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The Ten Rules For Forex Trading

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The Ten Rules For Forex Trading : I list here ten rules that I think are important for trading FOREX. I have split the list into five Dos and five Don’ts.

Dos :
1- When trying out a new trading strategy, always test it in a demo account, or with a small amount of money, before you commit more money to it.
2- Always keep a record of each of your trades, with details of why you got in, how you got out and why it turned out the way it did.
3- Have a personalized trading plan and update it as you learn from the market.
4- If you are unsure of a trade, stay out. It is better to miss an opportunity than to have a loss.
5- When trading, keep up-to-date with both the fundamentals and technical affecting the market. A trader in the dark is a trader in the red.

Don’ts :
1- Don’t trade with money you can’t afford to lose! It will affect you emotionally, and you will most likely lose it to irrational trading.
2- Don’t follow someone else’s trading advice blindly. Always know why you are getting into a trade, and how you are going to get out of it.
3- Don’t be concerned about being right. Just be concerned about being profitable.
4- Don’t over-leverage. Chances are that your account will be decimated before you can recoup your losses and go into profit.
5- Don’t revenge-trade the market. Vent your frustrations elsewhere after a loss.

You can now benefit from LDN company’s services through the LDN Global Markets trading platform.

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