Another 15 Rules for Trading in Forex (Extended Version)

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.

10 Basic Rules for Trading in Forex

There is no single generic recipe that will make a person become a profesional trader and make thousands of dollars overnight. However, there are several rules that can be a reference so that a trader is always in the right corridor to get to a successful investor/trader. Here are some rules that might be adopted so that you become a successful trader.

RULE 1: Making a disciplined transaction increases your profits.
Always act disciplined. This increases your profit while limiting your losses and you can make a net profit in total.

RULE 2: Act disciplined without exception in every process.
Imagine a smoking man who wants to quit smoking. This person has moved away from cigarette smoking for years. However, occasionally, one cannot take a single cigarette from time to time. It is not possible to say that this person quit smoking; at least one cigarette a day is still smoking and its health is threatened. The person who trades in the Forex market and has a good strategy, in addition to nine of every ten movements, adheres to the trading strategy and the discipline it determines; however, it may cause serious losses if one performs only one non-undisciplined operation in one of the ten procedures that is not in accordance with his strategy.

RULE 3: After the process of loss, bring your transaction amount to a lower level than normal.
Harmful processes have always led to more harm. If you’ve done a malicious procedure, reduce the amount of your process to half of the amount you normally trade, or even up to one-fifth if possible, until you return to your normal earnings range.

RULE 4: Do not turn your lucrative transactions into aggressive behavior.
You have found a profitable direction and you have earned a certain amount of money in this direction. In this case, you will be out of the market by calculating and closing the position at the appropriate time for your strategy with the profit to finalize this process. Don’t push the lot in order to increase the number of points or position the most profitable peak and make maximum profit.

RULE 5: Do not allow your biggest lost to avoid your most profitable operation in a given period.
Let’s say you’ve done 15 transactions in the last week, and 5 of these transactions have resulted in damage, which means that you have the potential to do a great deal of damage if your damage is the most profitable. As a rule, do not allow this and do no more damage than the profit you have at your most profitable position in a transaction.

RULE 6: Identify your methodology and follow it 100%.
Determine your transaction methodology. Follow 100% of this methodology during the day when applying what kind of action you are going to do at what times and what kind of rules you are doing.

RULE 7: Limit your daily loss.
Imagine that your fund has $ 5000 USD in your account, what is the amount of log loss in the logic boundaries, do you think it is 500 USD? In all cases, ensure that the total risk of StopLoss does not exceed 500 USD. When you reach this level, turn off your computer and rest for a while and start processing again the next day.

RULE 8: Get your current level to increase your transaction amount.
Imagine you’re dealing with 1 lot. At this level, do not go to 2 lot levels for a long time and before you start to make profit regularly.

RULE 9: Learn to terminate your lost and accept the damage.
Let’s say you open a position today and you’re hurting. In order to terminate your loss (do not misunderstand immediately in the opposite direction, please do not misunderstand) you do not need to catch the StopLoss level. Before this level is reached, you should be able to close the process by saying “OK, I am not on my successful day today”.

RULE 10: Be yourself, don’t be anyone else!
I do not go out of the range of 10-20 lots per day in my transactions; I often know that people who are more ignorant than me and those who start to do new transactions earn 100 bucks and make a lot of money. But, at the moment, I know that the lot count that will allow me to move comfortably is between 10-20 lots according to my transaction strategy and psychological construction and I am not going out of it. Find your own circumstances and best situation fits to you and take action on the appropriate conditions for you.