1. Stop profits or losses as happiness lies in contentment. Greed is the last thing that can help traders with their wealth in forex trading. Although the profitability at 1% or 2% every time is seemingly unremarkable, many a little makes a mickle over a year.
2. Avoid volatile markets if you can. Generally speaking, the forex market is relatively unstable from Wednesday to Friday in the first week per month because it receives the significant economic statistics released by the U.S. and Europe. Hence, please think twice before entering the market at the moment.
3. Have a rest. Tactics dont mean everything to transactions. Please enjoy yourself amid the weekend to prevent you from stupid mistakes in forex trading when you are not in good condition.
4. Accept the reality. All traders speculating in the forex market crave fortunes, whereas only 1% of them can enjoy profits all the time. It is difficult for you to cope with ups and downs in your trading unless you accept this fact.
5. Don't add positions. When the exchange rate has been rising for a while, the bid price of your holds can be the “peak”. If you face up to the plummet and continue to add positions, your endeavor will end up with hefty losses when the rate doesn't reverse.
6. Don't be inflexible or dogmatic. Mistakes sometimes are made in the fight for a few points in forex trading. Some traders are insistent on their targets that are set up after they build positions even though the price is close to their goals despite a few points away. Finally, they miss opportunities while waiting.
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