The most important things for traders are merely two things below, but I understand most of beginners are trapped in trading without those disciplines.
Your own strategy
Beginners tend to trade by their judgement from subjective view. It sometimes may work, or always work if you were the trading god. However, in other words, there are no rules, patterns nor empirical justification.
Before you trade with your money, you should have certain strategy which characterize your trading rule.
Trading by technical analysis, you will look at technical indicators on the chart, and you will long or short when the technical indicator reached at specific figure.
Trading by fundamentals analysis, you will look at economic indicators such as policy rates, GDP growth, unemployment rate, .... The market is driven by those economic indicators when the indicators are updated.
Lastly, the simplest rule is to decide how much to take profit and how much to allow loss. Particularly, traders tend to fail without stop loss.
Never break your strategy but improve the strategy
Even if you set up your strategy, you are still a human and sometimes can be emotional. When your position indicates unrealized profit, you may want to take the profit despite the signal indicating the profit being bigger. When your position indicates unrealized loss, you may believe the loss eventually become profit despite the signal indicating the loss being bigger.
Ultimately, no one knows future. But in trading, your own strategy is a only thing to predict future. If you think your strategy is insufficient, you should have further analysis and improve the strategy instead of emotional trading.
We are providing our own technical indicators which are called FX trend & momentum. Download App "Forex Signal by QROSS X" at Google Play.
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