Are there any rules for successful trading on Forex

Are there any rules for successful trading on Forex

Are there any rules for successful trading on Forex?

 

How to become a successful forex trader? Perhaps among all possible tips the common place was words about self-discipline of the trader, his self-improvement and ability to use his own weaknesses and strengths, as well as timely orientation in the forever changing currency market. It is true. But the basic rules of forex trade imply and take into account certain strategic nuances that I would like to tell you about today.

 

So,

1. The opening of the position requires careful preparation - it should have every chance to turn into the largest deal of the year. At the same time, it is necessary to start with small initial positions, to which, if they are successful, to add the following, in accordance with the principle of the pyramid;

 

2. There are constantly traders who "win" themselves the first place: buying currency at the first sharp collapse of prices and selling it at the first rapid price rise. Such could well become guides if you buy the currency after the first rebound from a new high and sell after the first rebound from a new low;

 

3. But with the ups and downs, you have to be careful: if they are too strong, buyers and sellers will simply be thrown out of the market, and it itself will enter the side movement;

 

4. If the market is moving toward a trader during the forex trade, it will need to take advantage of the moving footsteps. In order to avoid closing the position too early or too late, it will be necessary to mentally put a stop at a 10 - 15% from the current market value, either slightly further than the last highs and lows, or (optimal option) at the current level of resistance and support. After that, only a correction of the target level remains;

 

5. Successful trading requires constant protection of equity. Even small losses should be avoided and certainly not added to the position if it is unprofitable. Each subsequent purchase should cost more than the previous one. And every subsequent sale should cost less than the previous one. And no "falling knives": with strong rise and bounce back, it is better to wait for the price to go to the same minimum. If it doesn 't go lower, you need to open the position. If it does not go up again, wait for other opportunities;

 

6. Buying from the support level, selling from the resistance level, quickly closing the position when the price falls is also a component of success. All this is reflected in the chart and arouses interest from other traders willing to join;

 

7. It is also important to review open items daily to ensure that they are in line with their strategy. If it provides for sales, the sales must be;

 

8. Forex trade for beginners is impossible without patience: an open position must develop in the name of profit-making. Therefore it is not necessary to race forward, only to be on the market;

 

9. But against the trend to go stupid. It 's like driving back on a busy highway. Let the bulls buy and the bears sell. Or stand aside, which is also an option, in most cases the best;

 

10. And, of course, I would recommend you to rely solely on yourself, not on the reports of analytical firms. The latter are occupied solely by self-help, not help.



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