subject: The 5 Laws Of Receiving Money On The Foreign Exchange Market [print this page] In the same way that there are rules and instructions for forex trading strategies when you are training about forex, there are also techniques for dealing with personal factors and biases that dissipate our success. Here are top 5 rules for conducting yourself so that you can move smoothly from averse beginner to successful forex trader.
1. Be Cool
Emotions have no place on the forex dealing stream and to ensure their success, traders control their emotions and don't trade based on fluke. Even if they sense it's their opportune day, they do not exchange beyond their norm and they truly do not retreat based on just the emotion of fear with no clear reason. By the same token they will not create a tantrum when losing money or execute a successful barter.
2. Contemplating for Oneself
Various traders have varying techniques. This means there is limited value in getting tips from everybody else. In fact, unless you know that the person follows your approach and techniques, their suggestion is probably useless to you.
Desist being a copycat when noticing someone creating a profit. Investigate and confirm everything yourself. And even though you have verified everything, do not be in a urgency to discard a system you have chosen in the dust.
3. Record your deals.
Ideally you should save in a spreadsheet all the particulars pertaining to your deals to enable you to identify any strategy from the historical occurrences. Alternatively, it can behave not as a tool but as a clue about the many intricate factors that eventually determine the triumph of a trade.
What to save on the log? The two currencies being transacted, your status on the trade and the open and close are the barest minimum.
4. If Afraid, Stay Out
Do not commence a trade if you are skeptical or unsure about it, subject to of course that you have a logic other than anxiety for your hesitation. A trade can only go one way or the other, so if it is not completely correct, it is wrong. Hold. There will be several superior opportunities.
5. Control your Business Volume
Not every transaction has to be chosen. And not every currency should be exchanged or every market ventured. Just improve your plans and await your turn.
