In the previous article, I explain some basic rules in order to be a good trader. Here is the next 15 advanced rules that probably beneficial for you to develop yourself in forex trading world. Please always keep in your mind that other’s strategy won’t be match to the others. Above all rule, please Be Your Self! Everything will be returned to each person. While you find out which rules are most appropriate for you, consider some things that you can make reference to.
RULE 11: It is always be the best to close the position as soon as possible.
You have opened a position and persistently increasing the damage. In this case, immediately close the position and after a while to think that your loss will come back, or you can reduce your losses by doing more and more transactions in each loss may cause dangers. Close the position and settle for damage.
RULE 12: Don’t expect or pray for something.
Forex is not an instrument that can be condemned with prayer. Because of the nature of the work, people’s belief that psychology of things will somehow get better again causes their losses to increase. You’re alone, no one is helping you, your only helper is to be reasonable and your loss is going to return to the land instead of digesting the damage and taking profit from other transactions.
RULE 13: The market is very dynamic, don’t deal with the news. News is the date from which they were published.
When news comes out, it is either reflected in prices or reflected in prices until you do. So instead of trying to gain immediate earnings by following the news (because this gives rise to the greatest potential for harm), try to understand the market and how it works.
RULE 14: Don’t be a speculator. Don’t be a big earner.
Do not trade with the promise of very large earnings. Don’t fool yourself or anyone else. Processes that are perceived as edilerek scalping sonra in the market are usually done in 5-10 minutes after opening and 5-10 pips. However, the attempt to obtain 20-30 pips several times a day, which is actually a higher level, should be called olan scalping Ancak. You create your strategy in this way by giving weight to the process. Earn less, but lose less when you lose. If you have the right strategy and only 2 to 3 of your 10 transactions are closed with damage, you can get a tremendous return even in a few months. At the end of a trading week, try to double up in a month rather than trying to increase your money to 10 times. In this way you have the opportunity to be rich at least in one year.
RULE 15: Love losing money!
This rule may not seem logical to you. However, gold is in the rules. You can have transactions that result in losses as well as your profitable transactions. By accepting this, reducing the amount of loss in the resulting transactions, ie, agreeing to the loss of this will affect your overall performance positively.
RULE 16: If you are not getting results in a certain time period, close that process.
You have a prediction when you do something, and this prediction may take time to take place, but when you foresee a day that will result in a day, you still have to face the next day, if the position is too little or too little damage and you can’t get results.
RULE 17: Never experience great loss. (See Rule 5, 8, 10, 11, 15)
Great loss will have a structure that will lead to greater harm by affecting your psychology in a wrong way. The great loss is something that will completely destroy you, and you must stay away from it. Unless you have a very wrong strategy, if you do not act with a very low stop loss level or the use of a wrong leverage supported by large spreads, you will not be constantly harmed. Often the loss and general catastrophe happens with one or a few large losses resulting in great damage.
RULE 18: Small gains can make you rich.
Only a few 10 pips to 20 pips a day can make you rich even with a low capital and low leverage. If you can achieve this, don’t look for another way to get rich or gain much.
RULE 19: Do not expect to perform exceptionally profitable. Be reasonable.
Many people in the Forex market miss the opportunity to obtain reasonable income with the expectation of extraordinary earnings. It is unlikely that a statement of the FED about the market will bring your position to an enormous level of earnings. Instead of acting with this expectation, be reasonable and always make reasonable profits.
RULE 20: Regular income and controlled movement is very important. Ensure that your income is stable and continuous.
This rule is about getting regular and reasonable and controlled income every day. Do not allow control to be on the market or in your ambitions. You must make sure that even the worst scenario will not ruin you.
Don’t look at the way the rules look similar, all say something different from a different point of view; Of course you can be going out the same door.
RULE 21: You should behave differently with your lost positions and closing your lucrative positions.
Close the entire lost position at a pre-determined exit point after a reasonable expectation level. When you are in the position of your first expectation, try to reach the rest with the rest and the main goal.
RULE 22: As you build a wall with brick, continue to apply the winning strategy to your principles.
If you have a winning strategy and you are able to make reasonable profits every day, continue to earn reasonable with this strategy, and continue to gain the same type of transactions in the same way as you weave a house wall with bricks as long as there is no development that will change your strategy.
RULE 23: Do not change the horse when crossing the stream.
Apply this after you have opened a position that fits your strategy and identifies the points of departure where you will be lucrative or lost. Never again do analysis and play with your position. You are damaging your reasonable strategy, which you may have in the beginning, and you eliminate the possibility of making a profit.
RULE 24: Turn the terms in your favor.
All traders are at the same zero point when the transaction day starts. However, those who follow the rules and hold their stance in a stable position can win.
RULE 25: Believe in the power of the market.
The market always finds the truth with its dynamics. It is not affected by individual thoughts or processes of people. You stabilize your posture and decide what to do. The market is then helpful for you. It is a grinder for those who do not know what to do.