Forex trading rules for beginers III

Mistakes are unavoidable, but learn from mistakes and do not repeat it

Mistakes are unavoidable, please do not blame yourself, the important thing is to learn from mistakes, avoid making the similar mistake again, the faster you learn to accept loss and remembers the lesson, the days of profit making will be much more closer. Moreover, must learn to control emotion do not be proud after making profit, also do not feel depress after losing money. During Forex trading, the lesser the emotion, the more clearer you can see the market and make the right decision. Forex traders must face the reality calmly, Forex traders must understand that they will not learn from profit taking but they will only learn from loss. After understanding the reason behind every loss, this means that you are approaching the profit making path, because you had found the correct direction.

Oneself is the biggest enemy
The biggest enemy of a Forex trader is oneself - greedy, irritable, the out of control mood, and so on, is very easy to let you neglect the market trend which causes the wrong trading decision. Do not do trading because of bored or it has been a long time of none trading, there is no specific rule saying that a Forex trader must do how many tradings within a period of time.

Record the trading details
Record all the trading details, whether there is certain news or other reasons that influence you to trade, after the trade record and analyze the result of the profit and loss. If the result of the trading is profitable, this indicates that your analysis is correctly, when such similar situation appear again, your trading records will be helpful for you to rapidly makes the correct trading decision; wherelse the loss trading record will help you from making the same mistake again. Forex traders could not remember the history of every trading, therefore record is helpful in enhancing your Forex trading skill and also to look for mistakes.

Follow the trend, never against the trend
Remember the Forex market ancient general rule: Settle the position when it starts to loss, put as long as possible when it is profit making. Another important rules is do not let loss happen when it is making profit, when there is reverse trend in the market, it is better to make profit during the profit making situation then to settle position at the non-profitable situation.

Do not eagerly enter the Forex market after making loss

During the loss situation, do not eagerly open a new reverse market position in order to recoup from loss, this will only cause the situation to become worse. Only when you have agreed that your anticipation and decision in the past was completely wrong, then only you settle the old position and start a new reverse market position. Do not play with the Forex market through guessing, it is better to loss the opportunity then losing money.

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