1. Patience
You may have to attend around a bit for conditions to be ideal for you to open a trade. It is very alluring to leap in on something that looks good but does not fit your system. Develop patience so you can avoid those random trades.
2. Stop Losses
Knowing how to cut your losses at the perfect moment is important. Never hang on to a losing trade beyond a certain point which should be worked out before the trade is opened. It is a fragile matter finding the balance between having a stop loss that’s caused by tiny fluctuations, and holding onto your trades for so long that you make a huge loss. It will change for each system, so be sure you get this right before you start trading a new system for real .
3. Impassivity
It’s important to remain calm under strain, because there’ll be plenty of that. Do not allow your trading to be motivated by fear, panic or dreams of enormous profits.
4. Realism
Forget what you can see in adverts about doubling your money every month. A profit target of between 5 and ten percent every month is a superb return on any investment, and will keep you out of the most dangerous situations.
5. Records
Ultimately, keep records of your trades. Yes it is boring, but if your trading records are in depth they can let you take back control whenever things seem to be going wrong. Having results to analyze gives you a huge advantage in foreign exchange trading.
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