Today more and more people wonder: what is the recipe of successful trading? What is the secret of wealthy people – Forex millionaires? How can one achieve the best results in trading in the financial markets? Surely, as in any other matter, there is no simple answer to these questions. However, there are common basics which, as practice shows, are the keystone to the success you are seeking.
FXFINPRO CAPITAL presents for your attention 10 golden rules of successful trading. We’ve analyzed the strategies of successful traders – today’s contemporaries - and tried to structure the results of the analysis using simple and easy to understand rules.
We sincerely wish every trader success and believe that these simple but effective principles of trading will help you to achieve your desired results.
1. Be prepared to accept losses. You have to understand that anybody can lose money in the financial markets. Of course, your profit has to exceed your losses. You have to do your best to achieve this balance.
2. Trade following a definite plan or strategy. Before trading you have to decide the amount of money you wish to trade and what profit you are hoping to achieve? Having achieved the result you want, withdraw your profit immediately. Remember that you will never achieve success if you don’t set certain profit targets. “To make as much money as possible or as luck would have it” is a sure way to lose your original investment.
3. Don’t allow greed to overcome you. When trading is successful, novice traders often forget about their set targets and erroneously hope that successful trading will go on. We should note that the market and trends can be extremely changeable which is why, after achieving your target results you should immediately withdraw your profit and not harbor any regrets about what ‘might have been’.
4. Always close loss-making orders. If you see that an open order is undoubtedly loss-making, don’t stay in the market hoping that the trend will change, and the market will turn in your favour. If you suffer losses, close the order immediately and leave the market.
5. Cold math and nothing else. Learn how to control your emotions. The main reason of the loss-making deals is traders’ excessive emotionality and their unwillingness to follow the opinion of the experienced market players. The world of Forex requires forgetting your emotions: stick to your strategy and for sure don’t forget about stop loss orders.
6. Trends are the most important thing. Your profit will continuously grow if you follow trends.
7. A correct entry point is the basis of success. Don’t enter the Forex market just because of a sharp rise or decrease of prices. Always analyze beforehand how you will trade. You need to have a clear understanding of an entry point, profit fixing levels etc.
8. Trade without losses. Manage to keep the profit you made. Withdraw the profit and close the orders in time without excessive sentiment.
9. Knowledge is light. Seek to deepen your knowledge: learn analytical reviews, read about world news and analyze graphs. You will never reach the Forex Olympus if you are not in the habit of learning about the intricacies of financial basics.
10. Be positive and confident of your luck. If you believe that you can achieve the best results, if you have a strong desire to win and you maintain a positive attitude, then you have the tools required for success. Obviously, when you lose, it can be difficult to pull yourself together and start afresh, but just believe that a great many people have overcome these difficulties only to become stronger, wiser and more successful.
As a rule, those who fail blame everything but themselves (but in 99 per cent of all cases the trader is the reason for the loss). However, those persistent and determined enough to succeed, in the end, achieve the best results. No one nor anything should make you abandon your goals. Some circumstances may hinder you for a while, but whether to stop or whether to continue depends solely on you.
FXFINPRO CAPITAL always meets the needs of its clients and is happy to provide help if they are in difficulty: if you doubt what or which way to trade, or how to make the first steps in the financial markets or how to enhance your results – trust the professionals. A strong team of analysts, risk managers and customer service staff are always ready to consult with you and offer you the best solutions to your questions. However, you should remember that the final decision is always yours, and this is good for you: the earlier you start to take responsibility for your decisions, the faster you will achieve success.
And finally, always remember: don’t keep making the same mistake. Think over the experience and activities of successful traders. Follow simple rules, especially if you are just at the beginning of the road, and you will surely achieve your desired results.
FXFINPRO CAPITAL company believes in your success.