The best in the world

  • Home
  • Technics
  • Finance
  • Ratings
  • Cars
  • Movie
  • People
  • Home
    • Technics
    • Finance
    • Ratings
    • Cars
    • Movie
    • People

Home Finance

Top 10 Rules for a Successful Forex Trader

Share
Pin
Tweet
Send
Share
Send

Based on a well-established set of rules, you provide yourself with a better chance of success in foreign exchange trading. Here are 10 rules that a successful Forex trader should keep in mind before starting work:

1. Forex - no place for gamblers

If you want to gamble, drive to Las Vegas or Atlantic City. If you make a spontaneous decision without researching signals, trends, fundamental and other factors, then you are a gambler. The best forex traders plan their transactions based on the best available information. Transactions based on hunches and instincts form a short and disappointing trading career.

2. Practice on a demo account

Practice trading well before investing real money. Allow yourself a reasonable period of time to learn more about Forex and the specific trading program that you will use. Do not rush to bet real money to risk it. The more knowledge you gain, the more likely you will become successful. Practice gives you the opportunity to hone your skills and master the software. And mistakes can be regarded as a learning experience.

3. Trade in parallel with the trend

Trading against the trend requires a lot of skill and gives a lower percentage of profitable trades. It is much more profitable and safer to follow the market in the direction of its movement.

4. Study technical analysis

Read a good book (or two) on the basics of technical analysis and the market itself. This understanding will help you gain new trading skills.

The most interesting books of authorship of Russian and foreign traders can be found in the "Education" section of the Forex broker InstaForex website.

5. Do not risk much in one transaction

A good value is in the range from 3% to 4% of capital. Thus, even if the transaction is absolutely unprofitable, your account will not suffer from a loss that you cannot recover from.

6. Always use stop loss

Place an order at the same time as you enter a trade. And then in case of market movement against the transaction, the loss will be limited. A number of traders use 8% for stop loss. It all depends on the specific time period, the amount on the account, confidence in the generated signals and risk tolerance. Designate stop loss as you think is right in the current circumstances.

7. Pay attention to different time frames.

A period other than the one you are trading in will give you a different perspective on the trend. If you are working on a 5-minute chart, look at the 15- and 60-minute chart to get a broader perspective. Use the best Forex daily strategies to achieve acceptable results.

8. Leave emotions out of the market.

The first characteristic that could be blamed for the failure of any trader is emotions. They have no place to trade, you should base your transactions on technical and fundamental aspects, and not on how you feel.

9. Be true to initial decisions.

Any transaction must have a clearly defined entry price, profit target and stop loss. Take profits and losses where you calculated until the market reverses all your plans.

10. Choose the correct time frame

Each person has a different temperament. It determines what time frame is best for you in trading. Not everyone can be a good speculator on the minute chart, as not everyone can do position trading. Choose a time frame in which you will feel most comfortable and confident.

Share
Pin
Tweet
Send
Share
Send

Watch the video: 10 THINGS YOU NEED TO BECOME A MILLIONAIRE FOREX TRADER (June 2025).

Similar Articles

Top 10 best inventions by Steve Jobs
Ratings

Top 10 best inventions by Steve Jobs

2020
Rating of interethnic tension of the regions of the Russian Federation
Ratings

Rating of interethnic tension of the regions of the Russian Federation

2020
8 effective rules for learning English
Ratings

8 effective rules for learning English

2020

Leave Your Comment

Recommended

The most intricate subways in the world

The most intricate subways in the world

2020
Top 7 Rules for Creating an Effective Commercial

Top 7 Rules for Creating an Effective Commercial

2020
Top 6 myths about the merits of glued beams

Top 6 myths about the merits of glued beams

2020
The best candy brands from Finland

The best candy brands from Finland

2020

Popular Categories

  • Medicine
  • Sport
  • Favorite
  • Games
  • Nature
  • Movie
  • Technics
  • Food and drink
  • Coronavirus
  • Cars

Recent

XRide Smart Glasses Review - Bluetooth Headset for Sports, Communication, Music

The smallest capitals of the world

The biggest cats in the world

Top 10 best films about sports, a list of all time

The safest cars in the world 2018, Euro NCAP

World competitiveness rating 2019, IMD

Actual

Top 10 Interesting Facts About the US Dollar
Ratings

Top 10 Interesting Facts About the US Dollar

2020

The US dollar is one of the main reserve currencies and the most popular means of payment in the world. The appearance of gray-green bills is known to everyone and everyone, but a lot of interesting facts are connected with the origin, history and circulation of the dollar. For example, the size of US dollar banknotes does not depend on the face value, ...

Jokowi supporters try to prevent anti-Jokowi activist from entering Batam

Rating of Russian leasing companies

2020
Jokowi supporters try to prevent anti-Jokowi activist from entering Batam

The most popular cat breeds in Russia and the world (photo)

2020
Jokowi supporters try to prevent anti-Jokowi activist from entering Batam

Best frameless smartphones, 2018 ranking

2020
Jokowi supporters try to prevent anti-Jokowi activist from entering Batam

The most interesting facts about the 4th season of the game "Game of Thrones"

2020

The best in the world

The best in the world.

Recent

  • 10 unusual New Year and Christmas traditions in the world
  • Top 5 best lipsticks in 2020 according to Roskachestvo
  • The most popular online trends of 2017

Popular Categories

  • Tourism
  • People
  • Technics

© 2025 https://efuc.org

  • Favorite
  • Articles
  • Technology Reviews and Tests
  • Food and drink
  • Technics
  • Games
  • Medicine
  • Nature
  • The most in the world
  • Coronavirus

© 2025 https://efuc.org