In order to become successful on the currency market a trader must follow the range of rules. Below we consider the classical trader’s rules which will help you to organize your work on the market in such way that you will have a success and profit on the market.
- Make a plan for trading. Follow all the plan items.
- Always write down all completed deals and obtained results.
- You must be always positive-oriented regardless of the losses size.
- After the deals are over – do not keep the market in mind.
- Step by step, advance your financial goals
- You must carry out self-cultivation – patience, insistence and rationalism.
- At each opportunity limit your losses – use Stop-orders. Never cancel them if they are already put.
- One of the biggest trader’s mistakes is that because of expectation fatigue a trader enters the market. Never enter the market just because you are tired to wait for the right moment.
- Try to enter the market often.
- You must us each loss-making deal in order to find out something new about the market.
- The most important success aspect on the market is a self-control.
- You must teach yourself to the discipline following the rules set in advance.
- Remember that the movement for which the bulls market will need several months the bears one will need less than a couple days.
- Do not allow the most part of profit to become a loss. Close the deal when the market has turned out and moved by 20% from your maximal profit.
- Always divide your profit into two equal parts and never risk more than by 50%.
- Remember one rule – it is always easier to join the trend rather than leave it.
- You can lose the opportunity, but never lose money.
- You must not aim at pre-determination of your possible profit.
- Never make boast of your success on the market.
Following simple trading rules you will reach good results for sure on the international currency market Forex.
