Saturday, October 13, 2007

10 laws of forex trading

10 laws of FOREX trading

Every bussiness venture has rules guiding it.these rules are created to help a trader or any individual wanting to enter a particular bussiness venture to know the secrets,standing principles and the don'ts guiding the bussiness.FOREX trading is no exception,if you break any of these rules,you are bound to fail as a trader.there are risks involed in trading in foreign currencies and the following laws are a must keep for any intending or already trading individual.

1. do not open a live trading accunt without first trading with a demo account.

2.you must trade with a demo account for at least 100 days.if you don't make profits when trading with a demo account then you will not also make profits with a live account.

3.always analyse the market trends before entering a trade.

4.Always check yourv time zone before beggining a trade.

5.Never trade without a stop loss order in place.

6.Do not include wicks when determining whether there is an engulfing candle.

7.Don't ever trade by guessing.

8.Always calculate your pivot point with the previous days reading before trading.

9.join online forex forums to learn new trading methods to boost your income.

10.be a disciplined trader,dont always go by speculation,always be sure.

No comments: