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[jeff15]

Trading is also a job and there must be some rules and disciplines. A disciplined and skilled trader can make money form forex market and achieve their targets. So please read these rules and try to follow these rules:

1. Emotional control is at the heart of good trading : if you a emotive trader, you can never get success in forex market. Because in forex market you must love forex trading, but don't love any currency or any currency pair, every time every currency can never perform well.

2. Cut losses with the strictest discipline: Don't love your positions in forex market, if you are losing your money, and your trading rules are denying continuing the trade, immediately exiting form the position.

3. when you lose, don't lose the lesson! : if you losing money in your positions and you are upset with your trade still don't forget the rules , because if you forget the rules ,you have to face any big loss or problem.

4. When in doubt, get out: when you have any doubt related to trend market conditions and you are unable to decide that where to enter and when in trade, just get from the trading room, don't trade that time.

5. Keep your risk/reward profile in check: You must analyze your risk appetite before initiating any trade, after assessing the risk, initiate the trade, and when you want to initiate any trade, think analyze your risk and reward ratio for that particular trade.

6. Avoid scheduled news: Listen all news or scheduled news but don't try to follow news in your trade, make your own trading plans and strategies.

7. Use Technical or Fundamental Analysis: Use any type of analysis for analyzing the market conditions or market trend.

8. Trend is your Friend: Always follow the trend, don't try to go against the trend, if trend is UP, so make long positions and if trend is bear, make short positions.
9. Trade with a blend of anticipation and confirmation: When you are sure about your plan or your strategy, and market is behaving like your plan and you got confirmation from market to trade, and then initiate any trade.

10. Finally (perhaps most important), always be patient: Keep patient always, don't get hurry with forex trading, it can be very harmful for you and for your portfolio.

Have A Happy Trading

[MarioX]

Originally Posted by jeff15

Trading is also a job and there must be some rules and disciplines. A disciplined and skilled trader can make money form forex market and achieve their targets. So please read these rules and try to follow these rules:

1. Emotional control is at the heart of good trading : if you a emotive trader, you can never get success in forex market. Because in forex market you must love forex trading, but don't love any currency or any currency pair, every time every currency can never perform well.

2. Cut losses with the strictest discipline: Don't love your positions in forex market, if you are losing your money, and your trading rules are denying continuing the trade, immediately exiting form the position.

3. when you lose, don't lose the lesson! : if you losing money in your positions and you are upset with your trade still don't forget the rules , because if you forget the rules ,you have to face any big loss or problem.

4. When in doubt, get out: when you have any doubt related to trend market conditions and you are unable to decide that where to enter and when in trade, just get from the trading room, don't trade that time.

5. Keep your risk/reward profile in check: You must analyze your risk appetite before initiating any trade, after assessing the risk, initiate the trade, and when you want to initiate any trade, think analyze your risk and reward ratio for that particular trade.

6. Avoid scheduled news: Listen all news or scheduled news but don't try to follow news in your trade, make your own trading plans and strategies.

7. Use Technical or Fundamental Analysis: Use any type of analysis for analyzing the market conditions or market trend.

8. Trend is your Friend: Always follow the trend, don't try to go against the trend, if trend is UP, so make long positions and if trend is bear, make short positions.
9. Trade with a blend of anticipation and confirmation: When you are sure about your plan or your strategy, and market is behaving like your plan and you got confirmation from market to trade, and then initiate any trade.

10. Finally (perhaps most important), always be patient: Keep patient always, don't get hurry with forex trading, it can be very harmful for you and for your portfolio.

Have A Happy Trading

I like it. Especially "news". I would add - stay out of news! Don't trade during the news - markt can be very tricky and sometimes it takes few hours after the news announcement to see 'real' market and it's reaction(direction) to the news.

[miskec]

Very useful, simple and clear. Everybody should follow this rules!

[frankfrx]

thank you for the tips
it helps a lot

[pinalli]

Helpful advices, Well here are some forex profit mantras for all.

• Knowledge is must: good knowledge is very essential before trading. Understanding of subject, terminology, financial market behavior, current trends, foreign news are must for the trader.
• Knowing currencies well: currencies are traded in pairs. So it is very important to understand the impact and relationship among both the currencies.
• Risk Management: take risk only when you are prepared. Risk and return are the two sides of coins. Better management of risk will fetch better results.
• Read, learn and trust trend charts: gaining information and following trend charts can help the trader to earn huge profit. It is always advisable to stick with the trends as the currencies mostly follow a similar pattern with minor fluctuations.
• Deal in common pairs of currency: for a beginner it is always safe to trade in common currencies as the proper information is available. Uncommon currencies are very volatile and sometimes do not follow the past trends.
• Learn from the past experiences: always try not to repeat the same mistake and remember the mistakes done in past. Experience will make trader confident and will help him to understand market well.
• Avoid unknown Forex trading strategies: trader should not involve in these strategies which he does not understand.

Thus, there is no full proof strategy to stop loses but by following the above mantras trader can certainly avoid some of the loss. So friends all the

[SeanBit]

there are some good tips in the All-in-One widget at dailyforex

[4ncurnce]

1) have a trading plan
2) focus on trying to make 1% a day not $$$. If you can make 1% a day that is 20% a month.
3) trade the smallest size you can trade and only increase the size gradually when you are winning consistently on a weekly basis

[monstrader]

Originally Posted by 4ncurnce

1) have a trading plan
2) focus on trying to make 1% a day not $$$. If you can make 1% a day that is 20% a month.
3) trade the smallest size you can trade and only increase the size gradually when you are winning consistently on a weekly basis

one of the most realistic tips that brokers don't tell you..
thanks 4ncurnce

[MarioX]

Originally Posted by 4ncurnce

1) have a trading plan
2) focus on trying to make 1% a day not $$$. If you can make 1% a day that is 20% a month.
3) trade the smallest size you can trade and only increase the size gradually when you are winning consistently on a weekly basis

Agree. Although I would not focus that much on that "1%" each day. What if you do not earn 1% one day? And then another? You are 2% down on your plan? Then you will have to fight back for that 2% and earn 3% next day

So I hope you wrote it in very general way. My experience tells me that cutting profits does not make your account bigger...

[hilzfuld]

I loved those tips, all very useful. I just read an article that had some other great Forex tips, and it is written very well and easy to understand. You can see the article here tinyurl.com/ldj3r7 (Sorry but I was not allowed to post a link yet as I am new here). Hope you like the article.

[Sofia.forex]

Agree!! these are awesome rules for all newbies. As fundamentalist i think the majority of currencies make their biggest moves around news, because there is always some juicy piece of information released that has an effect on the market. Most of the biggest players in the forex business make the majority of their trades when the news comes on in the morning. It prepares you for what is to be expected.

I love trading news.

[pinalli]

Remember what type of trader you are and follow the rules of that specific method of trading. For example, if you are a day trader it would be wise to ignore the fundamental picture. It would also be wise to analyze and trade with the appropriate time frames. Also, select a broker that offers tight spreads, provides good order fills and guaranteed stop losses (all important for effective day trading). If you are a swing trader it is important you look at the much bigger picture. Sometimes fundamental market data can come in handy (although I personally prefer to look at the technical picture alone). Learn to be patient, both in terms of your profit target being reached and entering trades (for swing traders it can be weeks with no trade signals).

[Sofia.forex]

Thanks for the advice Pinalli. I surely look forward.

[pinalli]

Welcome Sofia, Do you trade? which broker are you dealing with? What are your rule and do you follow anybody?

[jeff15]

Good Mantras Pinalli! This is the best Mantra, I like it very much - "Learn from the past experiences: always try not to repeat the same mistake and remember the mistakes done in past. Experience will make trader confident and will help him to understand market well." Even I agree that one should not repeat the same mistake done in past and definitely experience will make the trader confident while dealing in volatile market conditions.