Here we will give you the 10 commandments that all successful traders live by, and because they follow, they are the key to success in currency trading. Here they are, make them part of your necessary Forex education and win.
These commandments can be your key to success in currency trading, so here they are not in order of importance, here everything is important!
1. Accept that you are responsible for your financial success
If you want to follow a guru, a teacher or a confident trading system, you lose. Only you can give yourself success, so take responsibility.
2. Use a simple system
Simple systems work best and always will, because Forex markets are not mathematical in terms of price movements, there is a market based on odds.
3. Gladly accept losses and do not take them personally
You’re going to lose for a few periods, but it’s nothing personal, you need to accept them with joy and accept losses, and keeping them small is part of winning.
4. Understand that money management is the foundation of success
Think money management just stops? You are wrong, you need to manage the total capital of the account and know how to put stops due to volatility, so make it part of your necessary education in Forex trading.
5. Change the value of trade, not forecasting
If you think you can predict Forex markets, you lose, just trade the reality of price changes as you see it and you will have chances on your side, which means big profits.
6. Have the discipline to follow your system
If you can’t follow your system with discipline, through periods of loss, you don’t have a system! You need to follow your plan with discipline and this is based on confidence in your trading plan.
7. Be patient and wait for the right opportunities
Many traders think that the more they trade, the better their chances of success, but this is simply not the case. High-odds trades don’t happen every day, and you need to wait until they’re done before trading.
8. Have the courage to make big profits
Most traders quickly snatch profits, but if you look at the currency chart, you will see that big trends last for weeks, months or years, so take the courage to keep them and give them everything.
9. There is more to life than trade
If you’re obsessed with trading, chances are it’s important to you, your emotions get involved, and that means you lose.
10. Understand that perfection is impossible, but big profits are it!
Most traders spend endless time trying to find the perfect system that predicts or never loses, and it’s a fruitless search. Accept the market as it is, the market in which you will lose, but it can be won in the long run, with a logical and reliable Forex trading strategy.
I hope you enjoyed the above rules and you can use them to make more money on Forex.