DISCOVER the Road to Financial FREEDOM!

Foreign Exchange(FOREX) also know as foreign exchange market or currency market, is an arena where a nation’s currency is exchanged for that of another.

It is one of the largest financial  markets in the world with the equivalent of over $1.9 trillion changing hands daily.

What is so unique about FOREX is has no central exchange and no physical location(off-exchange). It operates through a global network of banks, corporations and individuals trading one currency for another.

Without this physical location barrier, FOREX able to operate on a 24-hour basis, spanning from one zone to another in all the major financial centers.

24-hour basis, trading times for different markets sessions express in Eastern Time zones;

Sydney: 5pm-2am est.

Tokyo:7pm-4am est

London: 3am-12am est.

New York: 8am-5am est.

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What is Forex ?

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There are top 10 Cardinal Rules of Forex Trading for Profitable Currency Trading.

By just following  to these rules on a consistent basis, your chances of success as a profitable Forex trader will greatly increase.

Here are the top 10 rules of Forex trading.

I have split the list into five Dos and five Don’ts

Dos

1) Whenever to are trying a new trading strategy, always test in in a demo account. Never use a real money unless the trading strategy is proven to work. Almost all Forex trading firm provide demo account facilities.

2) Keep a Trading Journal to keep a record of each of your trades, with detail of : why you enter the trade, how you got exit and it turned out the way it did

3) Have a Personalized trading plan. Never base your investment decision on any luck factor.

4) Stay Out if you are unsure of a trade. You do not have to trade everyday. It always better to miss an opportunity than to have a loss.

5) Learn both the Fundamental and Technical aspects that affecting the market.  You need to have considerable amount of technical know-how to make a good start.

 

Don’ts

6) Do not trade with money that you cannot afford to lose. Know your limit and never took any gambling move.

7) Do not follow “Guru” trading advice blindly. Always know why you are getting into the trades and how you are going to exit.

8.) Do not over trade or over leverage.

9) Do not concerned about being right. Just concerned about being profitable. No matter what you do or think, the Market is always RIGHT!

10) Do not lose your patience. You cannot make be a millionaires in a fortnight. If you lack patience, Forex trading is just not for you.

Follow these top 10 golden rules of FX trading to minimize mistakes and it will put you on the fast track to Forex trading success.

** Discipline is a huge component of successful forex trading. Forget it at your own peril.

Happy Trading