15 Golden Rules That Will Make You Successful As A Forex Trader

In this article I will be sharing with you 15 golden rules that will make you successful as a forex trader. Forex trading is one of the best business any determined person can venture into because it is capable of turning people into millionaires in few years. So therefore, to become successful as a forex trading they are 15 golden rules that can make you rich and financially independent.

  1. Don’t Risk More Than 1% of your capital in one trade.
  2. Don’t lose more than 10% of your capital on any trading day.
  3. Always have a risk reward ratio of 1:2 (1 is to 2) and above. It will make you profitable in the long run.
  4. It’s better to take a break from trading if you are not feeling good emotionally.
  5. Always remember trading is just a probability game and not a prediction game.
  6. It’s impossible to catch all the excellent trading opportunities every time.
  7. If you see the profit screenshots of other traders, it will trouble your emotional balance. So follow your trade plan.
  8. It’s better to stick one trading system across different market conditions. Your learning curve will not improve if you keep on jumping from one strategy to another.
  9. Avoid trading when you see a significant drawdown or when you get a few successive failed trades.
  10. When you think you know everything in the market, the next day you lose big money. Beware of your ego
  11. If you lose money on any trade, then you have made a mistake. There is a lesson to learn (no matter what).
  12. Your aim should be to make money in the market every day and not losing it. So if you are in profit stop trading and continue tomorrow
  13. There is no need to argue with anyone for any reason. You are right if you are making money in the market.
  14. Learn how to ride your profits and cut your losses. It is the most challenging task in trading.
  15. Continue learning because learning doesn’t end.
Austine Ikeru
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