1. Don't leave more than 5% of your total wealth in a broker unless it is both heavily regulated (US, Canada) AND publicly listed
2. Don't deposit more than 0.5% of your total wealth in a broker when you first get started
3. Don't place a trade if you are on a losing streak; try 0.1 lot trades or even demo trades until you are back in profit mode
4. Don't open two trades on the same instrument.
5. Don't go overnight if you are trained in intra-day trading.
6. Don't record a lost trade as a "fail" if you correctly followed your plans
7. Don't be afraid of using the highest leverage, but do follow the rule 2 so you will only lose little even if you forget your stop loss
8. Don't be afraid of trading the news, if you did follow the rule 2
9. Don't deposit to a broker if the total trading cost is more than 0.4 pips (round, for EURUSD)
10. Don't deposit again if you find unexcused execution problems, slippage, or slow withdrawal
11. Don't trade ANY leveraged contracts if you have more than 1% of your total wealth on an account
12. Don't trade forex for long term investment/speculation unless you have a swap-free account
13. Don't actually use stop-loss: as soon as the market proves that your prediction were wrong (i.e. no confirmation), try to get ride of the position as soon as possible, at a cost of 1-7 pips, rather than waiting for the 10-20 pips stop loss to be realized.
Those are just my cents. If you have similar ideas we could probably be friends.
2. Don't deposit more than 0.5% of your total wealth in a broker when you first get started
3. Don't place a trade if you are on a losing streak; try 0.1 lot trades or even demo trades until you are back in profit mode
4. Don't open two trades on the same instrument.
5. Don't go overnight if you are trained in intra-day trading.
6. Don't record a lost trade as a "fail" if you correctly followed your plans
7. Don't be afraid of using the highest leverage, but do follow the rule 2 so you will only lose little even if you forget your stop loss
8. Don't be afraid of trading the news, if you did follow the rule 2
9. Don't deposit to a broker if the total trading cost is more than 0.4 pips (round, for EURUSD)
10. Don't deposit again if you find unexcused execution problems, slippage, or slow withdrawal
11. Don't trade ANY leveraged contracts if you have more than 1% of your total wealth on an account
12. Don't trade forex for long term investment/speculation unless you have a swap-free account
13. Don't actually use stop-loss: as soon as the market proves that your prediction were wrong (i.e. no confirmation), try to get ride of the position as soon as possible, at a cost of 1-7 pips, rather than waiting for the 10-20 pips stop loss to be realized.
Those are just my cents. If you have similar ideas we could probably be friends.