Dear Traders,

Here are the 5 Golden Rules of Trading. Which one is the most important in the success of the traders?

1. Invest in the direction of the Trend!
2. Cut Losses Quickly.
3. Let Profits Grow…
4. Diversify.
5. Manage Risk.

Regards
mark04

I don’t know if I agree about number 4. For me the most recommendable is to focus on just a couple of currencies, the bigger the amount of currencies and the diff they are, the bigger the mess you have!!!!

Today the focus will be on the release of the BoE Minutes from their most recent meeting, and as with previous editions, all eyes will be looking to the result of the votes on QE going forward. The direction of GBP from here hinges pivotally on whether additional stimulus is deemed to be necessary, and if we see a 9-0 vote in favor of no further expansion to QE then it is likely we see a further aggressive unwind of GBP shorts. In contrast, any indications (such as a split vote) that the MPC are contemplating more QE in November could very easily take GBPUSD back down to 1.6000 levels.

The slew of better earnings yesterday demonstrated limited effect on risk sentiment and therefore FX markets, but for what it’s worth today will be just as packed on the release schedule; main names to look for include Morgan Stanley, Wells Fargo and Boeing
Good trading forumers
http://www.ac-markets.com/forex-news/forex-alerts.aspx

Don't forget to mention stop/loss, discipline, and practice.

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Thanks for giving very good information on Golden Rules of Trading..According to me Diversify and Manage Risk are the important factors for success of the traders....

Exactly! Plus add self-confidence!

If you take a year to learn trading before you open a trading account...... you'll be way ahead of the curve. You will still have a high degree chance of failure...... but certainly less the the vast majority of people that try FX trading.
A special word of caution;
If you buy a "robot" program before having about 5 years of successful trading experience.... you will lose most or all of your account.

Ps: new here at the forum