Here we will give you the 10 commandments all the successful traders live by and the reason they do is they are the key to currency trading success. Here they are, make them part of your essential Forex education and win..
These commandments can be your key to currency trading success so here they are in no order of importance, there all important!
1. Accept you are responsible for you Financial Success
If you want to follow a guru, mentor or sure fire trading system you will lose. Only you can give yourself success so accept responsibility.
2. Use a Simple System
Simple systems work best and always will because Forex markets are not mathematical in terms of price movement, there an odds based market.
3. Accept Losses Cheerfully and don’t take them Personally
You are going to lose for periods but its nothing personal, you need to take them cheerfully and accept taking losses and keeping them small is part of winning.
4. Understand that Money Management is the foundation of Success
Think money management is just placing a stop? Your wrong, you need to manage overall account equity and know how to place stops in relation to volatility so make it part of your essential Forex trading education.
5. Trade Price Change and not Predict
If you think you can predict Forex markets in advance you will lose, simply trade the reality of price change as you see it and you will have the odds on your side and that means big profits.
6. Have the Discipline to follow your System
If you can’t follow your system with discipline, through periods of losses, you don’t have a system! You must execute your plan with discipline and this is built on confidence in your trading plan.
7. Be Patient and Wait for the Right Opportunities
Many traders think the more they trade, the greater their chances of success but this is simply not true. The high odds trades don’t come around every day and you need to wait until they do before trading.
8. Have the Courage to Accept big Profits
Most traders snatch profits to soon but if you look at a currency chart, you will see the big trends last for weeks, months or years, so have the courage to hold them and milk them for all there worth.
9. There is More to life than Trading
If you get obsessed with trading, chances are its to important to you, your emotions will get involved and that means you will lose.
10. Understand Perfection is Not Possible but Making big Gains is!
Most traders spend endless time trying to find the perfect system that predicts or never losses and it’s a fruitless search. Accept the market for what it is, a market that you will lose in but its one you can win long term, with a logical, robust Forex trading strategy.
I hope you enjoyed the above rules and you can use them to make bigger Forex profits.