Monday, August 3, 2009

Remember, there is no magic software or fool-proof trading scheme. If you cannot control your emotions, then you cannot become a winner despite yourse

things you can do to improve your chances of being one of the winners, and the most powerful is to follow these rules of Forex trading:
Prepare a trading plan, using good Forex money management skills and the trading strategy of your choice—then trade your plan. Don’t alter your plan or fudge your criteria if you don’t see a good trade for a few days; wait for the market to fulfill your requirements before risking your money. Remember the law of averages: sooner or later, the market will come around.
Use stops, and trailing stops when possible, to control losses and protect your profits. Remember to set your stops far enough away from the entry price so that you aren’t closed out by normal market jitters.

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