The psychology factor plays significant role in Forex market trading.
Leverage using and strong quote fluctuations may in bring you both great profit and losses in the very short terms.
In order to earn a stable income and not to turn Forex trading into a sort of gambling, we recommend you strictly observe simple and efficient rules listed below.
- Constantly master your knowledge in the area of Forex market;
- In your work use professional analytic materials and reliable sources of news;
- Practice in Forex trading as much as possible;
- Control your emotions. Discipline and motivation instead of fear and greed;
- Use state-of-art IT solutions for making your transactions;
- Always consider the risks while trading on the Forest market. Be ready to encounter the losses;
- Don’t strive to earn a lot of money at once, strive to earn stable income;
- Observe money management rules. Control the risks;
- Consider your account as long-term investment;
- No gambling on Forex market;
- Don’t trust risk management to other person;
- Remember, a part of your transactions will be loss-making. That important thing is that the average number of profitable transactions must exceed the number of loss-making ones, and the average volume of loss in a single transaction must be lower than the average volume of profit in a single transaction.
If you observe all these rules, in long-term perspective you will benefit from the trading.