I am doing Forex, for past few days. I started trading after a long time. It needs time, dedication and effort. So, I was lacking something always. Forex can make rich in a month. Again, it can make your balance empty in a week or even a day. Doing Forex, involves too much risk. Whenever you decide to do Forex trading, you should keep this in mind. There are some golden rules for Forex Trading:
There may more to it. These are just my own thought. I may add more, If I keep trading for long time. Most important part here is- Money management. Every time you trade, you should risk only certain amount in it. Never put all or most of the investment on a single time. As I remember that, I read somewhere- you should risk 17% of your investment in 10 trade. There is no chance or 1% chance, there will be loss in all of them. So, keep it in mind. If you are maintaining the money management, there are 50% chance, one day you will become a successful trader.
Never be greedy. As we learn in our school in the very beginning of our life, greed will cost everything. Always stay on a limit. After having a certain amount, stay put. Never trade for whole day long. Never watch the market too. It will pinch you to open a new trade in every time. So, watch it, only when you will do it.
So, whenever you sit, you do have to trade? "NO". Never do that. Only open a trade, when you will feel it. If your analyze does not suggest it, never do it. As I suggest and mentioned above, trade only when you are at least 75% confident.
Keep learning, how to analyse the market. There some people, who can tell you what exactly market will do. You can also become like this. I saw some analysis, the was exactly to the pin point right on the analysis. This is also possible.
One last thing, You can not win in every trade. Learn to deal with the loss. When, you are losing trades. Just close it all. Spend some time with friends and families. Forget about this. Start again with a fresh mind.
