These rules are essential for long term trading success and need to be in place from the very start of your trading. Trading is such a challenging way to spend your time that you will need to strap yourself in before you lift of because trading is potentially freeing, compelling and damaging in equal measure. Stick to the rules and keep safe.
Golden Rule 1.
Check your emotional state before you trade. If you are depressed, fed up, scared, distracted or in any other way in tip top emotional state then do not trade. Tempting as it may be your judgment will be clouded and your response to the trades, win or lose will be distorted.
Golden Rule 2.
Plan the trade. You must know front what strategy you are going to use and stick to it. Know how much time the trade will take. Make planning the trade part of the trade itself and part of your routine. If you fail to plan you plan to fail is a common quote and never more true than in Forex trading.
Golden Rule 3.
Trade the plan. The best way to describe this is to imagine that you are a robot that is executing a trading plan that has been well organised and Make no judgements on the plan just input the data and leave it. If you planned the trade as you should there should no thinking involved at this stage at all.
Golden Rule 4.
Record Everything. Get a spreadsheet and record all the details of the trade. It is essential that you have data to refer to as it obviously builds to record for the future. Information is power within many areas and the same for trading. Make this part of the trade too as much as the planning and make sure you do this every time. There is little more frustrating the knowing you could have done better if you had stuck to the plan! Get a notebook to and organise your note taking.
Although I have not listed all of them I have listed 4 of the top golden and shiny rules that will make you a better and more successful trader. The difference between success and failure comes in the execution of a plan. A poor plan, well executed can bring better results than a great plan poorly executed.
David Marshall has looks for the best trading technology and the best mindsets to ensure trading success. Want more information on fx online trading? Just visit our site, http://fxonlinetrading.net.
Article Source: http://EzineArticles.com/?expert=David_C_Marshall
Thursday, April 22, 2010
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35 comments:
important rules in forex world starting with your mode that must be good to make trades and your plan of what you will do and end with memorize and write what you are doing
it is really important to ask if you are ready enough to enter trading in Forex. dedication is necessary.
new post good to know more about forex trading golden rules
thanks for post
really good article about Forex Trading System. The article was really Good with required information on Forex Trading System. this article will definitely help pepole to choose a better Forex Trading System.
hey bro the above golden rules are very helpful in forex trading can u plz post more forex trading golden rules
i love the first rule and it is pretty fair that it should be on no. 1 because controlling emotion is necessary thing for any work you do
Nice article about Golden Rule of forex online trading. Very useful for the beginner in this field
all the online forex trading rules were awesome but i really like that first one, which was about controlling feelings and emotions.
All this while, I used to know only one golden rule and that was "invest only what you are willing to lose". In Forex trading, it is very important to follow all the golden rules you have listed now. Thank you so much for sharing. I love it.
Yeah, these are the rules that we should follow if we are planning a long term investment in Forex market and it can help us to reduce the risk that we take during the Forex trading process!
Top 10 golden rules that you provide, it is very important for the world's forex a good start with the mode and plan to make a trade. Thank you so much for sharing.
important rules in forex world starting with your mode that must be good to make trades and your plan of what you will do and end with memorize and write what you are doing
This article is very useful for beginner traders, since it can provide the best path to be taken so that it can lead them into a reliable trader.
there are lot of options, systems and strategies available for free online. and finding what will be the best for you can make you more successful in Forex.
It's a great article for Forex Online Trading - Top 10 Golden Rules Numbers 1-4 .I get much information from this article.thanks for post it.
wonderful way to earn money online using forex trading and these rules are really very useful for all
each rule about forex is really golden, i'm looking forward to the numbers 5-10
this article give me better idea about forex trading . Forex Online Trading - Top 10 Golden Rules Numbers 1-4. A very good piece of information given there.thanks
After reading this article, I realize that it is really important to understand about Forex Online Trading.thanks for it.
These trading tips are great and there is some great information provided in the article which is simply great.
The 4 golden rules about Forex online trading are really helpful. Specially rule 2: Plan the Trade and rule 4: Trade the Plan are interesting.
useful tips and it's of great value to many pepole !! , guess i'll share the info here with a friend who want to learn about Forex Online Trading Top 10 Golden Rules Numbers 1-4 ..thank you very much for your article
one of the best act to give a proper guidance to succeed in trading..really i appreciate the effort of this post..i learned a lot...
amazing article about Golden Rule of forex online trading. Very useful for the beginner in this field article about Golden Rule of forex online trading. Very useful for the beginner in this field
I recomend to vote for Golden rule 1, we must to care for your emotional. Because Forex is very dangerous.
It's a great article for Forex Online Trading - Top 10 Golden Rules Numbers 1-4 .I get much information from this article.
Trading in forex exchange is not that easy if you do not follow all the rules. If you follow all the necessary steps you can of course become a successful trader in a short time.
Thanks a lot for share this great information through this article. I'm going to share this with my friends.
i love the first rule and it is pretty fair that it should be on no. 1 because controlling emotion is necessary thing for any work you do
This rules are really needed for starting forex trading.Trading forex is not so much easy so by following rules anyone can invest their money with skills
nice post, you can tell me the top ten of the rule in forex trading, and i will try it, thanks for shared, good and nice job..
frankly those rules done lot to me..in forex trading there is no certain format to get away with huge success,and the rules also interlinked with human kind emotions...nice one
it`s True that the first rule and it is pretty fair that it should be on no. 1 because controlling emotion is necessary thing for Forex Trading
This is realy a nice article about Golden Rule of forex online trading.Top 10 golden rules that you provide, it is very important for the world's forex a good start with the mode and plan to make a trade.Really I appreciate the effort of this post.....
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