20 Forex Trading Guidelines

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1. Plan your trades and trade your plans.
2. Hope and fear are the two greatest enemies of speculators.
3. Keep records of your trading results.
4. Maintain a positive attitude no matter how much you lose.
5. Avoid overconfidence——it could be your greatest enemy.
6. Continually set higher trading goals.
7. Stops are the key to success for many traders——limit your losses!
8. The most successful traders are those that trade long term.
9. Successful traders buy into bad news & sell into good news.
10. The successful trader is not afraid to buy high & sell low.
11. Successful traders have a well scheduled planned time for studying the markets.
12. Successful traders set profit objectives for each trade they enter.
13. Do not collect the opinions of others before entering trades——facts are priceless——opinions are worthless. In short successful traders isolate themselves from the opinions of others.
14. Continually strive for patience, perseverance, determination, and rational action.
15. Never get out of the market just because you have lost patience or get into the market because you are anxious from waiting.
16. Avoid getting in or out of the market too often.
17. The most profitable trading tool is simply following the trend.
18. Never change your position in the market without a good reason. When you make a trade, let it be for some good reason or according to a definite plan; then do not get out without a definite indication of a change in trend.
19. Losses make the speculator studious——not profits. Take advantage of every loss to improve your knowledge of market action.
20. The most difficult task in speculation is not prediction but self-control. Successful trading is difficult and frustrating. You are the most important element in the success equation.

FOREX Trading Basic Knowledge

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