading because when we are continuously opening the trade order we may lose the proper concentration and that can lead to losses only.

      3.Patience :- Every traders have to gain this precious quality because that can make you a winner in this Forex field for sure .Forex market will give us the chance everytime and if we can know how to utilize that at the perfect time we can surely make some good impact here slowly with the time .

      4.Suitable strategy and plan selection :- There are unlimited trading strategies but remember that all the traders are not same in talent and skill so we have to select the best strategy and plan which are simple and as well as effective also because in the Forex field there is no hard and fast rule that we have to trade with a particular strategy only .

      5. Perfect closing of orders :- Traders have to know the art of successful closing of the orders ,be that on the negative side also that doesn't manner because losing a 1-2% even 5-10% is better then getting a margin call ,we have to remember the thing .


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      • #4 Collapse

        The Forex market is the online market. It is also called the foreign exchange market. It is the exchange of the currency pair with one another. It is the online business so we can say that it is the electronic business which are spread in the worldwide... As a trader, I want to share with you some tips about the trading.
        Make a plan: create a plan before start the trading. It should include your profit goals, risk tolerance level, methodology and evaluation criteria etc.
        Practice: Practice As more possible practice. Since the practice demo account is the best account. It is the risk free account which is helpful for getting the experience, knowledge and skills.
        Know your limits: Before the trading know well your limits. Never cross the limits during the trading.
        Control the emotions: To become a successful trader control your emotions because if you have no control on your emotions you get a loss.
        Choose the Right Broker : Always chose the right and a trust able broker.
        Don't Over trade: Over trading is a big source of the loss. You have never over trade. Always develop your trading plan, set yourself a maximum amount maximum amount of trades you will make per day or week.
        Don't Be Greedy: Greediness will lead to unnecessary risks. Draw a plan to maximize the profit or the loss. Once you reach either of these limits, stop trading.
        Take Breaks
        • Keep It Slow and Steady
        • Know well about the market


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        • #5 Collapse

          Rules for successful forex trading
          There is actually no fixed rules that every trader must play along with to achieve success from the forex market. Different traders does different things in the forex Market that works for them and ends up giving them profits. What worked for a particular trader may not work for another trader because probably the way they understand the system may differ from trader to another.

          However there are some guidelines which traders can follow in the forex market that will enable them make Profitable trades and get a successful forex trading career. Some of the guidelines are listed below

          Derive a good forex trading knowledge
          Having a very good Forex trading knowledge is a necessity for traders. A trader without a good forex trading knowledge will get losses from trading the forex market. Therefore the forex knowledge is very essential for all traders to get so that they can be successful forex traders

          Ensure a good trading Strategy is developed
          The trading Strategy is what the forex trader uses to make good trades in the forex market. A forex trader with a good trading Strategy and a good forex trading Knowledge, is already on his way to making very good profits, for this reason, it is a necessity that a trader should develop a very good trading Strategy to become successful in forex trading.

          Set a realistic trading targets
          A trader that sets a realistic trading targets will definitely make good trades. The trader with a realistic target will not trade with greed in the market but rather will trade with much care so as to enable them meet the set target. The set target acts as a focus and a destination to the forex trader.

          Apply Discipline as a trader
          A trader that have discipline in following his trading plan and set targets will definitely achieve the aim. There are some traders that may set targets but fail to follow it up due to lack of discipline in keeping up with their own rule.

          Use money management techniques
          It is important for traders to manage their trading Capital Properly. The trading Capital is what brings profits to the trader. When the trading Capital is lost, the traders will get frustrated and actually need to source for more funds to fill up the losses. Money management helps to protect trading Capital and give more profits to traders.


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          • #6 Collapse

            Rules of success in Forex trading

            Based on my experience in Forex market, i see that the top five rules of success in Forex trading are :

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            • The trading with a good trading strategy :
              The trading strategy is one of the important factor of success in Forex trading, as the trading strategy is the responsible for determining the best entry and exit points in the market and without the trading with a good trading strategy, our trading will be randomly from bad entry points, and this leads the trader to the failure in Forex trading.

            • The trading with a good trading plan :
              The trading plan is the second important factor of success in Forex trading after the trading strategy, as the trading plan is the responsible for determining level of risk that we should take per each trade. So, without a good trading plan our trading will be without good risk management, leading us to lose the control on our floating losses, causing big losses to us.

            • The trading with control on emotions :
              The control on our emotions during the trading is deemed the main thing which can make us have a commitment with rules of our trading strategy and rules of our trading plan. But without control on emotions, we won't be able to succeed in our trading, as lack of control on emotions during the trading, makes us unable to commitment with rules of our trading strategy and rules of our trading plan.

            • The satisfaction with the small profits :
              The good trading plan typically aims for achieving around 1% to 2% daily, and it is very important to have a satisfaction toward that percent in order to avoid the trading with high risks during the trading. As the commitment with achieving small percent daily makes us able to close our losing trades with small loss. Then we can compensate these losses easily. But without satisfaction our trading will be with high risk, and this typically lead the trader to face huge losses during the trading and makes him fail to compensate these big losses easily.

            • The learning from the previous mistakes :
              There is no limit for learning in Forex market, and this is why, we should keep learning even after we finish all stages of learning. So, during our trading, when we make any mistakes, we shouldn't leave these mistakes, but we should learn well from these mistakes in order to increase our experience and knowledge. Because this can makes us achieve more success in Forex trading.
            My Trading Journal


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            • #7 Collapse

              In a Forex Trading Top 5 Rules are:
              In Forex trading the most important thing is learning that is very necessary to every new trader that start trading.
              2.Paractice on demo Account:
              In Forex trading demo account are very valuable to become a good trader it's very necessary
              3.Greed to avoid
              Forex Trading greed is very bad thing To every trader is necessary to avoid the greed
              4.Knowledge & skills
              To get a knowledge & skills to learn a Forex From Senior members
              5.Market Stregty
              If you have a knowledge about forex trading that very market to analize


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              • #8 Collapse

                We can define so many rules to become a successful trader. this can be most five important rules we can set for trading and I really know that these five things I am going to discuss about is the key element and rules for a successful trader.

                1.Knowledge: This is the most common part for any kind of business we want to start and definitely knowledge is the most key element we can say that without knowledge this is impossible for anyone to survive in this forex field. we know that knowledge is the power and power brings us the top of the successful career. To improve our knowledge we have to to read more and that is the only way to get knowledge.

                2. experience: yes I think everyone will talking about experiences in Forex. if you look at any successful trader then you will see the first experience of this trader and he will always tell you the the struggle life of his career. there might be a bad experience or good experience we are facing into our life. Those who are smart they always try to avoid the bad experiences and try to learn from it.

                3. know your limitation: we must have to our limitations first. If we cross the limit then this can brings a bad result always and this is not only for Forex but also for any other business in the world.

                4. Controlling emotions and leverage: as a Forex trader we always know that controlling emotions is the most hardest part of our life and this is also truth that controlling of leverage is not so easy. from my personal experience I can say controlling of leverage can brings a very good result for a beginner trader. if we can control our emotions and high ambitions from our trading then definitely this will be the perfect starting for us.

                5.Perfect planning: yes everyone is doing their plan for their Forex trading but the most important thing is that making a perfect plan for our trading. only one planning will not give us the successful career you know that, there might be a lots of mistakes and the losses we can face in trading so we must have to make backup plans too.
                global20's trading journal


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                • #9 Collapse


                  Becoming successful in anything that you do is a good thing and people like the sense of achievement that it brings. Going to college does not guarantee your success and this takes a couple of years. Forex trading can make you money more than if you work in a conventional way and you should expect a longer time than your college years to learn and master the craft.

                  There are things that will help you if you want to become a successful forex trader and we’re going to explain them all to speed up your success in this business.

                  1. Start your day with a morning routine. Forex trading is a very demanding business and it requires you to be at your peak performance level. Any less and you will feel the impact. Normally, people just open up their phone right after they wake up and this is a very bad habit. You should start with something that will make you increase your awareness while strengthening your mental capacity. Affirmation, short meditation, there is an array of topics regarding this matter and we’re not going to discuss them all in here. Social media is taking away a lot of time these days especially if you are at a certain age group. Use your time wisely and don’t get too tangled with those things and instead, make a preparation before you enter the realm of trading. This is especially true if you are an intra-day trader because you need a lot more positive energy to fight all the stress that forex trading might give you during the whole day. Use the technology for your betterment, fill your phone with useful stuff like self-improvement books or other apps that will enhance the quality of your life. Be the master of your life, not a slave of social media. Focus on your goal in life, make affirmation of your short term and long term goal. Be disciplined and remind yourself of the big picture so you won’t get upset too quick when you encounter losing trades. Instead of checking your performance after each trade review your performance every 3 months or so.

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                  2. Don’t follow trading signals. These things are everywhere and if you are on social media you will most likely find many of them. Don’t make a mistake, trading signals are good for those who are busy and not trying to trade by themselves but if you are reading this then trading signals are not for you because you are trying to become a trader. The vast majority of those who are offering trading signals are often motivated only to get your subscription fee and not to educate you to become a trader yourself. Once you’re in their circle you will be asked to join the broker that they also use so they will get a cut of commission from the broker from each and every transaction you made. Following a trading signal is cumbersome and actually if you want to have passive income from forex trading there are better ways such as social trading and also account management. Both of those options do not require you to do manual labor at all. Following a trading signal on the other hand, requires you to input the entry, exit and everything else.

                  3. You should set a reasonable goal for yourself, one that you can achieve. Many people come into forex trading thinking that they can just make billions and trillions of dollars next year. This is a false mindset and it’s something that you should avoid at all cost. One of the biggest problems with that mindset is that once you actually realize that it’s impossible to achieve that you will most likely quit. Forex trading can bring crazy loads of cash but it’s a story for later, right now your focus should be on how to do things properly within reasonable expectations. You can also break down your goals into monthly goal, quarterly goal and yearly goal. This will motivate you even more rather than just having a yearly goal as a beginner. Someone who is still in their early days in forex trading must be able to see and feel that they are growing because this is the fuel for them to achieve something bigger.

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                  4. Choose your risk management and strategy wisely. There are a lot of trading strategies out there but not all of them will suit you. Make sure you know the trading strategy background to understand if they are designed for you or not. More often people will use a trading strategy and then later after they got loses after loses they found out that the trading strategy is geared toward aggressive traders while they themselves are actually a conservative type. Rest assured though, whatever personality you have there is always a trading strategy that suits you. Finding them is a challenge but definitely not an impossible task. It might take some time before you find the ideal one for you but hey, this is not a get rich quick scheme and you should remember that. A good trading strategy will have a complete set of instruction on how to analyze the market, how to put your stop loss and take profit, how much risk should you put under certain market conditions, what to look for and what to avoid, what kind of expectation should you have and what kind of expectation you should avoid.

                  5. Mentor and support group. Learning by yourself is a good thing but if you want to learn fast and achieve your success even faster then you must have a mentor and also a support group. There is a saying “birds with the same feather flock together” and for this reason you should have someone to look after you from a different perspective and tell you things as they are. A good mentor will tell you what to do but a great mentor will show you how you can improve because they know who you are. This will help you improve faster. On top of that, you need to have other people around you. Big numbers excites people and it stimulates other elements in a person. A great support group will help you understand things faster and helping each other will benefit both the one who is helping and the one who is being helped. If you want to become successful you should always surround yourself with people who support you, who are more successful than you, not those who will bring you down, tell you this is not going to work or doubt you or constantly complain. Always surround yourself with winners. Without a doubt, having this kind of environment where you have a mentor and also a support group will get you to where you want to be a lot faster.
                  You only need to read THIS ARTICLE to make money from forex trading,


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                  • #10 Collapse

                    Originally posted by Demilade View Post
                    What are the top five rules for successful trading in forex trading market ?
                    Beforehand I congratulate you on opening his trading journal. Hopefully, instead of stepping on a trading journal, adding insight or adding knowledge to trading activities this time. I sincerely hope that this site trading journal will continue to update the trading journal site so that we can all learn and participate in the treasures of forexkan trading in Indonesia. Waiting, bro, update the trade journal footprint. Hopefully it can continue to be updated and become the most interesting discussion place for us to review every day. I have never denied that SND and SNR are very good knowledge, bro. I myself use the knowledge of supply and demand in my trading. So it is very good to use support and resistance to use it helps traders in doing technical analysis.


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                    • #11 Collapse

                      - Create a trading plan

                      When a trader expects the market to go up, he or she will usually say something like this: "I think the price of EUR / USD will reach $ 1.3000; at which level should I buy?" So the answer is: "How much risk do you bear in trading? Or, in other words, when will you exit the trade if your expectations are not correct?" This response usually comes with surprise to the trader; He never thought that he might be wrong or considered at what level to place a stop loss.

                      Most traders don't have a plan, meaning that they don't know what to do if they turn out to be wrong or right. And how big profits on paper turned into a huge loss in reality for no reason other than because they don't know when to exit the deal.

                      Creating a trading plan before concluding any trading deal is a crucial issue. The trading plan should cover the following issues:

                      Knowing how and where to enter the market
                      Knowing how much you can risk
                      Know how and when to exit if you're wrong
                      Know how and when to exit if you're right
                      Knowing how much you would get if you were right
                      Protect your trade with a stop loss order if the market moves in a direction other than you expected
                      Understand when the market reaches your target.
                      2- Using a money management strategy

                      Money management is the control of risk with preventive stop-loss orders or hedging that balance profit and loss.

                      It is assumed that you have a profit target, know the odds of being right or wrong, and also control risk with preventive stop-loss orders. Trading with an order you may lose $ 1000 if you are wrong and win $ 500 if you are right when the probability of winning is 8 times out of 10 times, better than trading with an order that you win from $ 1000 and lose $ 500 only when the success rate is 1 in 3 cases.

                      Create and test a money management strategy to solve this problem. The matter is large and bifurcated, but the most important thing you should know is that you know the chances of making a profit and the appropriate profit-loss ratio.

                      3- Create preventive stop loss orders

                      This error is due to poor trading plan and poor money management strategy. Once a trade is closed, create preventive stop-loss orders keeping in mind that these are realistic, not fictional. Often traders use imaginary orders just because these orders have been successful in the past. If you misidentify your stop loss, then you have missed the technical analysis.

                      4- Closing winning deals in the appropriate time

                      A common mistake that forex traders make is that they are content with making small profits while letting their losses compound, which is a common consequence of not having a trading plan; After you are exposed to one or two losing deals, you may be satisfied with getting small gains in the next trade even if this deal is likely to bring you a large gain that compensates you for your previous losses.

                      We see traders - even professionals - allowing their losses to worsen; They make trading deals, but they do not know when to exit from them, so they let their losses increase, hoping that the market will reverse, which is a rare case.

                      Use preventive stop loss orders that you set before you create a trade.

                      5- Maintaining the trading position for a reasonable period

                      It is a frequent mistake that the trader does not take profit at the level they set before; Markets allow the opportunity to make a profit before they return to withdraw bigger gains.

                      Despite the profit you may have already made, you still strive to get the most out of your position. It can be simply said that if you were to stay in the market after it reached your profit target, then you are exaggerating in holding the position.

                      The only exception is if the price is moving strongly in your direction. Move the stop loss level in the direction of the target price or use the trailing stop loss.


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                      • #12 Collapse

                        Dear, It is very important to understand that Forex Trading is a job and trader is not easy profession, but when you start making profit on Forex, you will feel like fish in water, and become financially independent. Most of traders wish to reach this aim. But unfortunately, due to bad thoughts “become rich quickly”, can’t reach success on Forex. For reaching certain aim topic, we should to spend certain amount of time. So you must be ready for this. By my trading experience, I can share the best and fast way learning Forex.
                        I) Find basic information about Forex in Internet, Google, Youtube, etc. You can read some articles, short books, watch videos. With basic information, you will understand what is Forex, how it works and main features of Forex Market. It will not take a lot of time, should take couple of days.
                        II) While you are learning basic information you download Forex terminal, where you can make trading on Forex. Same procedure, use Google and search for most popular platform – MetaTrader 4, there are many companies (Brokers) who provide this platform. Download any you like.
                        III) Go through the Forex trading platform, open DEMO account in the platform, check how it works, settings, open different currency pair charts, try to open orders, buy/sell, etc. So spend 1-2 days on checking how MetaTrader 4 works, maybe find some information in Google or Youtube and you will understand it quicker.
                        IV) When you know already some information about Forex, made test trading on MetaTrader 4 demo account, you can move forward. You have to dive into Forex, but not too deep, as deeper you will dive, slower things will go.
                        You need to search some books where is described about trading, what need to know for trading. In short, here is list of information that is necessary to know for trading:
                        • Candlestick charts
                        • Time frames
                        • Classic patterns
                        • Technical and Fundamental analysis
                        • Indicators
                        V) Don’t need to download hundreds of books; it’s enough to check 1-2 books, as all information will be the same in all other books. If you will download 10 books, you won’t find anything new, so don’t spend time on it. Better way will be if you read 1-2 books and make trading. There is another way of learning, check on YouTube absolutely same information, and watch videos. Make everything same, keep the information and compare it on the charts and trade or find a local company that provide this information by FREE courses. There you can also get same knowledge, write them down in notepad and while trading check and compare the information.
                        VI) Strictly follow it rules and NEVER trade by your emotions.
                        VII) When you are ready, move to real account and trade!
                        Wish you all the best!
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                        • #13 Collapse

                          SUCCESSFUL FOREX TRADING: THE TIPS

                          Every trader's desire is to succeed in the forex trading business. But success is a thing of reality and goes beyond mere dreams. So we see many traders falling short of the so-much desired success. The successful forex traders surely have some tips which they follow which make their trading go consistently on the positive side. Now we can go through some of this tips and probably see how we can improve on our trading performance.

                          1. REGULAR LEARNING: To really move in the direction of successful forex trading, the forex trader needs to learn properly, not only when just starting out in the business as a newbie, but even after knowledge and experience has heightened. The successful forex traders do not joke with learning both in the demo trading account and as they trade the real live money account. They learn form both winning and losing trades, and not only from the losing trades as many newbie forex traders think. Every single trade is an opportunity to learn. Learning helps equip the forex trader with good knowledge, good trading skills and experience.

                          2. GOOD TRADING PLAN AND STRATEGY: For success to be possible in the high-risk forex trading business, the forex trader must have a good trading plan on ground which must be followed to the letter at all times. Having a plan that is not properly followed is useless. Also, the trader must work on good trading strategies to use in trading. This strategy must have been checked and tested severally to have confidence in its ability to provide the expected results.

                          3. APPLICATION OF GOOD MONEY MANAGEMENT: The forex business is one business where one can never be 100% sure of the outcome of a trade, no matter how very convincing the trade setup or signal might be. So it becomes very important that traders expose just a little part of their trading funds. This is the idea of the good money management policy. When this policy is applied in ones trading, losses tend to be small and insignificant, and so recoverable from the next trades. This helps the forex traders who use the idea. The end result is that success tends to be near.

                          4. DISCIPLINE: I am sure you will agree with me if i say many traders know the right things to do, but they just do not do it which makes successful trading far from them. Yes, lack of discipline to apply good trading rules is one of the major reasons traders fail in the business. To move towards successful forex trading, traders must get disciplined.

                          5. PATIENCE: The forex trading business is a business of patience. Therefore a trader will need to be patient if he will make success in the business. You need patience to learn and practice on the demo. You need it to analyze the charts and come up with a good interpretation. You need to wait patiently for the best trade setup before opening the trade. Even when the trade is open, you do not immediately see profits, patience is still needed to wait the trade to the end.
                          Covid-19 will not wipe out humanity! Let's fight this common foe together. Together we win this war! Please apply WHO recommendations on keeping safe!
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                          • #14 Collapse

                            1. Use a trading plan.

                            When you first create your strategy, it's created within the sort of a trading plan, these are a group of rules that you simply must adhere to so as for your strategy to achieve success , it'll contain your strategy also as things like risk and money management. The plan has been created for a reason, it works, maybe not all the time but it are often profitable, if it is, then you ought to follow those rules in the least times, otherwise, the danger will increase and there might be a risk of creating losses, so once the plan has been made, always stick with it regardless of what your mind or heart is telling you.

                            2. Protect Your Trading Capital.

                            Saving enough money to fund a trading account takes an excellent deal of your time and energy . It are often even harder if you've got to try to to it twice.
                            It is important to notice that protecting your trading capital isn't synonymous with never experiencing a losing trade. All traders have losing trades. Protecting capital entails not taking unnecessary risks and doing everything you'll to preserve your trading business.

                            3. Learn From Every Trade

                            I know many traders that can't find out why they are doing not have the returns they know is feasible for them to possess . I even have tried to elucidate to them that they have to trace what they're doing to spot bad habits.

                            Without a trading journal where you track your trades, it's hard to recollect exactly what made you act during a certain way at the time.

                            The best traders track their trades that permits them to find out from every trade and thereby advance as a trader in order that they can make extra money .

                            Tracking your trading doesn't need to be complicated. Use an easy Excel document or pen and paper where you write down the safety , date, price, your stop price, setup, and your thoughts.

                            When you close your position you write down the date, price if you followed your rules, gain/loss, and your thoughts

                            4 Don't overtrade

                            Ideally, you ought to haven't any quite five positions at a time. any longer which you'll likely lose control and make bad decisions when the market changes. Trying to beat the market often seems bad, and you wouldn’t want to be taking over quite you'll handle.

                            5. Risk Only What you'll Afford To Lose

                            Never trade with borrowed money.
                            It also should go without saying that the cash in your trading account shouldn't be allocated for paying the loans, bills or other important obligations you would possibly have. you want to be prepared to lose all the cash allocated to your trading account.


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                            • <a href="">InstaForex</a>
                            • #15 Collapse

                              Forex trading is a kind of profession where the scope of improvement is always there. To become successful we should always try to improve our trading skills. At the same time, we should capable of handling every odd situation. Here knowledge and experience play an important role. That's why professional traders always get success in the forex trading profession.

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                              Because professional traders have already spent so many years in the profession and faced all the challenges. We can learn from them about how to make a consistent profit in the forex market. They could have more experiences that's why they are more successful in forex trading. Apart from this, we can consider the following top 5 rules for successful trading:

                              1) Always follow a good trading system: This is very important for a trader to stick with a good trading system. Only then it is possible to achieve success in the profession. The trader must trade based on prior trading experiences and by following a good trading system.

                              Lack of any trading strategy or trading system may lead to losses. So a trader must develop some good trading system by applying it to the demo account first. And later when he or she would able to get a positive result, it should be applied to real trading.

                              Developing a good trading system requires a lot of time and energy. If a trader is able to spend that much of time then it'll be easier for him or her to develop a good trading system. But most of the time we can't see such initiative from any trader and thus never able to become successful.

                              Most of the traders do trade without any proper planning or trading system. They just try to gamble their money and later find it difficult to survive. So here to become successful in forex trading a trader must need to follow a good trading system.

                              2) A strong mindset: To become successful is not easy without a strong mindset. Even a trader is good at trading if he or she lacks a strong mindset then eventually goes into losses. Traders might need to trade only in a good opportunity. Despite knowing it many traders jump into trading in any market condition. This could happen to anybody if he or she doesn't have a strong mindset. If a trader does not control emotions then also it could stop taking better decisions.

                              Sometimes a trader may face losses. In that situation, it is very important for the trader to control emotions. If he or she tries to revenge the market then disaster would surely happen. No doubt, to lose some amount in trades is a part of forex trading. If a trader can't even accept small losses may lacks a strong mindset.

                              Most of the time we might see that traders go for excessive trading. Just for the sake of trading and to make profit traders often go for overtrading. This should be avoided and try to control greed while trading forex.

                              In similar manner traders often lose confidence. Fear of loss may overpower the trader's mind. In this situation traders often afraid to trade and skip trading all the time. They try to find a perfect setup or the perfect time to trade. As a result, they enter too late and thus try to exit too quickly.

                              Fear of loss can be visible in a few trades, where traders often hold losing positions. They can't even cut losses or put stop losses into their trading orders. But eventually, they lose much more by holding floating negative positions. There is no control over emotions and this can impact negatively the trading result.

                              Therefore, a strong mindset is required to control any type of emotion in forex trading. This is important to maintain discipline and to become successful in forex trading.

                              3) A good money management: This is very important to manage risk with proper money management. This can be considered as a secret of every successful trader if he or she applies money management. We should always try to risk the minimum amount into every trade. And try to make more profit from every good opportunity by holding profitable trades.

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                              We can follow proper money management in the following ways:

                              a) Put Stop Loss and Take Profit: A stop loss can save the whole account from getting huge losses. Most of the traders lose huge money in a single trade because they don't like to put stop loss. But with proper stop loss, we can lose only a small percentage of equity. Apart from stop loss, we should try to put take profit too into a trading position.

                              Sometimes a profitable trading position reverses back to hit stop loss. That's why it is important to put take profit along with stop loss. So here to protect our account from any big losses we've to put stop loss. On the other hand, to accumulate good profit with a reasonable amount take profit is equally important.

                              b) Use Small Lot Size Orders: There is no guarantee that our trading position would go in the right direction. Because we can't be correct all the time. Sometimes the market won't go in the right direction. To avoid any huge loss we must try to open only standard lot size order. Most of the traders get margin calls or face huge losses due to high-risk trading with big lot size volume.

                              c) By Maintaining Proper Risk Reward Ratio: For good growth, a trader must follow proper risk-reward ratio into trading. Risk means how much a trader willing to lose in a single trade. On the other hand, reward means how much a trader is willing to make a profit from a single trade. Generally, the risk percentage should be less than the reward percentage. We can apply a 1:2 risk-reward ratio into our trades.

                              If we apply 1:2 risk-reward, this means we're willing to lose $1 from trade if we've $100 equity. On the other hand, we're willing to gain $2 from a single trade if we've $100 equity. This way we can maintain our trades in a more effective way.

                              4) Stick to the trading plan: If we want to be master in forex trading then we should try to stick to a trading plan. We shouldn't change our strategy or anything which could impact directly the performance in our trading.

                              Despite being successful in forex trading if we couldn't stick to a trading plan we may fail anytime. Because we'll lose faith in our own trading system and thus the confidence in a later time. So better to be more focused on improving our own trading plan and stick to it.

                              This is however not that easy to stick with a trading plan. But eventually, we'll able to control our emotions and become more expert by adopting a fixed to a good trading plan.

                              Besides a good strategy, a good trading plan is important to become successful in forex trading. There are a lot of advantages in sticking with a trading plan. This will be relatively easier for us to follow, handle, and face challenges if we stick to a particular trading plan.

                              5) Never stop learning: There is no limit to learning. We can become more successful if we continue to improve our knowledge and trading style. To keep up with the ongoing forex market movements and to continue profitable journeys this is very important to spend more time in learning.

                              We can access digital resources at any time. Only we need some extra time to spend in front of our own PC or Smartphone. The latest technology has enabled us to gain more knowledge about the forex trading profession. We can easily access useful articles, e-books, videos, online discussion forums, etc., to enhance our knowledge.

                              So to become successful in the forex trading profession we need to understand the importance of learning. If we think we've already learned everything because we're doing good, then we're wrong. Perfection comes only with regular exercises. There are a lot of scopes of improvement in the forex trading profession.

                              We won't need the whole day to spend in front of a PC or any virtual platform. Even we spend a few hours on a day to day basis we can gain a lot of useful knowledge. If we want to progress in the forex trading field then we must continue to upgrade ourselves by gaining knowledge all the time.

                              Are there any secrets to becoming successful in forex trading?

                              There are no such secrets to become successful. The only secret is to give enough time in learning the profession. Forex trading is not that easy and it is complex in itself. If somebody thinks by following certain rules everything will go in the right direction. Then the trader is wrong.

                              If a trader is disciplined enough and able to take proper decisions at the right time. Then most probably he or she would win in the market. The main focus of every trader should be to make more and lose less from every single trade. In other words, never ever lose more and this can be controlled only through proper money management.

                              In the forex trading profession, the most important part is the ability to control our minds. We shouldn't go with a high lot size order no matter how much we've lost in our previous trades. Risking all our money in a single trade is not a great way to trade forex. So here low risk could work wonder and that's what expert traders do to become successful.

                              Nobody is perfect either in perfectly analyzing the trend. Or in predicting any currency pair correctly. Because currency pairs are very sensitive to certain economic events. Nobody knows what is going to happen after a few hours in the currency market. So here our account is protected only by a simple stop loss. We can't deny its importance totally.

                              Conclusion: We can't be successful in forex trading unless we have a good trading strategy. The proper implementation of any good strategy is equally important to become successful. However, the forex market won't behave in a similar manner. To cope with all ups and downs in the market we've to be very careful to implement proper money management.

                              We can't deny the importance of learning in any profession. Although we can gain knowledge for forex trading without any limit. Because of the advanced technology and modern devices we can improve our trading system to a great extent.

                              Every day a large number of traders failed in forex trading. On the other hand a handful of traders able to get success. There is no secret at all to become successful in forex trading. If a trader is committed to spending more time improving the trading skills then no one can stop him or her from getting success.

                              We can find real success not only in profitable trades but also in positive efforts. Every good effort might not able to bring a good profit in forex trading. But with a properly tailored trading plans, proper money management, good discipline, regular learning, etc., can bring more good than bad. So to become successful in forex trading we won't need a lot of deposits but some pre-defined rules will be enough.


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