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  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/LcfxFxFrTY
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/UgYlEILK5n
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/BXp2z6E0Kl
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/xGuTYZqYwh
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/EvRHfRQLgk
  • The Australian Dollar remains vulnerable in the week ahead, eyeing risks such as a dovish RBA, surging Covid cases and recent crackdowns by Beijing. Might US NFPs offer some relief to AUD/USD? Get your weekly AUD forecast from @ddubrovskyFX here: https://t.co/LQzQymM3ND https://t.co/XOCJl3vbu1
  • $AUDNZD closed at its lowest since December 2020 Prices pierced the 1.0541 - 1.0564 support zone, exposing the November low at 1.0418 A confirmatory downside close under support next week may open the door to further losses #AUD #RBA https://t.co/mybbgPHNX4
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/k49UosZOUR
  • The US Dollar seems to be losing its momentum against ASEAN currencies as of late. Could this be another top in USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/rVBKBuhhAb https://t.co/lTT6oelIEc
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/JTw3w7KYXP
Trading Rules

Trading Rules

Thomas Long, Course Instructor

1. Never risk more than 5% of your account equity at any one time. If you have a $2,000 account, you can risk up to $100.

2. Always use protective stop orders. Markets can move quickly, so have a stop order placed in the market if you are in a trade. Identifying your risk is the key to successful trading.

3. Never trade against the daily trend. Never buy or sell if you are not sure of the trend according to your charts.

4. Never enter a trade without a good reason. A consistent approach increases your chance of success.

5. Trade only in active currency pairs. Keep out of slow, inactive ones.

6. Seek an equal distribution of risk. Trade in four or five different currency pairs, if possible. Avoid tying up all your capital in any one currency pair.

7. Don’t close your trades without a reason. Follow up with a stop loss order to protect your profits.

8. Never average a loss. This is one of the worst decisions a trader can make.

9. Never get out of the market just because you have lost patience or get into the market just because you are anxious from waiting.

10. Never cancel a stop loss order after you have placed it at the time you make a trade.

11. Be just as willing to sell short as you are to buy. Let your object be to keep with the trend and make money.

12. Never buy just because the price of a currency pair is low or sell short just because the price is high.

These rules are based on writings and advice from some of the most successful traders of all time. The more you break, the harder you make it on yourself to be consistently profitable.
 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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