7 Golden Rules Of Successful Forex Trading

If you want to be a successful Forex trader I highly recommend that you read this article to the end and apply the 7 Golden rules of successful Forex trading:

1. Never trade without a system - Many traders play by hunches. This means they're not really traders. They're gamblers. If you turn Forex into a casino, you will lose your shirt in the long run. Never trade without a system, it's the only way to generate long term Forex profits.

2. Never trade without an exit strategy - You should always know how you will get out of the trade before you enter into it. This way, you don't have to monitor the market constantly because you know how much you can profit, and you don't risk too much because you have a Stop Loss in place.

3. Don't trade with a high leverage - You can be a profitable Forex trader without going overboard with leverages. Remember, using high leverages also places you in considerable risk. Don't go over a 1:10 leverage.

4. Choose your broker carefully - You need to trade through a Forex broker which is reliable, easy to use, simple to operate, and which gives you low spreads.

5. Don't fall in love with Forex robots - Using automatic Forex robots is something which a lot of traders do and you can do it too. However, always work on your manual trading as well so you're not dependant on just one tool or program.

6. Make time for Forex on a regular basis - You don't have to trade each and every day but make Forex a part of your routine so that it becomes more like a business and less like a hobby.

7. Always learn more - The market is always changing so you need to continue investing in good Forex trading education to remain on top of the game.

There's a lot of money in Forex trading. Follow the above rules and you will be successful.

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John Drummond works from home. He writes often on business, trading, and finances. There is more than one forex trading software. To read John Drummond's review of the 3 best ones, click here: Automatic Forex Trading Software Review.