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vickymacklean

Top four rules to become a successful trader

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Becoming successful in life is very hard. You must have complete control over your emotions and lead your life with strict discipline. Those who are habituated with a disoriented lifestyle can’t do anything productive. When it comes to the trading profession, discipline is not the key element that ensures success. As a new trader, you should study the professional traders at Rakuten and only then you will be able to make consistent profit from this market. Among various rules, the top four rules to become successful traders are –

1.    Discipline

2.    Education

3.    Strategy

4.    Consistency

 

Discipline

No matter which profession you chose, discipline will always be the most important element. Most of the naïve traders break the rules associated with their trading strategy and start taking excessive risks to recover the loss. Losing trades is nothing but a part of this profession and there is nothing you can do about it. You must reprogram your mind and accept the fact, losing trades will become a part and parcel of your life. But this doesn’t mean you will lose most of the trades. To make money in the trading business, you must have a 60% win rate. Once you develop such a strategy, you should not break the rules. Because if you do so, the risk-reward ratio will get hampered and recovering the loss will become impossible.

 

Education

Knowledge is power in human life. You must educate yourself and learn the three basic forms of market analysis to become a successful trader. Those who are new to this profession should never trade with real money. Demo trade the market and try to understand how this market works. During your learning stage, note down the details of each trade so that you learn from your mistakes. No one in this world can make a profit without having the proper knowledge. Start with the technical parameters of this market. Learning the technical part seems easy but this is the most complex part of the Forex market. Once you are done with the technical knowledge, focus on the fundamental and sentiment analysis. Based on these three forms of major analysis, you need to create a simple strategy.

 

Strategy

Do you know any successful businessman in life? If not, read the biography of Warren Buffet or Bill Gates. They have precise knowledge about their business and they know how to operate under extreme stress. To overcome all the problems in the global economy, the have a balanced strategy. Just like them, the traders need to have a balanced strategy where they can do the advance market analysis based on logic. Those who trade the market with emotions can’t do anything in trading. You are here to make a profit and for that, you must use your intellect. If you start acting on emotions, your strategy will not be effective. And try to develop the strategy in the demo account offered by Rakuten since you won’t have to lose any real money. Once you get confident with the market nature, start trading with real money.

 

Consistency

Consistency is very crucial for retail traders. Winning 5 big trades in a row and blowing the trading account in the next trade is not a professional approach. You never know which trade will result in loss. And to prepare yourself against this unpredictable market, you must use the simple strategy which focuses on consistency. Stop trying to win big trades since the result is very dangerous. Never overtrade the market to make more money. A few good trades are enough to change your life. Always remember, trading is the job for elite class people. If you fail o comply with the basic rules of investment, you should never try to lead your life based on the trading business. Assess your personality and know your requirements before you consider trading as your career

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One of the best trading tools for the Forex traders is the risk management which is also known as money management in this field. By applying the right risk or money management tool a Forex trader can easily control or minimize his risk. Forex4you the experienced trading broker I have been selected because they are very well- understanding and thus they give various risk managing tools in free in their platform.

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I think dedication, learning, patience and hard work are the main key’s of success in any sector of life. In case of Forex business theses things will help you effectively to achieve your success and you can gain profit. With my broker ForexOne I can always trade well and comfortably because they give free learning programs, expert assistance, various trading platforms, error free trading environment and many others so I can trade simply.

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Another thing to keep in mind is that proper risk management is necessary in order to trade successfully, so one should definitely pay attention to that as well.

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