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10 Golden Rules of Trading
- Always have a trading plan with an entry and exit strategy. When you open a position, stick to your trading plan and don’t let your emotions change your mind.
- Do not open positions using all the money in your account. This will put your account at a great risk. We advise you to invest up to 5% of your money in one deal.
- Do not invest again in your losing positions. It is always better to keep your winning positions longer and to close your losing positions earlier.
- Use Stop Loss Orders for your open positions. This will keep your risk under control and will free your mind for new opportunities.
- Your goal is to trade with the trend. Do not try to catch the highest or the lowest price of the movement.
- Do not bet against the market, because the market is always right.
- Successful traders usually BUY on bad news and SELL on good news.
- Do not try to close every trade on profit. This is impossible. Try to keep positive balance between your winning and losing trades.
- When you want to make a short-term speculation, always keep an eye on the long-term trend. We advise you to trade only when the short-term trend is the same as the long-term trend.
- Always improve your trading. You can do that by reviewing your trades. Find out your mistakes and avoid them in the future.
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