Here we give you the 10 commandments that all successful traders live by and that’s because they are the key to success in forex trading. Here they are, make them part of your basic Forex education and win.
These commandments can be your key to success in forex trading, so they are not ranked by importance here, they are all important there!
1. Accept that you are responsible for your financial success
If you want to follow a guru, mentor or safe trading system, you will lose. Only you can be successful, 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. Embrace losses and don’t take them personally
You will lose at times, but it’s nothing personal, you have to take it happily and accept it, taking losses and keeping them small is part of winning.
4. Understand that money management is the foundation of success
Do you think Money Management is just stopping? You’re wrong, you need to manage all account equity and know how to set stops on volatility, so make it part of your basic forex trading education.
5. Trade Price Change and not Predict
If you think you can predict the forex markets in advance you will lose, just trade the reality of price changes as you see them and you will have the odds on your side and that means big profits.
6. Have the discipline to follow your system
If you can’t follow your system with discipline, you don’t have a system! You must execute your plan with discipline and this is based on having faith in your trading plan.
7. Be patient and wait for the right opportunities
Many traders think that the more they trade, the greater their chances of success, but that’s just not true. The high odds trades don’t happen every day and you have to wait for them to happen before you trade.
8. Have the courage to take on big wins
Most traders snap profits too quickly, but if you look at a currency chart, you’ll see that the big trends last for weeks, months, or years, so have the guts to hold them and milk them for all their value.
9. There is more to life than trading
If you are obsessed with trading it is probably too important for you, your emotions will be involved and that means you will lose.
10. Understand that perfection is not possible, but winning big is!
Most traders spend endless time trying to find the perfect system that predicts lose or never and it is a fruitless search. Accept the market for what it is, a market you will lose in but can win in the long run with a logical, robust forex trading strategy.
I hope you enjoyed the above rules and you can use them to make bigger forex profits.