Forex Trading Psychology

You must make a decision not in the burst of passion but by a well-designed plan based on signals of your own trading system.
Emotional game is the enemy of success.

The loss of the account may affect your ability to make appropriate decisions.

Control your emotions.

Pay attention primarily to the quality of the transaction.

The amount of your deposit should reflect your overall financial condition. Do not invest in Forex all that you have. The optimal ratio of investment of your budget should not exceed 1 / 6.

It is important to define for yourself what amount you can take a risk in case of a failed open position. Usually, this amount should be no more than 2-3% of the deposit.

When setting mandatory protective orders (stop loss) do not exceed the previously established limits.

Before you begin to make deals, you must have a clear idea of all the commissions which takes your broker. Remember that these costs directly affect your profits and losses.

If you work through the Internet, remember that any system failure may lead to tragic consequences for your account. Always have a relationship with a broker to secure a telephone line, keep a record of open positions and the placement of all orders in the event of an unforeseen system failure.

Any electronic system is susceptible to failure.

Remember that any forecasts, data analysts, even the most well-known international banks and think tanks can not serve as grounds for opening a position.

Try not to work with illiquid currencies.