32 RULES EVERY TRADER SHOULD FOLLOW

[tommy0921]

Originally Posted by tommy0921

Thanks for sharing these great resources. Currently, I'm playing at fxdialogue. I opened the account 2 weeks ago and so far they are ok. However, I am still learning so perhaps I do not have much experience. These resources really help me. I appreciate it, thanks you again.

As I said above, I'm still a newbie, so I spend time to search more information on Google. Here are some good points I want to share with all of you.

• Always use Stop Loss Orders. If you don't use them, it will kill you financially. We recommend stops of 30 pips above or below your entry price.
• Don't loose more than 2%-5%*of your total capital in each trade. Adjust your stop orders and leverage if needed.
• Let the profits run, cut the losses.*Use a*"Trailing Stop"*If your broker doesn't support it, you can do it manually. Set the stop price at 30 pips (or the amount that you have chosen) above/below the maximum/minimum
price since your entry. You will have to adjust the stop level continuously,
but you will get much better results.
• "The Trend is your Friend!!"*Go with the trend never go against the trend.
• Capitalize well.*Fund your account with enough money. For standard accounts, at least $5000 (for mini accounts $500).
• Don't leave trades open overnight. In addition, your Forex broker will charge you "interests" for open positions overnight. Interest is generally charged at 5:00P.m. EST. Please keep in mind that most brokers will also charge 3 X time the regular interest
rate on Wednesdays.
• "The number's don't lie"*- all available information and its impact on traders, and the market, is already reflected in a currency's price.
• History repeats itself*- over time, certain chart patterns become consistent, predictable and very reliable. The catch is SEEING them.
• "Never start Trading without FIRST using a*DEMO Account*.A Demo Account allows you to become familiar with trading procedures, such as placing Market, Stop and Limit orders without any risk. All dollar losses or gains in a Demo Account are imaginary but the
• EXPERIENCE is INVALUABLE!
*
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[gnike]

Thanks for the info.