In different article we had discussed about 5 rules that you should do in forex trading, now it’s time to discuss about 5 rules you that shouldn’t do in Forex Trading. The reason why you have to take seriously about these rules because it can help you while you are in trading.
These 5 rules are good for trader, both new traders and old traders. New traders get the information from that rules and it can adjust to their own strategy or trading plan. Old traders can learn about the rules, and they can change their strategy for the bid. And here are the five rules you shouldn’t do in Forex Trading, check this out!
Do Not Force Your Money to do Trade or Follow Someone Else Blindly
If you have some Money on your Forex pocket, you can use to bet some trade, but do not force to trade if you won't to lose your money. If you are afraid to lose your money in trading, you can keep it first, that’s better than you force your forex savings and you fail it. When you keep your savings forex, you can do monitoring in news market about currency, and read the situation about when you want to bet on some currency.
As a trader, you can follow someone else trading plan but with some notes, you can’t follow their trading strategy blindly. You have to now someone’s trading plans that you follow. If you want to follow someone else trading plan, you have to know what kind of plan it is and it must suit for you needed. For example, if you want to short-term trading, you do a scalping. You can follow someone else trading plan who use scalping methods, like George Soros.
Don’t Concerned About Being Right and Don’t Over Leverage
You have to confident to playing Foreign Exchange or Forex. It’s okay if you feel right about betting in Forex. Besides the confident, you need to have feel about betting, and of course, you have to research too before playing forex. And it’s good if you feel you right to choose best forex broker as well as the broker suits for you.
Leverage is a way for you to trade with a much greater volume using the capital you have now. Do not force your limit even tough leverage is one of best choice if you want to get more, more and more money. If you are loss on leverage, you will lose a lot of money. So, just focus on stabilizing your forex saving and make some or even big profit of that, do not over leverage.
Do Not Revenge on Trading
It’s okay if you got frustrated because of Forex, but do not ever you try to revenge on trading. For example, last week you lose around $100 USD and you got frustrated, in the next day you bet on USD again without knowing that USD value is under performance, so you lose again. I sure you get more frustrated after that.
The good way to vent your frustration is do anything else besides trading. For example, you can hang out somewhere like go to the beach or mountain. If you are looking for broker, choose your DIDIMAX’s forex broker as your broker because DIDIMAX give you lot of facilities to use for your trading equipment. So, do not miss it.
In conclude, these rules that you need to get attention: don’t force money on trade, do not follow someone else trading blindly, don’t concerned about being right, don’t over leverage, and don’t revenge in trading are the rules that you shouldn’t do in forex trading.
