SlideShare a Scribd company logo
6 Golden Rules of Forex Trading
Index
1. Forex Market
2. 6 Golden Rules of Forex Trading
1. Don't Expect to Make Profits From Day
One
2. Have a Trading Plan
3. Minimize Losses By Setting A Stop-loss
4. Keep Your Emotions Aside
5. Always Do Analysis
6. Adapt Quickly
Forex Market
 Over the past decade years, the Forex market
has become the largest financial market in the
world.
 The Forex market is also widely accessible, and
plenty of resources are available.
 But many traders are often discouraged by not
seeing profit from it.
 FX trading takes consistent discipline to yield
success.
6 Golden Rules of Forex Trading
1. Don't Expect to Make Profits
From Day One
 Most new traders face a common problem:
1. Lose money
2. End up out of the game immediate than they
would have anticipated.
 It's common for traders to double their capital
within their first week of trading then lose it all
soon after because of over-confident trading.
 Trade small and build-up profits slowly.
 Some traders get succeed in the early stages of
their career.
 It takes time and patience.
2. Have a Trading Plan
 Having a trading plan is one of the golden rules of
Forex trading.
 A trader with a plan is more likely to succeed than
someone without it.
 What things you should have:
1. Trading Strategy Outlined
2. Entry and Exit points explained
3. Stop-losses and Take-profits set.
 Stick to the plan is the main element in your
trading.
 A modifying plan should only happen when you
have no positions opened.
 Do not modify your trading plan so that you can
keep the losing position open for a long period.
3. Minimize Losses By Setting
A Stop-loss
 This technical advice should be fundamental to
the trading plan.
 As previously discussed, many new traders lose
capital and are unable to move forward.
 Setting up stop-loss means minimizing the losses
and having capital available to trade for another
day.
 This is a general trading rule that every trader
should stick to, and it's one of the top Forex
trading rules.
 A stop-loss:
1. Sets a limit at which your losing position will be
stopped.
2. Deciding on how many pips you can afford to
lose.
4. Keep Your Emotions Aside
 Forex trading can be exciting and stressful both
at the same time depending on profits or losses.
 As a result, controlling the emotions is one of the
essential Forex rules to live by.
 There is no room for mistakes in the Forex market
once you have lost money, there is no undoing it.
1. Don't think you can focus only on trading during
a session, and you should not be trading
2. If you are not in a good mood, take a break from
trading and return when you are feeling good.
 Trading when you are too excited can be as
detrimental.
 We all know how easy it is to make decisions
without thinking clearly.
 Trading is a manual activity, which needs to be
done with the highest level of discipline.
5. Always Do Analysis
 Your trading history is the source of your knowledge.
 Get the maximum benefit from this, by exploring what
you have done in the past and analyzing how the
market behaved at this time.
 Establish these review sessions on a daily or weekly
basis and assess how you can improve your trading
strategy.
 Learning from others is great but First, try to learn
from your own mistakes and successes.
 Don't focus only on the losing trades sometimes
analyzing profitable trades can be even more
beneficial.
 And if you have been making losing trades:
1. If you learn from your mistakes
2. You have gained valuable knowledge and
experience to adjust your strategy.
6. Adapt Quickly
 Market behaviour tends to change.
 So it's vital to modify the trading strategy and
adapt quickly, by consistently adding new items to
it.
 The scope of the Forex market is huge, and so is
the scope of the items you can learn about it.
 Don't think that if your current trading strategy
works, it will work over a long period.
 Successful Forex trading requires you to follow rules
of currency trading including:
1. Correct Implementation
2. Analyzing
3. Learning.
 Learning and adapting from trades, should be a
repetitive process.
 If you stop learning and analyzing, then you stop
growing as a trader.
Thank You

More Related Content

What's hot

5 Things You Should Know To Become a Forex Trader
5 Things You Should Know To Become a Forex Trader5 Things You Should Know To Become a Forex Trader
5 Things You Should Know To Become a Forex Trader
platinumtradinginstitutepti
 
The Critical Success Factors you need to become a Successful Trader
The Critical Success Factors you need to become a Successful TraderThe Critical Success Factors you need to become a Successful Trader
The Critical Success Factors you need to become a Successful Trader
platinumtradinginstitutepti
 
Top 10 golden Forex trading rules
Top 10 golden Forex trading rulesTop 10 golden Forex trading rules
Top 10 golden Forex trading rules
PriceAction LTD
 
Charlie presentation
Charlie presentationCharlie presentation
Charlie presentation
Power Point
 
Intraday Trading Rules
Intraday Trading RulesIntraday Trading Rules
Intraday Trading Rules
ShrutiNair83
 
Dhaka slides mindset
Dhaka slides   mindset Dhaka slides   mindset
Dhaka slides mindset
Power Point
 
Forex Money Management: PAMM and MAM Accounts
Forex Money Management: PAMM and MAM AccountsForex Money Management: PAMM and MAM Accounts
Forex Money Management: PAMM and MAM Accounts
Finarm
 
May 18 I Session 1 I GBIH
May 18 I Session 1 I GBIHMay 18 I Session 1 I GBIH
May 18 I Session 1 I GBIH
GBIHSupport
 
Janis urste how to be a successful forex trader
Janis urste how to be a successful forex traderJanis urste how to be a successful forex trader
Janis urste how to be a successful forex trader
JanisUrsteMostRespectedtraders
 
Why Day Trading Doesn't Work
Why Day Trading Doesn't WorkWhy Day Trading Doesn't Work
Why Day Trading Doesn't Work
 My Trading Skills
 
3 Tips to Improve Your Trading Mindset
3 Tips to Improve Your Trading Mindset3 Tips to Improve Your Trading Mindset
3 Tips to Improve Your Trading Mindset
platinumtradingacademypta
 
Forex Currency Trading Strategies
Forex Currency Trading StrategiesForex Currency Trading Strategies
Forex Currency Trading Strategies
DeanW7
 
Janis urste master forex today with these top tips
Janis urste master forex today with these top tipsJanis urste master forex today with these top tips
Janis urste master forex today with these top tips
janisursteforex
 
Forex Investment Basics
Forex Investment BasicsForex Investment Basics
Forex Investment Basics
futuretrac
 
Knowing When to Scale Back on your Trading
Knowing When to Scale Back on your TradingKnowing When to Scale Back on your Trading
Knowing When to Scale Back on your Trading
platinumtradingacademypta
 
Dhaka slides keys to success
Dhaka slides   keys to successDhaka slides   keys to success
Dhaka slides keys to success
Power Point
 
Rocky yaman professional technical analysis & market reading
Rocky yaman   professional technical analysis & market readingRocky yaman   professional technical analysis & market reading
Rocky yaman professional technical analysis & market reading
Power Point
 
Simple Fixes For Trading Too Much
Simple Fixes For Trading Too MuchSimple Fixes For Trading Too Much
Simple Fixes For Trading Too Much
NetpicksTrading
 
The Forex Trading Psychology
The Forex Trading PsychologyThe Forex Trading Psychology
The Forex Trading Psychology
JustForex
 
Risk management tips
Risk management tipsRisk management tips
Risk management tips
JustForex
 

What's hot (20)

5 Things You Should Know To Become a Forex Trader
5 Things You Should Know To Become a Forex Trader5 Things You Should Know To Become a Forex Trader
5 Things You Should Know To Become a Forex Trader
 
The Critical Success Factors you need to become a Successful Trader
The Critical Success Factors you need to become a Successful TraderThe Critical Success Factors you need to become a Successful Trader
The Critical Success Factors you need to become a Successful Trader
 
Top 10 golden Forex trading rules
Top 10 golden Forex trading rulesTop 10 golden Forex trading rules
Top 10 golden Forex trading rules
 
Charlie presentation
Charlie presentationCharlie presentation
Charlie presentation
 
Intraday Trading Rules
Intraday Trading RulesIntraday Trading Rules
Intraday Trading Rules
 
Dhaka slides mindset
Dhaka slides   mindset Dhaka slides   mindset
Dhaka slides mindset
 
Forex Money Management: PAMM and MAM Accounts
Forex Money Management: PAMM and MAM AccountsForex Money Management: PAMM and MAM Accounts
Forex Money Management: PAMM and MAM Accounts
 
May 18 I Session 1 I GBIH
May 18 I Session 1 I GBIHMay 18 I Session 1 I GBIH
May 18 I Session 1 I GBIH
 
Janis urste how to be a successful forex trader
Janis urste how to be a successful forex traderJanis urste how to be a successful forex trader
Janis urste how to be a successful forex trader
 
Why Day Trading Doesn't Work
Why Day Trading Doesn't WorkWhy Day Trading Doesn't Work
Why Day Trading Doesn't Work
 
3 Tips to Improve Your Trading Mindset
3 Tips to Improve Your Trading Mindset3 Tips to Improve Your Trading Mindset
3 Tips to Improve Your Trading Mindset
 
Forex Currency Trading Strategies
Forex Currency Trading StrategiesForex Currency Trading Strategies
Forex Currency Trading Strategies
 
Janis urste master forex today with these top tips
Janis urste master forex today with these top tipsJanis urste master forex today with these top tips
Janis urste master forex today with these top tips
 
Forex Investment Basics
Forex Investment BasicsForex Investment Basics
Forex Investment Basics
 
Knowing When to Scale Back on your Trading
Knowing When to Scale Back on your TradingKnowing When to Scale Back on your Trading
Knowing When to Scale Back on your Trading
 
Dhaka slides keys to success
Dhaka slides   keys to successDhaka slides   keys to success
Dhaka slides keys to success
 
Rocky yaman professional technical analysis & market reading
Rocky yaman   professional technical analysis & market readingRocky yaman   professional technical analysis & market reading
Rocky yaman professional technical analysis & market reading
 
Simple Fixes For Trading Too Much
Simple Fixes For Trading Too MuchSimple Fixes For Trading Too Much
Simple Fixes For Trading Too Much
 
The Forex Trading Psychology
The Forex Trading PsychologyThe Forex Trading Psychology
The Forex Trading Psychology
 
Risk management tips
Risk management tipsRisk management tips
Risk management tips
 

Similar to 6 Golden Rules of Forex Trading

Forex Fortune Guide
Forex Fortune Guide Forex Fortune Guide
Forex Fortune Guide
TarunKumarDas4
 
How to Become a Forex Trader
How to Become a Forex TraderHow to Become a Forex Trader
How to Become a Forex Trader
Platinum Trading Systems
 
Get your forex trading skills a much needed boost with these 10 tips
Get your forex trading skills a much needed boost with these 10 tips Get your forex trading skills a much needed boost with these 10 tips
Get your forex trading skills a much needed boost with these 10 tips
Viet Son
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
Kapil chaudhary
 
Forex Fortunes Guide
Forex Fortunes GuideForex Fortunes Guide
Forex Fortunes Guide
LeonardApacanis
 
Forex Signals, Forex Fortunes Guide
Forex Signals, Forex Fortunes GuideForex Signals, Forex Fortunes Guide
Forex Signals, Forex Fortunes Guide
Amanpreetsingh428
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
swetabhatia4
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
OmRatna1
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
alimAbdul5
 
Forex Fortunes Guide eBook
Forex Fortunes Guide eBook Forex Fortunes Guide eBook
Forex Fortunes Guide eBook
Isabella
 
Ultimate Forex Guide
Ultimate Forex GuideUltimate Forex Guide
Ultimate Forex Guide
IncognitoMoney
 
Forex Fortunes Guide (1).pdf
Forex Fortunes Guide (1).pdfForex Fortunes Guide (1).pdf
Forex Fortunes Guide (1).pdf
alaasicoj
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
RS Chauhan
 
Trading Strategy
Trading Strategy Trading Strategy
Trading Strategy
SalimAhmedChoudhury
 
Forex fortunes guide_1
Forex fortunes guide_1Forex fortunes guide_1
Forex fortunes guide_1
Julius Narciso
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
Fasasi Shay
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
MinaPatil1
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
TerryNeal8
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
devendrajput
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
DHRUVISHARMA5
 

Similar to 6 Golden Rules of Forex Trading (20)

Forex Fortune Guide
Forex Fortune Guide Forex Fortune Guide
Forex Fortune Guide
 
How to Become a Forex Trader
How to Become a Forex TraderHow to Become a Forex Trader
How to Become a Forex Trader
 
Get your forex trading skills a much needed boost with these 10 tips
Get your forex trading skills a much needed boost with these 10 tips Get your forex trading skills a much needed boost with these 10 tips
Get your forex trading skills a much needed boost with these 10 tips
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex Fortunes Guide
Forex Fortunes GuideForex Fortunes Guide
Forex Fortunes Guide
 
Forex Signals, Forex Fortunes Guide
Forex Signals, Forex Fortunes GuideForex Signals, Forex Fortunes Guide
Forex Signals, Forex Fortunes Guide
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex Fortunes Guide eBook
Forex Fortunes Guide eBook Forex Fortunes Guide eBook
Forex Fortunes Guide eBook
 
Ultimate Forex Guide
Ultimate Forex GuideUltimate Forex Guide
Ultimate Forex Guide
 
Forex Fortunes Guide (1).pdf
Forex Fortunes Guide (1).pdfForex Fortunes Guide (1).pdf
Forex Fortunes Guide (1).pdf
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Trading Strategy
Trading Strategy Trading Strategy
Trading Strategy
 
Forex fortunes guide_1
Forex fortunes guide_1Forex fortunes guide_1
Forex fortunes guide_1
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 
Forex fortunes guide
Forex fortunes guideForex fortunes guide
Forex fortunes guide
 

More from platinumtradingacademypta

Buy or Sell a Currency Pair while Trading in Forex
Buy or Sell a Currency Pair while Trading in ForexBuy or Sell a Currency Pair while Trading in Forex
Buy or Sell a Currency Pair while Trading in Forex
platinumtradingacademypta
 
Advantages of Futures Trading
Advantages of Futures TradingAdvantages of Futures Trading
Advantages of Futures Trading
platinumtradingacademypta
 
Trading with a Flexible Mindset Part 1 And 2
Trading with a Flexible Mindset Part 1 And 2Trading with a Flexible Mindset Part 1 And 2
Trading with a Flexible Mindset Part 1 And 2
platinumtradingacademypta
 
Stair Stepping Stop Protection (SSSP)
Stair Stepping Stop Protection (SSSP)Stair Stepping Stop Protection (SSSP)
Stair Stepping Stop Protection (SSSP)
platinumtradingacademypta
 
Maximising Profit Potential by Properly Sizing Positions
Maximising Profit Potential by Properly Sizing PositionsMaximising Profit Potential by Properly Sizing Positions
Maximising Profit Potential by Properly Sizing Positions
platinumtradingacademypta
 
Atr(average true range)
Atr(average true range)Atr(average true range)
Atr(average true range)
platinumtradingacademypta
 
Don’t give up on your trade plan
Don’t give up on your trade planDon’t give up on your trade plan
Don’t give up on your trade plan
platinumtradingacademypta
 
A mathematical approach to eliminating emotions
A mathematical approach to eliminating emotionsA mathematical approach to eliminating emotions
A mathematical approach to eliminating emotions
platinumtradingacademypta
 
Probabilities in trading
Probabilities in tradingProbabilities in trading
Probabilities in trading
platinumtradingacademypta
 
Hedging
HedgingHedging
Planning your trades
Planning your tradesPlanning your trades
Planning your trades
platinumtradingacademypta
 
Managing risk
Managing riskManaging risk
How much trading capital do you need for forex trading
How much trading capital do you need for forex tradingHow much trading capital do you need for forex trading
How much trading capital do you need for forex trading
platinumtradingacademypta
 
Position sizing
Position sizingPosition sizing
Position sizing
platinumtradingacademypta
 
Creating a trading plan
Creating a trading planCreating a trading plan
Creating a trading plan
platinumtradingacademypta
 

More from platinumtradingacademypta (15)

Buy or Sell a Currency Pair while Trading in Forex
Buy or Sell a Currency Pair while Trading in ForexBuy or Sell a Currency Pair while Trading in Forex
Buy or Sell a Currency Pair while Trading in Forex
 
Advantages of Futures Trading
Advantages of Futures TradingAdvantages of Futures Trading
Advantages of Futures Trading
 
Trading with a Flexible Mindset Part 1 And 2
Trading with a Flexible Mindset Part 1 And 2Trading with a Flexible Mindset Part 1 And 2
Trading with a Flexible Mindset Part 1 And 2
 
Stair Stepping Stop Protection (SSSP)
Stair Stepping Stop Protection (SSSP)Stair Stepping Stop Protection (SSSP)
Stair Stepping Stop Protection (SSSP)
 
Maximising Profit Potential by Properly Sizing Positions
Maximising Profit Potential by Properly Sizing PositionsMaximising Profit Potential by Properly Sizing Positions
Maximising Profit Potential by Properly Sizing Positions
 
Atr(average true range)
Atr(average true range)Atr(average true range)
Atr(average true range)
 
Don’t give up on your trade plan
Don’t give up on your trade planDon’t give up on your trade plan
Don’t give up on your trade plan
 
A mathematical approach to eliminating emotions
A mathematical approach to eliminating emotionsA mathematical approach to eliminating emotions
A mathematical approach to eliminating emotions
 
Probabilities in trading
Probabilities in tradingProbabilities in trading
Probabilities in trading
 
Hedging
HedgingHedging
Hedging
 
Planning your trades
Planning your tradesPlanning your trades
Planning your trades
 
Managing risk
Managing riskManaging risk
Managing risk
 
How much trading capital do you need for forex trading
How much trading capital do you need for forex tradingHow much trading capital do you need for forex trading
How much trading capital do you need for forex trading
 
Position sizing
Position sizingPosition sizing
Position sizing
 
Creating a trading plan
Creating a trading planCreating a trading plan
Creating a trading plan
 

Recently uploaded

Using Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trendsUsing Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trends
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
How Does CRISIL Evaluate Lenders in India for Credit Ratings
How Does CRISIL Evaluate Lenders in India for Credit RatingsHow Does CRISIL Evaluate Lenders in India for Credit Ratings
How Does CRISIL Evaluate Lenders in India for Credit Ratings
Shaheen Kumar
 
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdfTumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Henry Tapper
 
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
bresciafarid233
 
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
5spllj1l
 
The Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan ApprovalsThe Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan Approvals
Vighnesh Shashtri
 
Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]
Commonwealth
 
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
nimaruinazawa258
 
Unlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptx
Unlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptxUnlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptx
Unlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptx
cosmo-soil
 
South Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma TranscriptSouth Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma Transcript
ynfqplhm
 
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Donc Test
 
Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest  and how it is calculatedDetailed power point presentation on compound interest  and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
KishanChaudhary23
 
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla FincorpWho Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
beulahfernandes8
 
1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
Neal Brewster
 
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
qntjwn68
 
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investmentsfalcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
Falcon Invoice Discounting
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
ResolutionFoundation
 
University of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma TranscriptUniversity of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma Transcript
tscdzuip
 
Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine
Lawrence101
 

Recently uploaded (20)

Using Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trendsUsing Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trends
 
How Does CRISIL Evaluate Lenders in India for Credit Ratings
How Does CRISIL Evaluate Lenders in India for Credit RatingsHow Does CRISIL Evaluate Lenders in India for Credit Ratings
How Does CRISIL Evaluate Lenders in India for Credit Ratings
 
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdfTumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
 
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
 
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
 
The Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan ApprovalsThe Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan Approvals
 
Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]
 
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
 
Unlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptx
Unlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptxUnlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptx
Unlock-the-Power-of-UAN-Your-Key-to-Secure-Retirement.pptx
 
South Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma TranscriptSouth Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma Transcript
 
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
 
Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest  and how it is calculatedDetailed power point presentation on compound interest  and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
 
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla FincorpWho Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
 
1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
 
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
 
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investmentsfalcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
 
University of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma TranscriptUniversity of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma Transcript
 
Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...
 
1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine
 

6 Golden Rules of Forex Trading

  • 1. 6 Golden Rules of Forex Trading
  • 2. Index 1. Forex Market 2. 6 Golden Rules of Forex Trading 1. Don't Expect to Make Profits From Day One 2. Have a Trading Plan 3. Minimize Losses By Setting A Stop-loss 4. Keep Your Emotions Aside 5. Always Do Analysis 6. Adapt Quickly
  • 3. Forex Market  Over the past decade years, the Forex market has become the largest financial market in the world.  The Forex market is also widely accessible, and plenty of resources are available.  But many traders are often discouraged by not seeing profit from it.  FX trading takes consistent discipline to yield success.
  • 4. 6 Golden Rules of Forex Trading
  • 5. 1. Don't Expect to Make Profits From Day One  Most new traders face a common problem: 1. Lose money 2. End up out of the game immediate than they would have anticipated.  It's common for traders to double their capital within their first week of trading then lose it all soon after because of over-confident trading.
  • 6.  Trade small and build-up profits slowly.  Some traders get succeed in the early stages of their career.  It takes time and patience.
  • 7. 2. Have a Trading Plan  Having a trading plan is one of the golden rules of Forex trading.  A trader with a plan is more likely to succeed than someone without it.  What things you should have: 1. Trading Strategy Outlined 2. Entry and Exit points explained 3. Stop-losses and Take-profits set.
  • 8.  Stick to the plan is the main element in your trading.  A modifying plan should only happen when you have no positions opened.  Do not modify your trading plan so that you can keep the losing position open for a long period.
  • 9. 3. Minimize Losses By Setting A Stop-loss  This technical advice should be fundamental to the trading plan.  As previously discussed, many new traders lose capital and are unable to move forward.  Setting up stop-loss means minimizing the losses and having capital available to trade for another day.
  • 10.  This is a general trading rule that every trader should stick to, and it's one of the top Forex trading rules.  A stop-loss: 1. Sets a limit at which your losing position will be stopped. 2. Deciding on how many pips you can afford to lose.
  • 11. 4. Keep Your Emotions Aside  Forex trading can be exciting and stressful both at the same time depending on profits or losses.  As a result, controlling the emotions is one of the essential Forex rules to live by.  There is no room for mistakes in the Forex market once you have lost money, there is no undoing it.
  • 12. 1. Don't think you can focus only on trading during a session, and you should not be trading 2. If you are not in a good mood, take a break from trading and return when you are feeling good.  Trading when you are too excited can be as detrimental.
  • 13.  We all know how easy it is to make decisions without thinking clearly.  Trading is a manual activity, which needs to be done with the highest level of discipline.
  • 14. 5. Always Do Analysis  Your trading history is the source of your knowledge.  Get the maximum benefit from this, by exploring what you have done in the past and analyzing how the market behaved at this time.  Establish these review sessions on a daily or weekly basis and assess how you can improve your trading strategy.  Learning from others is great but First, try to learn from your own mistakes and successes.
  • 15.  Don't focus only on the losing trades sometimes analyzing profitable trades can be even more beneficial.  And if you have been making losing trades: 1. If you learn from your mistakes 2. You have gained valuable knowledge and experience to adjust your strategy.
  • 16. 6. Adapt Quickly  Market behaviour tends to change.  So it's vital to modify the trading strategy and adapt quickly, by consistently adding new items to it.  The scope of the Forex market is huge, and so is the scope of the items you can learn about it.  Don't think that if your current trading strategy works, it will work over a long period.
  • 17.  Successful Forex trading requires you to follow rules of currency trading including: 1. Correct Implementation 2. Analyzing 3. Learning.  Learning and adapting from trades, should be a repetitive process.  If you stop learning and analyzing, then you stop growing as a trader.