I sincerely apologize if you’ve heard this 397 times before but these key rules are very important. They’re key to good trading. Very vital just like you wheeties in the morning.
So in no specific order:
- Good money management. Don’t storm in head first and put all your money in trades. Keep at least a minimum of 20% in your account in case you need to adjust stop losses or adjust copier amounts. And don’t put all your eggs in one basket. It’s always good to have about 3 different pairs to trade.
- Patience. Without this you might as well not trade.
- Believe in your trades. Analyze the charts and when your ready to make a trade don’t hesitate. Go for what you believe in. Even if your trades go into the red don’t stress. This happens. Stick with your plan.
- Low risk trades. If you want to get a heart attack then go for X100 or above. I’d recommend X25 or X10. I sometimes do X50 but only when I’m sure the green zone is just around the next corner.
- Cut losses. Or not. This all comes down to your trading style. I for one don’t believe in cutting losses. I’d rather analyze the chart thoroughly and then go for the trade. This way I make sure I get my trades into the green zone quickly and more often than not.
- Don’t be greedy. If you can take profit than do so. Decide before the time which trades will be longer term trades and stick with them.
- Ask for help. I’m here to assist if anybody have questions but there is also allot of other gurus that will gladly assist with questions.
- Have fun while making the benjamins. If your heart is not in your trades then don’t trade.
So there you have it folks. Some pointers to get you more confident and surfing the good waves without white washes. I don’t want to send in David Hasselhoff to save you from drowning but I will if I see it’s necessary.
Enjoy the weekend.
| Friday, 19 October 2012 9:59
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