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When you have read a few trading books or attended some online forex trading forums, you can quickly notice that there are practically as many various forex trading strategies as there are traders. Traders have their own methods; but more than that, in foreign exchange trading there are numerous different strategies of making money.
So there is not one world class forex system that you have to stick to make profit from currency trading. Nevertheless, there are some rules that apply to the way in which you practice your trading and these are true for just about anybody. These are the golden rules of trading.
1. Follow The Trends
Most foreign exchange trading methods and systems concentrate on determining trends and there is adequate reason for that. Whether the trend shows a rise or in a decline, get in to go long or short as appropriate and do not go against it. Bucking the trend will see you losing money rapidly.
2. Preserve Your Funds
Betting too much on one transaction has been the failure of many beginner trader. Never risk too much money on a single trade, however strong your instincts may be that this one cannot go wrong. Any of them go wrong.
So how much should you risk? It depends on your system and how much it concerns you if you lose all of your funds, but never more than 5% of your trading capital. 2% per trade is a safer option.
Some traders keep the position size as their balance grows, so that they gradually bet more in real terms on each trade. That is up to you but decide about it carefully before you do this. When you have more money in your account, you will without doubt be more depressed if it is decimated, so you might want to maintain the same position size (reducing your percentage risk) as your funds increase increase.
3. Set Targets For Each Trade
Have a clear profit target for every trade, so that in advance of when you enter, you have already made the decision when you want to take the profit and close. Do not get greedy and try to stay in there for more and more.
In the same way, if it turns bad, do not attempt to hold on in the hope that the market will reverse back in your favor. Cut your losses and exit. Applying stop losses to do this mechanically is a very advisable strategy.
4. Don't Bet Only On Your Own Opinion
Why not? Because quite probably you are not neutral. Let the pros support you, but always make your own research. The best way is using forex signals. There are many forex signal providers available online, but quite a few of them are scammers. Always check out the track record, as only accurate forex signals will earn you profit, not the losers!
Those are the first four most important rules of forex trading: the principles that can help you develop profitable currency trading strategies.
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