The success of a trader is very much dependent on one’s trading discipline. 70% of forex traders lose and 15% of them breakeven. The remaining 15% of forex traders win as they have consistent discipline which leads to profitable trading.

Trading is a matter of getting the law of averages to work in your favor.

There is no shortcut in profitable trading. You must trade a proven forex trading strategy over and over so that across a series of trades, the strategies work well enough to produce an overall profit.

The formula is very simple: Trade with discipline and you will succeed; trade without discipline and you will fail. Many naive investors want to double their profit in days or even weeks. However, they fail to realise that forex trading is just like any ordinary investments and not a get quick scheme

Here are 10 golden rules that have helped me carve my trading journey which I hope will guide you in your forex journey too:

I believe most of us will start out trading in demo accounts over a period of time to test out our strategies. Once we feel confident in our profitable strategy we will then move on to a real account. Some may try out trading in real accounts using small sums of money to further test their strategy and emotions, which is perfectly fine.

However, here is my explanation to why a well-funded account matters. If you compare a $100 funded account versus a $5000 funded account.

Let’s say we manage to yield 5% return for one month:

$100 account gives you $5

$5000 account gives you $250

If you compare the two, the $100 account holder will tend to trade more aggressively as the returns are not satisfying in relative terms. As a result, the small account holders are likely to have the psychological pressure to take more trades. This act leads to more risk taking and ultimately higher chances of getting stop out. Therefore, the $100 account holder has a greater tendency to burn their account.