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Forex Education
Building a collection advices for newbies in Forex Trading
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[QUOTE="tommy0921, post: 16736, member: 8093"] 32 RULES EVERY TRADER SHOULD FOLLOW 1. Never risk more than 2 - 5% of your current (not initial) trading capital. 2. Always use protective stops in each and every trade you execute. 3. Never average a loss as this can lead to disastrous outcomes. 4. Preferably you should always trade in the direction of the daily trend, holding a position against the daily trend should be done with caution. 5. Never enter or exit a trade without a good reason, you should have a well outlined trading plan and cross each signal out as it unfolds. 6. Never get in or out of the market just because you have run out of patience. 7. You should always see the market from a neutral perspective, be willing to sell as you are willing to buy. Don’t force your opinions on the market. 8. Don’t just sell because you feel the price of a commodity is too high or buy because the price of a commodity is too low. 9. Never cancel or move your stop from its initial position, the only exception is when trailing profits being captured. 10. Specialise in one currency pair at first, and when you get really good at it you can expand your portfolio. 11. As a new trader you should stay away from trading at news time because this can be very risky as the market tends to act in unexpected ways at this time. 12. Always look for signals on higher time frame charts as they provide more reliable signals with more room for errors. 13. Make your analysis with a top down approach, after confirming a signal on a higher time frame chart you should look for confirmation on lower time frames. 14. Never place a trade just because of a single indicator/ signal, always look for at least three to four events occurring at the same time to tell a story. (To be continue..., this information is belong to other people. I collected, please this discuss if you have opinions) As I said [B]I still dont have much experiences, please discuss...[/B] [/QUOTE]
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