How To Become A Successfully FX Trading Software Expert

Posted by admin On January - 30 - 2009

The first thing you need to know is, that the greatest enemy while trading the forex market will always be yourself! Having said that it is absolutly crucial that you commit yourself to following some rules.

Under no circumstances, should you violate these rules. If you are a trader you might still know what I’m talking about and if you are a newbie you will get used to it in the near future. The following rules should give you a solid foundation and guidance to follow the basic principles that are so important if you aim for a steadily growing account and to prosper in the forex market.

The 5 basic rules

1. You have to trade with capital you can afford to loose.

2. Don’t be invested with more than 3% of your total equity. Your Stop-Loss has to secure this.

3. Before going live with any new system (if it’s automated or manual doesn’t matter), test this system for at least 3 month. You need this time to get familiar with the system and to learn how to trade it correctly. Often you will notice that the system is NOT what you’ve expected!

4. After going live with the new system, make sure you stick to the rules 1., 2., 3..

5. When you’ve found a profitable FX Trading Software system, always take some money of the newly earned capital out of the account and let the rest accumulate. My recommendation would be to take at least 50% of what you’ve gained each month and put it back in your privat account (that’s your reward for your hardly earned new FX Capital:-))

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