You must Control emotion:
It may be difficuly but not impossible to control our emotions. You must learn to reduce your emotion to the bearest minimum during trading. This has to do with a lot of self will and decipline. Adhering strickly to your startegy and having a good entry and exit signals will help too. So it is necessary to control our mind.
Follow a proper Money management system:
For traders, it is most important to stay in this business. Every trader should follow money management. It can save trader’s account. They must need to use stop loss for every trade.
Follow an effective strategy:
A good strategy can give regular profit to the traders. So traders need to develop a profitable strategy to make money continuous basis.
Have a proper trading planning:
Traders can make plan for making money. This plan can be short-term or for long-term basis. A good plan can give huge profit.
Make sure to have a Trade management system:
Traders need to cut their losing trade. They should run their profit’s trade. It will increase trader’s equity. Thus trader can make profit also from real account.
Treat your live account like it’s a demo account:
There are some “tricks” that we can use to keep ourselves calm and collected even while risking real money:
1. Accept that you will lose, don’t try to fight it
The first thing you need to do when trading a real account is to fully accept that you are going to lose sometimes. In fact, some professional traders lose around 50% of their trades, but due to risk reward and proper forex money management, they are still able to make a very good living. So, don’t fight the inevitable losing trades, instead, learn to work with them and accept them as part of doing business in the Fx market.
To be continued.....
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