Home / Forex Tips / Others 48 Golden Rules for forex trader

Others 48 Golden Rules for forex trader

01. If your trading strategy isn’t working, refine it.

02. My motto is simply “I will be a successful trader”.

03. There is no reason to trade if there is no reason to trade.

04. Being emotional comes from failing to manage trading risk.

05. Worrying first about the reward and last about the risk is the biggest trading mistake.

06. The proper implementation of risk reward is how professional traders make money.

07. Think risk, not reward. Because in trading, risk is certain, reward is not.

08. Always think of risk in dollar amount, no in pips.

09. What feels good is usually not the right thing to do as a trader.

10. Use daily affirmations to improve your trading.

11. Document every trade you take in your trading journal.

12. Look for a risk reward ratio of 1:2 or better on every trade.

13. You first have to be clear on what your ultimate trading objective is.

14. Is there really a setup or are you just making one up?

15. Take a moment and ask yourself before each trade, “Am I acting logically or emotionally?”

16. The market doesn’t get emotional about you, so you shouldn’t about it either.

17. Learn to control yourself if you want to make money trading.

18. Don’t bet the house just because you think you have spotted a “sure-thing”.

19. Don’t get emotionally attached to any one trade.

20. Don’t simply “manifest” some idea about what markets “should” do.

21. Trying to guess what the markets will do next is the same as gambling.

22. Mastering your mind is how you master the markets.

23. Approach trading from a calculated business perspective.

24. Boring stuff is how you make money on the markets.

25. Trading is simple. Don’t overcomplicate the process.

26. I’m surprised many traders don’t know what their trading edge is.

27. Focus on learning how to trade properly, not on ‘getting rich overnight’.

28. Don’t jump in the market with no risk, entry and exit plan.

29. Professional traders make money, amateurs don’t. Be a professional.

30. Be sickeningly passionate about trading, not about money.

31. Don’t waster your trading capital on poor setups.

32. You have to have ice in your veins to trade successfully.

33. Don’t let the results of your last trade influence your next trade.

34. Trust yourself- trust your gut and ignore ‘tips’.

35. Are you really able to afford losses? Be honest with yourself.

36. You cannot waffle and jump between trading strategies.

37. Trading success is not the result of luck or an accident.

38. It takes time, effort and discipline to be proficient in trading.

39. Master every nuance of your trading strategy.

40. Trading is a game of anticipation, not reaction.

41. Professional traders aim to control themselves, not the market.

42. Distracting yourself from the markets is the best trade management technique.

43. You need to have an active social life outside of trading.

44. Don’t sit there for hours trying to ‘force’ a trade setup out of the market!

45. Being addicted to trading is financial suicide.

46. Spend less time trading and more time living.

47. Be patient. Good trades often take a longer time to play out.

48. Hey you! Stop meddling with your trades.

Check Also

Daily Market Update 02 Jun 2021

EURUSD HIGH 1.22263 LOW 1.22066 BID 1.22089 ASK 1.22092 CHANGE 0.01% TIME 09:48:07 OUTLOOK SUMMARY …

Leave a Reply

Your email address will not be published. Required fields are marked *

Language »