The Classical Forex Rules Which Have Been Checked Up By Time Part 1
It is the list of classical trading rules which I used to apply when I traded in an exchange hall. More senior trader has collected these rules from the classical literature on trade for the twentieth century. It is obvious that these rules have passed testing by time.
I am assured that many traders met these rules in this or that form, but in the given kind they are compact enough and well edited that does their perusal convenient.
1. Plan your trade. Trade in conformity with the plan.
2. Keep the results of trade.
3. Keep a positive spirit, without dependence from that, how many you have lost.
4. Don’t take the market home.
5. Constantly establish higher purposes.
6. Successful traders buy on bad news and sell on good news.
7. Successful traders aren’t afraid to buy highly and to sell low.
8. Successful traders have accurately – painted planned time for market surveillance.
9. Successful traders isolate themselves from opinion of others.
10. Constantly work over patience, persistence, resoluteness and rationality in the actions.
11. Limit the losses – use stop warrants!
12. Never cancel the stop warrant after you have placed it!
13. Place the stop warrant while you are intered into the market.
14. Never enter into the market only because you were bothered with expectation.
15. Avoid from the market to enter or leave too frequent.
16. Losses do the trader diligent, instead of profit. Exploit each loss to improve the knowledge of the market.
17. The most difficult task in trading is not forecasting, but self-control. Successful trade is difficult and boring. You and only you are the most important element of the success.
18. Always discipline yourself, following the predetermined kit of rules.
19. Remember that the bear market will give that in a month, on what was required to a bull market three months.
20. Never allow the big prize to turn to loss. Stop, if the market has promoted against you on 20 % from your peak point of profit.
21. You should have the program, you should know the program and you should follow the program.
For those who want to participate in forex trading must start from learning the basics of this market to make sure you do not experience problems with this industry.