👻RULES OF FOREX WINNERS👻
😺FIRST RULE: ALWAYS USE A TRADING PLAN
A trading plan is a written set of rules that specifies a trader's entry, exit, and money management criteria for every purchase.
Sometimes your trading plan won't work. Bail out of it and start over.
The key here is to stick to the plan. Taking trades outside of the trading plan, even if they turn out to be winners, is considered poor strategy.
😼SECOND RULE: TREAT TRADING LIKE A BUSINESS
To be successful, you must approach trading as a full- or part-time business, not as a hobby or a job.
If it's approached as a hobby, there is no real commitment to learning. If it's a job, it can be frustrating because there is no regular paycheck.
Trading is a business and incurs expenses, losses, taxes, uncertainty, stress, and risk. As a trader, you are essentially a small business owner and you must research and strategize to maximize your business's potential.
😸THIRD RULE: PROTECT YOUR TRADING CAPITAL
Saving enough money to fund a trading account takes a great deal of time and effort. It can be even more difficult if you have to do it twice.
It is important to note that protecting your trading capital is not synonymous with never experiencing a losing trade. All traders have losing trades. Protecting capital entails not taking unnecessary risks and doing everything you can to preserve your trading business.
Understanding the importance of each of these trading rules, and how they work together, can help a trader establish a viable trading business. Trading is hard work, and traders who have the discipline and patience to follow these rules can increase their odds of success in a very competitive arena.
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