Success in any field of activity is unthinkable without discipline and confidence. These are the first two rules in investing and Forex trading. If you do not learn them from the very beginning, you might lose a lot of time and money. Discipline and confidence are very closely related to each other.
The easiest way to build confidence is through achieving results. And the results will come only after you perform the same actions in a systematic and disciplined manner. The first time it will be difficult, but every week you will notice that it becomes more interesting, clearer and easier. And after 100 days, almost any business flows from the category “I don’t like it” and “How boring” to the “I can’t help but do this” and “God, how interesting! I want more” category.
So here are 5 basic rules in Forex trading, following which you will definitely reach your goals.
As soon as you wake up, don’t hurry to open the mobile app and check your deals. First, gain peace of mind. To do this, perform all your morning rituals, efficiently and without haste. Exercise, run, make a delicious breakfast, hair, dress nicely, compliment your family and friends. It is very important.
Once you sit down at your workplace, don’t even think about getting distracted for the first 2 hours. If you are working from home, ask children not to enter the room, turn off all notifications and remove unnecessary things from the table. Just a laptop and a glass of water. Well maybe leave a cactus.
And still don’t rush to check the trading terminal yet. Dedicate 2 hours to researching Forex news and analytics.
3. Think with your own head
There is a lot of information on the Internet, a lot of scammers. Do not believe everything you find, think with your own head. Even a successful trader should not blindly believe, everyone can make a mistake. Collect information carefully and make a purchase or sale of currency, guided only by your feelings. Yes, you might be wrong at first, but that’s how you develop personal competence and self-confidence. This is much more important than making a profit quickly. This is a long-term game.
4. Rule of 20% and 50%
Do not invest more than 20% of your monthly income in Forex trading until more than half of your trades are profitable. When you systematically receive income from trading, do not rush to throw everything into your account, do not get too excited. Remember point 1 – always stay calm.
This point may seem counterintuitive, but many successful investors and traders around the world follow this rule. This is the rule of the universe – the more you give, the more you get. When you selflessly donate a portion of your income to help others, more comes to you.
So, try to follow these rules for 1 to 3 months and you will definitely succeed. Tested personally and verified by many other successful traders. Good luck!