Online Forex Trading in 2009

Written by forexwatch on 29 December 2008

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A HAPPY NEW YEAR

The Dos & The Don’ts in 2009

What to Do in Online Forex Trading in 2009

1. Stick to the Forex Trading System that has proven to be profitable to you. It is not advisable to change your Forex Trading System just because other traders are saying that yours is comparatively less profitable.
2. Strict Control of your Funds with a Sound Money Management. Adhere to the Principles of Money Management as this will avoid a overtrading situation or the Risks of Margin Calls.
3. Always be contented with your Profits.
4. Apply or Put a Stop Loss for all your Trades. Unexpected things can happen – A Failure of your Internet Connection.
5. Take Profit at Reasonable Levels. Don’t be Greedy.
6. Check out for Forex News before trading.
7. Study and Analyze your Charts, Follow your Charts. Trust your Indicators. Indicators don’t have Emotions and Don’t Tell Lies.
8. Keep Cool, Control your Emotions. Take a Rest if you have charted two straight losses.
9. Do Apply Sound Judgments when necessary.

What Not to Do in Online Forex Trading in 2009

1. If you are a Compulsive Gambler, Do Not open a Forex Trading Account.
2. Do Not Speculate.
3. Forex Trading is very Risky Business but Do Not take Uncalculated Risks. Stick to your Profit Risks Ratio.
4. Do Not Overtrade. Apply strict Money Management Control.
5. Do Not be Greedy. Greed is the most Evil attitude in Forex Trading. Always remember that a Bird in Hand is Better than Two in the Bush.
6. Do Not let your Emotions to Override you in your Decision Making.
7. Do Not go Against the Trend. It’s Suicidal.
8. Do Not Trade in Currency Pairs you are Not Familiar with.
9. Do Not Listen to Rumors.
10. Do Not Try New Methods or Techniques with Real Forex Trading Accounts.

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