Trading Discussion Basic rules to forex trading

Phabbyfundz

Active member
Plagiarism warning
1. Start gradually ;
Don't open too many positions at the same time. It is better to choose fewer positions but weigh each of them carefully.

2. Stop loss order;
People often forget to limit their loss and there fore has to step out of the game very soon. With stop loss order you will be able to control the situation.

3. Stick to the plan;
Good traders have their own plan and they best make an effort to hold on to it. Some prefer basic transactions whereas others like long term strategies. You should keep it steady, write your plan on a paper and follow it systematically. Write down the prices if each transactions and why you selected the particular strategy in order.
 

kayode10

VIP Contributor
I am not an expert when it comes to forex trading. I know is that it takes logic to trade forex successfully. This will prevent someone from trading basically on emotion. another thing is that it takes a great deal of discipline to follow the laid-down plan you have before you start trading. This is the reason why you need to get a mentor before you start forex trading.
 

Sotherefore

VIP Contributor
Since I am not really interested in trading Forex I will use most of the skill and technique that you have just mentioned above and apply it to my forex trading to improve my strategy. when I trade cryptocurrency I do not always fail to use stop-loss because it is an important tools that can help me whenever that is a movement opposite the direction of what I predicted.
 

Setho

VIP Contributor
I have realised that one of the most crucial keys to success in forex trading is to always stay in the game. You can do this by not risking more than 5% of your entire portfolio on a trade. You should also look for evaluation every time and not just straight for the sake of trading
 

moonchild

VIP Contributor
Very good list you have here, especially using a stop loss order, by using it you can limit your losses and that's the number one killer of accounts, you shouldn't just open a position without having an exit plan because you'll end up. In a lot of losing trades as long as you are trading actively.

trading should also be based on time factor, as we all know there isn't much liquidity in the Asian sessions so it's not advisable to trade during that session it's advisable to wait till during London or New York before you enter a trade.
 
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