1. Create a trading plan and description well. The criteria, you need to know when:
- Open positions
- How many digits Stop Loss & Take Profit is 'ideal'
- Have a financial management strategy (money management). This is related to how long you are trading in a month, your account how the level of resistance against the risk of loss, when the attraction of funds, when adding funds, and allocation of income to savings, investment and consumption.
2. Make the trend as your best friend (Trend Follower). Never fight the market trend (though not including mandatory rules). If prices are rising, you can put a Buy and vice versa if the price is down then you can install Sell position. Most people often take the opposite (counter trend) and often wrong - though there's also often true:).
3. Keep well & carefully your capital. Do not allow your capital to $ 0.0. If that loss, try to keep 10-50% of your capital, so that when the time comes to add funds or injeck, or the dollar amount paid up is not too large. Imagine if you had to raise funds for Forex trading as a result of your loss.
If in two or three trades already spend 20-40% of the capital due to loss, stop for a moment. Hold yourself to open new positions. Do not obey yourself to "get even" or "want return on investment". Try to calm your mind and your head. Organize your trading system back in the Demo Account. Spend time 3 days - 1 week to try trading system at the Demo Account.If it has been established, please go back to Real Account.
4. Knowing when to dispose of "toxic". The term toxin is a Buy or Sell which has been opened that has a floating (floating position / not closed) a negative or minus a sizable position. Say if Buy GBP / USD you have -150 points in the period of 2 hours, is it still worth keeping. Or if the position of AUD / USD is minus -100 within 20 minutes, if still loved-baby??!
Ah, not the price back again later. Well, if the price ndak back and forth, we become "poisoned" myself, both mind and body. We can be physically ill to think of a position that has not closed that reached 200 points for example. Just remember, for the money now rather difficult to yah. If already ndak productive within 2-3 hours, well to be amputated / Cut Loss. Cut, remove the already bloated & unproductive. What else would make the position of stay, more than one day with more expected profit well and also get a premium interest rate, put obligatory Stop Loss. Our advice, if you want to continue the next day, put the Stop Loss 200 points from the point of your open positions. Use a Trailing Stop if any facilities provided by the trading platform.
Stop Loss Plan as early as possible. These days, the price movement for the Euro & Pound reaches 200-400 points per day. Determine ideal Initial Capital & Stop Loss you with a situation like that.
5. Do not be emotional. If you've reached your daily or monthly targets, get out of the market. Do not be greedy.
Avoid the fear. Now it is linked with tips no.6, be informed. If you already know the extent to which prices can move with technical & fundamental indicators, do not look for the disease. Do not hesitate to put a Stop Loss or Trailing Stop to limit losses.
6. Be smart & informed. Not intended to support one private TV, but be a smart trader. Smart here is no basis why should Buy and Sell why. That is, you should research the market as Fundamental and Technical. Open daily news Forexfactory.com and others. Adjust date & time to time in which you reside.
7. Immediately write your trading on a trading journal. Make a note of Profit / Loss Your daily. Note also the causes, why and why profit and loss. My Trading Diary .....
8. When prices move sideways or a little, do not enter the market. Essentially if your own conscience in doubt, what about your forex trading. Your Forex Account deifying it as a car that takes you on a profit / gain.
* Not applicable for those who are specializing in the market sideways!
9. Do not be too much or excessive trading. In one day, you're a scalper for a maximum of 10 times the position. To your good Daytrader maximum of 2 positions and Swing Traders even less. Remember, conditions & technical analysis of Forex fundamental change often over time.
10. Never Give Up. Do not give up .. never give up. Loss of Demo $ 5000 within a month, try again with a $ 1000. Loss, came back with $ 3000, and so on. Find a suitable trading system for yourself.
The goal is only one: Profit & Consistent.
