Football Legend Michael Ballack gives 13 Golden Rules of Forex Trading!

April 26, 2017

13 Golden Rules for FX Traders by Michael Ballack!

Football Legend Michael Ballack gives 13 Golden Rules of Forex Trading!

This article is originally referred from HotForex News

HotForex collaborated with the famous German football legend Michael Ballack!

On the occasion, HotForex released this video presenting The 13 Golden Rules on How to Be the Michael Ballack of Trading.

HotForex’s focus is to constantly educate our traders, to give them the right tips and tools to expand their trading potential. Being the market leader through groundbreaking educational resources remains the top priority.

Check out the Official Video from below!

Hi everyone. I’m Michael Ballack and I’m thrilled to be in collaboration with the award-winning HotForex.
We have both build a reputation that makes us stand out in our respective fields and we both share the same principles to strive to be the best at what we do.
In professional football, winning is not just about having talent and skills, it is also results of determination, training and passion.
This is similar to what the financial markets command.
So let me give you the 13 golden rules and how to be the Michael Ballack of trading.

Rule 1 – Be Prepared and Focused Before You Strike

Footballers are just like traders, have one target to win.

What will leave you there as many goals as possible, so you need to stay focused zone everything out and concentrate on nothing but what you’re doing.

That way you can make every strike count.

To draw the parallel with trading you need to stay focused because you have to click the right button at the right time.

Rule 2 – Constant Training to Learn Automatism

You need to keep training in order to be in shape and keep up with the huge requirements that both football and trading require.

But what concentrating helps you with is also to learn automatism.

This is important for the time when you are under big pressure, because you will be more confident and you will know how to react under stress because you have trained for it.

That’s why you need to familiarize yourself with the process of trading in a risk-free environment.

Beginners should start trading with a demo account before opening a live account and even later on experienced traders should do regular training to learn the new functions.

Automatism will help you stay fit when you are under stress.

Rule 3 – Have a Clear Strategy

A football team always plays with a preset formation and each player knows this position and plays accordingly.

Now and trading you decide about formation or better say the strategy, and you control your position, so you need to make a plan with specific directions by criteria, risk limits which brings me to my next rule where you have to stick to your strategy.

Rule 4 – Be Disciplined

Indeed, having the best strategy possible is pointless if you don’t have the discipline to stick to it and being too emotional on the pitch can cost your game and especially in trading, because it can cost you a lot of money.

Discipline is essential and so it’s controlling your emotions, sometimes you need to make tough decisions in order to succeed in a long term.

You have to respect your risk limit, cut your losses, run your winners and in other words always be disciplined.

Rule 5 – You Need to Sleep

You can’t play well if you don’t sleep enough.

Likewise you can’t think carefully without a good rest at night, even if you can handle it in a short term, it is not sustainable, otherwise you will start doing mistakes, fat-finger and forth numbers.

That’s why you really need to conserve your energy and be fit for trading.

Rule 6 – Learn to Have Patience

A match last 90 minutes and there are plenty of opportunities to score a goal.

Likewise don’t make hasty decisions in markets for new traders being in a rush or taking too much risk it’s a great way to lose money.

It can be annoying if you miss a trade, but it is still a lot better than having a losing trade.

Don’t waste too much in a single trade if you risk more and lose you are likely to become emotional and stop making bad trades trying to recover the loss.

So don’t trade too fast and don’t risk too much, remember that there’s always the next trade.

Rule 7 – Be Aggressive If You Know What You’re Doing

Unskilled or reckless Technics don’t help.

They can end up in a fouls, getting called in and giving away a free kick, often in threatening positions.

To score you need to be aggressive at the right time and you need to know what you’re doing.

Leverage is the same you can highly benefit from it but it’s very risky if you’re not careful.

Higher rates of leverage are not your enemy but you have to know how to use them properly.

Rule 8 – Learn From a Loss

You can’t win all the games but you can learn from your losses.

You should analyze what went wrong and apply to the next game or trade.

Make the most out of your losses, because as I said earlier there’s always the next trade.

Rule 9 – Have a Winner’s Mentality

If it was the easy to be a successful professional footballer everybody would be doing that, but it’s not.

You need to have winner’s mentality.

Always train harder, always put yourself more.

The same applies to trading Forex.

Unless you work hard don’t expect to sustainably profit from trading.

You need to always be aware following the market adjust your strategy when the economic environment changes.

Rule 10 – Team Playing leadership are very important

Being a good leader has been one of my priorities through our my football career, especially as a captain of the national team.

Good leaders must first learn from experienced traders and then lead by example.

In order to later show the young traders how to do it.

Rule 11 – It’s Alright to Take a Short Break

Football is my passion but even I sometimes need to take a short break.

If you have been trading too much lately and you’re not sure where the market is going or feel you don’t have a great read on it, take a break.

You will return when you are more convinced.

Rule 12 – Be Open to The Unknown

Nothing is certain in any game even if we have great team and in a great form you can never be totally sure of what will happen.

Events like a substitution or questionable position from the referee can have huge knock-on effect.

For Forex traders this means that you need to minimize risk, but it also means that you need to be prepared mentally for unexpected movements in the markets, or for Black Swan event as your financial people call it.

Rule 13 – Take Your Time

Trying to score too early is a common mistake because players often don’t realize that earlier isn’t always better.

Yes, you need to cut your losses and trade early but you have to run your winner.

Don’t take your profits too early. It’s not good for risk reward ratio.

To conclude great outlets are not formed they are made, likewise great traders don’t just happen.

They are developed through training, constant education and discipline.

Build your trading career with a theme that’s hair that will help you become a top trader and so grow with HotForex.

HotForex Official Website

Original Source: HotForex News

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