As you may know, SUCCESS in Forex Trading happens only if you master three things: Trading System, Money Management and Psychology. Without any of those factors you may as well go to casino, play roulette and get broke in one night. At ForexSMS.me we want to teach you how to become a successful trader - and that means you need to focus on all three factors mentioned above. Luckily thanks to us, a Trading System is provided to you by Free Forex SMS Signals and the basics of Money Management are mentioned in an another article. Let's focus now on you as a person.
Even the best Trading System with perfectly mastered Money Management cannot help you get successful if you don't have a mental strength and motivation to be a successful forex trader.
Here are several rules you HAVE to follow:
0. Create an investing plan for the next 21 days and ALWAYS follow it. Decide how much money you want to invest and say goodbye to it - forever. In the very worst scenario a loss of all your investing funds shouldn't touch you at all. Don't you dare to take a loan.
1. Get rid of your intuition - your sixth sense doesn't matter in Forex trading; only numbers count.
2. Stop stalking at the charts! After you receive a Free Forex SMS Signal, place an order, set up your Stop-Loss and Take-Profit and close your XM MT4 trading platform! Since now there is nothing you can do, so just forget about it and relax.
3. Keep studying Money Management - the more you are familiar with it, the better and faster you can manage your funds while opening your trades.
4. After you make some profit from trades, do not raise the volume so much! Always risk no more than 5% of your total balance on a single trade.
5. When you make a loss, do not raise the volume just to pay back! Always risk no more than 5% of your total balance on a single trade.
6. Always stick to the rules, to Trading Patterns, no matter what happens - be consequent in what you do, it will be profitable not only in Forex.
7. Keep trading everyday. It is always much better to make smaller profits constantly, than to risk a big amount at once for potential big profits.