5 pieces of advice for Forex traders

1. Never invest the money, you can't afford to lose
The statistics says, that 90-95% of traders lose their first deposit. That may also happen to you. So, it's silly to think that it gonna happen a miracle and you won't lose your first money.

2. Don’t use more than 5% of your deposit for trading simultaneously
I think that using 5% of the deposit is the right sum for trading at one moment. Even if the market will move against your predictions, you won’t lose your funds. After some unprofitable trades you will have enough money to continue Forex trading and moving forward.

3. Never do scalping
Scalping is unacceptable at the Forex market. Even if you do good for some time, once you’ll lose much money. Scalping may be used only with one term: stop-loss must be the same as take-profit.

4. Set right stop-loss and take-profit
The level of stop-loss and take-profit must be clearly determined by your Forex trading system. In my trading system SL and TP are the same. The main thing is: SET STOP-LOSS. There are some situations when a trader can’t fix the losses. So, stop-loss is the only way to save your deposit.

5. Keep self-control
That’s the main advice for all traders at all markets, not only at Forex. Emotions bore mistakes. Follow your trading strategy and never deviate from it. After an unprofitable trade don’t try to play back immediately, that will only make the situation worse.