In this section we will be covering the few important rules that should never be broken in trading. If you can apply these rules consistently, and with the right amount of discipline, you will be well on the way to being a profitable trader.

The following are rules that can significantly improve your chances of success if they are understood, practiced, and implemented consistently in your trading. These rules have been learned the hard way, mostly through trial-and-error, and the inevitable mistakes that everyone makes when they start a trading business.

Set up and Implement specific goals and objectives
Few things are more important to your trading success than having set specific goals and objectives for what you are trying to achieve. It is amazing to me how often we hit our targets, meet our objectives, and reach our goals best when we speak aloud and write them down.

For any business to be successful it must have measurable objectives that you are actually able to achievable. In trading, the primary objective is obviously to make money, but it is important to have other objectives that are not strictly cash-related.

We must always remember that reward and risk go hand-in-hand in trading and that we can’t expect to achieve high returns without planning and bracing for high risk (draw-downs).

Your objectives and goals have to be very specific to you, but they must also include the following characteristics if they are going to be useful:

• Be measurable in accordance to completion and timeframe involved
• Be realistic and achievable
• Be worth the time and effort involved
• Be positive

As an example, here are some actual objectives (Please bear in mind that this is only a partial list):

Forex trading rules part 1
Forex trading rules part 2
Forex trading rules part 3
Forex trading rules part 4
Forex trading rules part 5
Forex trading rules part 6
Forex trading rules part 7
Forex trading rules part 8

Forex trading tips part 4
how to trade Forex eBook - contents