Must Not When Trading In Forex

The FOREX platform I used has provided that trading in the forex may involve substantial loss or risk. At this point I want to expound on the forex must not's.

1) Must not let emotions rule when trading.

I started with 140 Australian Dollar investment. I said I had training and maybe I can earn a bit. Last OCt 15, I did in the XAU-USD pair. I buy and sell XAU with USD as based currency. The forex platform is a very convenient platform than the first platform I used during the training. I deposited my initial investment by using my debit card with VISA.

My first two positions earned me 6.24 AUD, not bad for a 140 AUD investment. On the third position I lost 7.03 dollars. I got motivated with winning although at some positions I am losing. Unfortunately, the losses are much higher than the wins. I let my adventurousness dominate me.


2) Must not be greedy.

For a 140 AUD investment, few dollar earnings less than 10 is alright. When you aimed higher, you exposed yourself longer and run the greater risk of facing market volatility. Staying longer more than 30 minutes may not be good for a mini-account. Don't get too excited to winning. For first timers, winning makes you feel good but you are unaware you are losing more than your winnings. The loss will be felt few hours after you realized it.