Six Trading Rules You Must Know

WikiFX Strategies (5 Mar.) - Here are six trading rules that will benefit you to different degrees.

1. Trading is not a trifling matter

It is a business, in which long-term success is not possible without proper plans, strategies, and effective operation.

2. Loss is unavoidable

Since risk always exists in the market, controlling the loss is a must in case of a shift from bullish to bearish in your trading. Close your position as soon as the risk is triggered.

3. Stay positive

Be grateful even when you fail. Learn from failures and accumulate these lessons. Everyone can profit from the market, but loss happens from time to time. The market will reward you tenfold if you stay calm and apply consistent strategies.

4. Think less & do more in the uncontrollable market

While the market is full of uncertainty, what you need is less thinking and more trust in your trading strategies. You can't make a prediction 100% accurate, but you can control your actions. It is important to find out and stick to your own trading strategy.

5. Obsession with money is an obstacle to success

Although making money is the main motivation for market participation, the obsession with it will only cripple your performance. Keep your trades in a small size, so as to control your emotions and engage in the market for a long term

6. You will forget

You will inevitably forget these trading rules, so please review this paper regularly.

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