Not everyone of us can be always a successful Forex trader. Usually, after a certain period of time we begin to break the limits that we have set to ourselves, leading to negative consequences. It is good to recall some basic postulates, of which we were based in the beginning and to remind them from time to time. In this connection, we offer you a few short rules that could be useful and improve your results.
Remember the whole picture
Oftentimes, we warm up to look at the graphics only in minutes or hours, forgetting the long-term trend. Money management should also be separated according to long and short positions.
Most of the market participants do not have the patience to get educated enough before they rush into trading. On the other hand, we often get into a position, without waiting the previously expected levels. We have to be patient when the market is against us, and also not to become greedy after success.
There is no system that is consistently successful. Markets change, so you have to adapt your trading system constantly. Remember that the weak currency may help to the economic recovery. The opposite case could be also probable.
When the uncertainty reigns through the markets, the good trader becomes extremely careful in taking risks. It has to be paid attention to the correlation risk-return, to reduce the number of positions, or to take a break from the markets. At these moments greed and fear prevail, which are difficult to predict.
Searching for weaknesses
If you are completely aware of your weaknesses, then you have passed the half way to solving your problems. At the beginning ask yourself „Which qualities are most important for you?” Accordingly, can you specify your positive sides and your weaknesses? Do not try to change your character, on the contrary, adapt it to yourself. For example, peaceful people usually do not have the problem to hold long positions with small volume, while they avoid scalping.