10 Golden Rules for Successful Trading for Beginners. Article by Mohsin Jameel


Very often amateur traders come across well-meaning advice from expert traders like, “keep your losses to a minimum” “trade as per your plan.” But, the problem with these bits of advice is that it doesn’t offer clear-cut actionable instructions. Worry not, here in this guide, i Mohsin Jameel offer you specific instructions, actionable tips that help you make money on your trades.

10 Must-Follow Rules of Trading
Regardless of what you trade — stocks, commodities, forex or even digital currencies — these rules will help you attain success. Remember, trading rules are always the same. It’s not about what you trade; instead, it’s about how you trade that determines your success.
 
Rule No. 1: Write a Trading Plan and Follow it religiously
 
The number one reason why most traders fail is not that they made poor decisions, but because they strayed away from their original plan. It is human nature to break the rules. Being a successful trader requires plenty of discipline to act according to rules.
Write out a trading plan and stick to it at all times. We highly recommend that beginners start with a simple plan. You can enhance your plan later once you learn the ropes of the game.
 
Rule No. 2: Continue Learning
 
Trading is a dynamic activity. The markets keep on changing with time and Strategies that worked last year may not work now. To be a successful trader, you need to continue learning daily.
The best way to learn is by imitating successful traders. Join a social trading platform to see how the experts do. You can quickly learn and widen your knowledge base by using a social trading platform.
 
Rule No. 3: Don’t let your losses multiply
 
As per your trading plan, you are sure to know when to cut your losses. Avoid the temptation to go beyond your maximum loss limit. Remember Rule №1: Always follow your trading plan. Don’t overstep it, irrespective of how tempting it might be.

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