Almost all the novice Forex trader does not want to take the time to learn what drives currency rates (primarily fundamentals).
2) Avoid Overtrading.
The transaction was too aggressive with the distance is too short stop loss and profit targets will only be too short to make the broker rich. The desire to produce a profit a few dollars a day by locking in a number of very small profit as possible is a losing strategy leads to more gambling.
3) Avoid Over leveraged.
Leverage is a double-edged sword. Certain broker can force you to use high leverage because that means the larger the income derived from the spread broker because of his position size will increasingly determine the amount of spread income; the greater the high leveraged positions with a greater spread income earned by the broker.
4) Not Dependent on another person.
Real successful trader because of his own ability, they make their own decisions and not depend on the decisions of others and do not depend on others to make decisions for them; choose whether to trade themselves or have someone else all to his trading.
5) Trading a Pair, Not a Currency.
Predicting the direction of a new currency just half of the transaction; success or failure depends on the prediction of the second currency that makes the pair.
6) Preparing to Make Trading.
Making money does not include the preparation. Which includes the preparation itself is horses for success in trading, such as for example in trade policies; if you do not have a specific rule, then you do not have the preparation, and likely you'll be on the statistics (95% player loss and finally stopped trading).
7) follow the Trend Trading.
There's quite a big difference between buying at a low price when prices are falling, falling by buying at low prices. Low prices will soon be a high price when you are trading against the trend.
8) Poor Fuel Transactions.
If you happen to transact and the results are not good, make sure you burn it to the appropriate position: do not add to the damage. Conversely if you are already a good deal and win, do not make yourself a hurry to burn out of sheer boredom waiting position or let go of stress: stress is a natural process of trading, get used to the stress.
9) Consider the Technical Conditions.
Determine whether the market trend has ended, or find the prisoners is a key reaction in the market prices. Movement spikes common when the market moves in one direction.
10) Emotion-Free Trading.
When you do not have the preparation, your automated trading with feeling and not based on the idea; feeling very emotional and a bad way to
trading. Do people ever reveal something of the intellect when in a state of emotional upset, and I think not.
11) Confidence.
Self-confidence is the only way to succeed in trading. If you lose money early in your trading career it is very difficult to gain true confidence; his trick is to not cook the rice half cooked; learn first before transacting business.
12) Fear to Cut Loss.
No one can be proud of holding the position of being lost for too long, just stupidity and cowardice are visible. Requires the courage to accept defeat and wait while a better chance to avenge that defeat. Firm stance in a bad position to destroy a lot of traders. The thing to remember is that there are no absolutes in the market, the impossibility of actually become routine in the market. A good deal does not make you a successful trader, monthly and yearly performance is what determines whether you are a trader or not.
13) Courage Under Fire.
When police raided a den of robbers in fact they are scared but they still do. When firefighters climbed onto the roof of a burning home they scared to death, but still they are doing well, and eventually complete their work. Just like trading; does nothing to fear but you still have to execute a good signal. cut loss. etc.
14) Consistency.
Every business (including Forex Trading) requires a business plan (trading plan). If you do not take the time to write a specific rule that you can apply and you follow, you will not focus on trading and has no direction. Make preparations, have a specific rule, apply and set realistic targets to be achieved.
15) Overconfidence.
If there is no moment is really solid, then we should be more conservative. And avoid overconfident despite the win in a row. Remain humble. remain conservative.
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