you're own worst enemy to crash
your account. Don't blame the market.
Traders who blame the market
don’t last much time in Forex. If you lose money you
were wrong, not the market. When you lose money, you
should accept responsibility for it and analyze your
trade so that you can discover what went wrong.
TOP 10 TIPS FOR FOREX TRADERS
1. Implement a trading plan.
“If you fail to plan, you plan to fail”. A trading
plan is especially crucial in Forex trading to stay
‘in-control’ against the emotional stress in
Often, your emotions will blind and lead you to the
negative sides: greed causes you to over-ride on a win
while fear causes you to cut short in your profits.
Hence, a well organized operation has to be
predetermined and strictly followed.
2. Trade within your means
If you cannot afford to lose, you cannot afford to
win. Losing is a not a must but it is the natural in
any trading market. Trading should be always done
using excess money in your savings. Before you start
to trade in Forex, we suggest you to put aside some of
your income to set up your own investment funds and
trade only using that funds.
3. Avoid emotion trading
If you do not have a trading plan, make one. If you
have a trading plan, follows it strictly! Never ever
attempt to hold your weakened position and hope the
market will turn back in your favor direction. You
might end up losing all your capital if you keep
holding. Move on, stay within your trading plan, and
admit your mistakes if things do not turn as you want.
4. Ride on a win and cut your
Forex trader should always ride till the market turns
around whenever a profit is show; while during losing,
never hesitate to admit your mistakes and exit the
market. It is human nature to stay long on loses and
satisfy with small profits – this is why as we
mentioned earlier that a strictly followed trading
plan is a must-have.
5. Love the trends
Trends are your friends. Although currency values
fluctuate but from the big picture it normally goes in
a steady direction. If you are not sure on certain
moves, the long term trend is always your primary
reference. In long run, trading with the trends
improves your odds in the Forex market.
looking for lagging indicators
There aren't any in the Forex market. While some firms
make a lot of money selling software that predicts the
future, the reality is that if those products really
worked, they wouldn't be giving the secret away.
trading in a thin market
Trade on popular currency pairs and avoid thin market.
The lack of public participation will cause
difficulties in liquidate your positions. If you are
beginners, we suggest the big five: USD/EUR, USD/JPY,
USD/GBD, USD/CHF, and EUR/JPY.
8. Avoid trading in too many
Do not confuse yourself by overtrading in too many
markets especially if you are a beginner. Go for the
major currency pairs and drill down your studies in
9. Implement a proper trading
There is hundreds of trading systems available on
line. Pick one that you are most comfortable with and
stick with it. Stay organized in your trades and fully
utilized stop-loss or limit functions in your trades.
10. Keep learning
The best investment is always the investment on your
brain. Without a doubt, Forex trading needs much more
than just a few guidelines or tips to be successful.
Experience, knowledge, capital, fortitude, and even
some help of luck are all crucial in one’s success in
the FX market. if you lose in a trade, do not lose the
experience in it. Learn from your mistakes and regain
your position in the next trade.
: Stop searching for a quick Forex fix that delivers
nothing but false promises and unrealistic hopes!
Enroll this real training program and learn, once and
for all, how to become a successful Forex trader. See
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Trading foreign exchange
on margin carries a high level of risk and may not be suitable for
all investors. The high degree of leverage can work against you as
well as for you. Before deciding to trade foreign exchange you
should carefully consider your investment objectives, level of
experience and risk appetite. The possibility exists that you could
sustain a loss of some or all of your initial investment and
therefore you should not invest money that you cannot afford to
lose. You should be aware of all the risks associated with foreign
exchange trading and seek advice from an independent financial
advisor if you have any doubts.