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The Foreign Exchange (FOREX) Market Explained

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8 most important trading recommendations

1. The Trend is your friend

2. In up-trends, buy the dips; in downtrends, sell bounces

3. Let profits run, cut losses short. Always use protective stops to limit losses and move them only to reduce potential losses or protect newly achieved profits

4. Set up your plan before entering the market; don't trade impulsively

5. Employ at least a 3 to 1 reward-to-risk ratio

6. When pyramiding, follow these guidelines:

a) Each successive layer should be smaller than the preceding one

b) Add only to winning positions

c) Never add to a losing position

d) Adjust protective stops to the break-even point (or better)

 

7 Learn to be comfortable being in the minority, if you are right on the market, most people will disagree with you

8. Keep it simple; more complicated isn't always better