Trade like a Robot and be successful

Forex Trading Nigeria

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Posted by on Thursday April 19, 2012 9:35:46:

When I say trade like a Robot, I don't necessarily mean you have to buy robots to trade for you. I simply mean to trade like someone who is programmed to just follow the rules.

In forex, one of the reasons why many people fail to become successful is because they just don't like rules. Some people, by nature, abhor rules and they just like breaking them, even if it was their own rules. There are several tips and strategies that could be suggested to such people which are very helpful but it just does't work well with people who are not disciplined enough.

Rules like keeping proper money management, setting a stop loss, knowing how much to risk on your capital, following the market trend are all helpful. If you have a $1000 capital, don't just risk even 10% of that in a single trade. 1 to 2% can be ok per position and it is better to open multiple positions with small capital rather than a single position with about 50% of your capital.

There are many rules in forex and they are meant to be helpful. Even for yourself, you can set your own rules and these would be based on past experiences and what works or doesn't work for you such that when you face a similar situation, you would know where to place your feet.

If you set your own rules, try not to break it, just trade like a robot and you should last longer in the game.