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Five golden rules to be a successful forex trader

by , 14 February 2020
Five golden rules to be a successful forex trader
The forex market's a $5.3 trillion per day industry.

Every day more money than you could ever imagine changes hands.

If you know what you're doing, trading forex is a great way to grab a thick, rich slice of this money for yourself. Interested?

I bet you are.

But don't jump in before you know these five golden rules for forex trading success…
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To find out how Trader X can help you trade these markets for potential large profits, go here for more information
Five golden rules for forex trading success
Golden Rule #1:   
Use a stop loss – no matter why you got into the trade, you have to have an exit plan if the market turns against you. Setting a stop loss and sticking to it will help you prevent a trade from wiping out your entire trading capital.
Golden Rule #2:
Use minimal leverage: Leverage is the financial device that lets R10 of your trading capital control, for example, R1,000. The more leverage you use, the more you stand to gain or lose on any given trade. “Never use more than 100:1 leverage,” cautions Timon. “This amount is more than enough to give you quick short-term gains.”
Golden Rule #3:
Don’t risk the ‘whole farm’: Never risk more than 2% of your trading capital on a single trade. This will ensure that a loss (or even a string of losses) won’t wipe out your trading career.
Golden Rule #4:
Don’t chase the price: The forex market moves quickly. That means currencies may momentarily shoot up as traders rush into a trade before returning to normal levels. Let the price come to the zones your pre-trade analysis has suggested you get in at to better your chances of profiting from the trade.
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Golden Rule #5:
Trade with the trend: Remember the trend is your friend. Trade with it, and your forex trading is sure to be successful.
As with any other type of trading, forex trading is a thrill-a-minute ride. Stick to these five rules and you’ll increase your chances of being a successful forex trader.
FSPInvest Team,
P.S: It’s not often you can find double digit growth in a stock… Here are 8 Stocks you Should Consider to Start your Investment Portfolio!

Five golden rules to be a successful forex trader
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