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  1. Forex trading is an Art, not a Science. Every time when we trade there is no means a surefire guarantee of success. No trade setup is ever 100% perfect. Therefore, no rule in trading is ever perfect (except the one about always using stops!). But, these basic rules work well across a variety of market environments and will help to keep you out of harm's way. 2% risk for per trade This is the most common and most broken rule in trading. By setting a 2% stop-loss for each trade, you can control your impulsive behavior to save your account. Technical and Fundamental Analysis both are essential Both techniques are important and have a hand in influencing price action trading. Fundamentals are good at dictating the broad themes in the market that can last for weeks, months or even years. Technicals can change fast and are useful for identifying specific entry and exit levels. Don’t lose your winning trade Forex markets can move fast, winning position can turn into losses in a matter of minutes. There is nothing worse than watching your trade be up 50 points one minute, only to see it completely reverse a short while later and take out your stop 60 points lower. You can protect your profits by using price action trading and trading more than one lot. For a more effective result, you may do a price action trading course. Right timing with analysis In forex trading, successful professional traders not only need to be right in the analysis, but they also need to be right in timing as well. Logic wins; Emotion kills It can be a huge rush when a trader is on a winning track, but just one bad loss can make the same trade give all of the profits and trading capital back to the market. Logically focused traders will know how to limit their losses, while impulsive traders can't do that. To get a better understanding of trades, read Importance of Forex analysis . Eternally pair strong with weak When a strong currency is positioned against a weak currency, the odds are heavily skewed toward the strong currency winning. In forex trading, we always trading in pairs involves buying one currency and shorting another. Because strength and weakness can help traders to gain an advantage in the currency market. Risk Can Be Calculated; Reward Is Unpredictable Before starting every trade, you must know your pain threshold. You need to figure your worst-case scenario and place your stop based on a monetary or technical level. Nothing is guaranteed in trading. Reward, on the other hand, is unknown. When a currency moves, the move can be tremendous or inadequate. Importance of Forex analysis Summery We always make rules to stay safe at the end of the day. This basic rules can help you all the time if you control your passion in trading.
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