Forex Trading 101
There are so many aspects to Forex trading that it is really not difficult to get confused. Where do you begin? What must you look for? What products should be used? And foremost, what are the Rules for Forex Trading to consistently make profits?
I guess so many questions, so many opinions and responses. There will be some individuals willing to put their lives on the line for following their own system, whilst others will take a different system or set of rules. The reason is that each person's goals, situations and expertise vary. But in my experience, there are general Rules for Forex Trading that should be implemented to gain success in this trade. Indeed, these rules apply to almost any business venture undertaken. I have made slight modifications to apply to Forex trading specifically.
Before making a trade, commit a considerable time and effort in making sure you gain much knowledge as possible about the intricacies of currency trading. Do thorough research, ask queries and explore things for yourself - instead of relying solely on what others articulate. Undertake correct testing of different products and systems before starting to trade on real account. It should be a constant learning process. This is possibly the most critical of all the Rules for Forex Trading.
To coin an old phrase: "Failing to plan is planning to fail". You are even constrained to begin to start trading without a concrete plan in tow. A plan should consider a detailed outline of the trading strategy to be carried out taking into account, the lot sizes, time lines, trading schedules, currency pairs traded, profit-taking exit targets, capital preservation strategy, etc.
Once your plan is firmed up, a system is paramount for success. I am not aware of any successful trader who doesn't use a proper trading system. Whether it is manual based or automated, make sure the system is good and then stick to it. This will eliminate subjective trading and give you a proper framework to work from.
The Rules for Forex Trading are very easy. But it is difficult to implement and follow. Keep getting used to your system and you will reap the benefits. Ensure that your system is consistent with the rules and calibrate if needed. - 23305
I guess so many questions, so many opinions and responses. There will be some individuals willing to put their lives on the line for following their own system, whilst others will take a different system or set of rules. The reason is that each person's goals, situations and expertise vary. But in my experience, there are general Rules for Forex Trading that should be implemented to gain success in this trade. Indeed, these rules apply to almost any business venture undertaken. I have made slight modifications to apply to Forex trading specifically.
Before making a trade, commit a considerable time and effort in making sure you gain much knowledge as possible about the intricacies of currency trading. Do thorough research, ask queries and explore things for yourself - instead of relying solely on what others articulate. Undertake correct testing of different products and systems before starting to trade on real account. It should be a constant learning process. This is possibly the most critical of all the Rules for Forex Trading.
To coin an old phrase: "Failing to plan is planning to fail". You are even constrained to begin to start trading without a concrete plan in tow. A plan should consider a detailed outline of the trading strategy to be carried out taking into account, the lot sizes, time lines, trading schedules, currency pairs traded, profit-taking exit targets, capital preservation strategy, etc.
Once your plan is firmed up, a system is paramount for success. I am not aware of any successful trader who doesn't use a proper trading system. Whether it is manual based or automated, make sure the system is good and then stick to it. This will eliminate subjective trading and give you a proper framework to work from.
The Rules for Forex Trading are very easy. But it is difficult to implement and follow. Keep getting used to your system and you will reap the benefits. Ensure that your system is consistent with the rules and calibrate if needed. - 23305
About the Author:
Jason Myers is a professional writer and he writes mostly about day trading the forex market. He's also interested in writing forex beginner help guides.
posted by Mr. Forex at
6:28 AM
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