#1 Do not let your account get wiped: When I started trading, I traded $1000 at 0.01 (volume).This helped me to get used to the emotions that goes with trading, without getting my account wiped within a few days. When I got more used to the trading I moved the volume up 0.01 at a time. In the beginning you will not make money, but stick with it and the money will come. #2 Trade as if you have someone you have to give account to. I told myself that I have a very angry boss to whom I have to give account to if I made a stupid trade. This helped me to make sure of my trades; else my boss is going to fry my behind. #3 A good system is better than immediate cash flow: When you did your homework, believe in your trade and yourself, even if it does not give an immediate cash reward.
I trust that this will help you as much as it helped me.
thanks a lot for the helpful post. I think I will try your system very soon to make sure that it works as you claim. A lot of people claim a lot of things in forex which ends up not working. I hope yours work
It is true that each trader follows his own principle whiletrading. As forex market is a volatile and highly competitive market I follow the given: 1. I prefer to trade with major pairs, as USD is the most common currency around the globe. 2. Working as a scalper with small lots. 3. Trying to properly utilize stop loss orders and trailing stop. 4. Maintaining a trade routine in order to evaluate my own performance on a weekly basis.
Broker is most important thing in forex market. Every trader needs a good trust worthy broker as their trading partner. Traders have to be emotionless and stick to their trading plan. If traders trade with emotion they cannot be success in forex market. Now I am trading with CapitalsTrade. it is a regulated and licensed broker I Vanuatu. It is provide me best trading tolls and facilities like low tight spreads high leverage etc.
Discipline....Discipline.....Discipline.....Discipline!! Once you have your trading plan, plan your trade and trade your plan. Traders sometimes change the strategy because they had one losing trade just to lose more trades. Not so?
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