The moral of the story is to learn from others' mistakes. Now we proceed to our 7 rules. These are for you benefit as mentioned earlier, from experienced, successful traders. Rule 1 Never risk any more than you can afford to lose. You will lose money, all traders do, so make sure you are not sacrificing anything more important in the process. These are the basics of risk management. Rule 3 Always use a stop-loss order. If you haven't figured out where your stop-loss order and take-profit order should be at the start of your trade, then you probably shouldn't be trading this setup.
Rule 4 Know your exit point before you enter a trade. Rule 5 Demo trade first. Become successful with paper trading when there is nothing on the line before you open a real account. Rule 7 Don't let your emotions call the shots: stay cool, calm, and collected. Patience and a clear head will win the game. If you want to get news of the most recent updates to our guides or anything else related to Forex trading, you can subscribe to our monthly newsletter.
What Is Forex? Please disable AdBlock or whitelist EarnForex. The cool thing about being a Forex trader is you can set your own schedule. If you want to go to the gym at 5am, you can. If you want to have a 2-hrs chat with your buddy, you can. Unfortunately, a lot of newer traders fall into the trap of thinking that they must trade all day to be successful. That is not the case. Forget the 9-to-5 mentality!
Based on that concept, I've developed a framework any Forex trader can apply to trade. This framework will occupy 7 hours and allow living a life with a true meaning. I call it the 7-Hour Forex Trader. When you start to understand how important it is to live life on your terms, you can then get on the path of the 7-Hour Forex Trader, a way to reduce your time trading while still being highly profitable. Now don't get me wrong. Becoming a 7-Hour Forex Trader isn't easy.
It took me more than 3 years but I believe that, by working smart, you can cut down that learning curve by a lot more about that at the end. It's not about trading as much as you can. It's about getting the right education, knowledge, and skills at the beginning and applying that properly when starting out. It's simple. It is a combination of doing the right things at the right time.
The key here is that you reduce unnecessary activities i. It isn't enough to learn about trading. You must apply everything properly. Of course, the main part of a 7-hour Forex trader's work time is spent trading. Toward the beginning, practice replaces real trading. Based on a swing trading strategy, the 7-Hour Forex Trader spends a maximum of 1 hour per weekday directly trading. The time can be spent through various moments along the day.
For instance, one might look at the new 4hrs chart candle at every 4 hour period 4 times in a day this is what I do. I repeat that around 4 times a day. No complicated analysis is required for the trader who has mastered the art of reading a price chart.
All that needs to be done is to interpret the story and trade in consequence. Once a week, the 7-Hour Forex Trader takes between 30 minute and 1 hour to track his trades and review charts. This allows an evaluation of the trading week that just ended in order to make sure mistakes get fixed for the future. By choosing to skip this part, many traders set themselves for complacency.
On the opposite, the 7-Hour Forex Trader takes a minimum of 1 hour weekly to practice or learn something that will be useful to improve his future trading performance. For instance, one could decide to backtest a trading strategy to get exposure to the market.
Or, one could read a Forex trading blog such as this one. The reason why only 1 hour is spent learning is to reduce the risk of information overload.
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The7 strategy is an effective, medium-term trading system in the foreign exchange market. The application of the trading rules for this trading strategy when. Share ideas, debate tactics, and swap war stories with forex traders from around the world. urken.xyz › Trading Podcast & Forex Trading Lessons.