The Golden Rules of Trading.
Forex trading requires the trader to have a lot of discipline. Practicing some rules and guidelines to improve your skills will dramatically increase your chances to be successful. What did your parents or teachers tell you as a kid growing up? Practice makes perfect, try again. So, to accomplish these guidelines, you need to take full advantage of your demo account, throughout your entire trading journey, and I fully believe that is rule number one.
Using your demo account allows you to not only get the full market vibe, but it allows you to consistently revise your trading strategy and gain the confidence you need to be successful. Shawn Lucas is a professional trader who I personally look up too, and has always encouraged those in his trading community to take advantage of their demo accounts, even as advanced or professional traders themselves.
The second important rule to becoming a successful trader is to construct your trading plan which should always include stop-loss orders which are critical for all traders to have in their trading system because it minimizes your losses. Quite surprisingly, one of the most common mistakes traders will make is that they're either forgetting or avoiding to use stop-losses. One of the top rules is to keep all emotions at ease. Your emotions can heavily impact your decision making, especially when trading in the market, which is known for being a very high-stress environment itself. If you’re having an off day, feeling upset or stressed out in any way, I personally recommend staying away from the market until you’re feeling better. If you can't focus solely on a trading session, you should not be trading.
Another extremely essential rule for trading is to continue to learn and analyze the market. Knowing the market history allows you to examine the markets past and how it has performed and what that would mean for your strategy and how to move forward. Taking your Forex education seriously is so important because the market is constantly changing, causing you to either evolve with it or fail. Shawn Lucas also expresses to his trading community how crucial it is to be able to continue to grow alongside the market. As a Forex trader, you need to be willing and able to adapt to the market, and that comes with continuing to grow your education.