Saturday, June 7, 2014
Five rules of successful trading
Trading on the international exchange market Forex, you should keep to the 5 rules.
It means that you can divide your work in five main stages, so that three of them should be based upon the thorough data analysis and last two – on reflex. Let’s consider all five principles of trading operation.
First rule. Opportunities quest. The first rule of trading includes monitoring and analysis of charts in order to find the most appropriate moment for you to enter the forex market. Above all, it is the intellectual process, but emotions play a great role here. Every trader should determine his own process of opportunities quest and follow it closely.
Second rule. Opening position. This part of trading process should be exclusively based on reflexes. Since you analysed the market, you should spend only several seconds to open a position. The most important thing here is vigor, there should not be any delay in opening the position. You have to rely on your intuition, because only diffident trader is destined to failure on Forex.
Third rule. The third rule is the most difficult in trading because here you should not give free play to your emotions which are the main envy of successful and profitable trading. You should move forward, you should ignore your fear, greed and hope. Only if a trader realizes how to ignore his emotions, he will be successful on Forex.
Forth rule. Closing the position. Here you should bring everything up the automatism. You should act quickly.
Fifth rule. Is it really important? Asking any successful and experienced trader you will get a positive answer to this question.
If you strive to achieve the success on Forex market, you should keep a diary of all trading operations – only self-analysis will help you to make your trading at Forex market profitable.
And do not forget one very important factor, if you are newbie at Forex market, the first account you open should be opened on forex demo account because training within real market conditions but using virtual money will help you to realise what Forex market is and how you can earn money from it.
Working with real money you should be objective. In order to make your trading profitable you have to develop and gain experience, only hard work can help you to achieve success on the international currency market Forex.
It means that you can divide your work in five main stages, so that three of them should be based upon the thorough data analysis and last two – on reflex. Let’s consider all five principles of trading operation.
First rule. Opportunities quest. The first rule of trading includes monitoring and analysis of charts in order to find the most appropriate moment for you to enter the forex market. Above all, it is the intellectual process, but emotions play a great role here. Every trader should determine his own process of opportunities quest and follow it closely.
Second rule. Opening position. This part of trading process should be exclusively based on reflexes. Since you analysed the market, you should spend only several seconds to open a position. The most important thing here is vigor, there should not be any delay in opening the position. You have to rely on your intuition, because only diffident trader is destined to failure on Forex.
Third rule. The third rule is the most difficult in trading because here you should not give free play to your emotions which are the main envy of successful and profitable trading. You should move forward, you should ignore your fear, greed and hope. Only if a trader realizes how to ignore his emotions, he will be successful on Forex.
Forth rule. Closing the position. Here you should bring everything up the automatism. You should act quickly.
Fifth rule. Is it really important? Asking any successful and experienced trader you will get a positive answer to this question.
If you strive to achieve the success on Forex market, you should keep a diary of all trading operations – only self-analysis will help you to make your trading at Forex market profitable.
And do not forget one very important factor, if you are newbie at Forex market, the first account you open should be opened on forex demo account because training within real market conditions but using virtual money will help you to realise what Forex market is and how you can earn money from it.
Working with real money you should be objective. In order to make your trading profitable you have to develop and gain experience, only hard work can help you to achieve success on the international currency market Forex.
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