Category: Trading Skills and Strategies

Trading Skills and Strategies

4 Basic Skills for Forex Trading

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In today’s digital age, just about anyone can try their hand on the forex market. However, this doesn’t mean that anyone and everyone should start placing investments on this potentially risky trading opportunity. Here, we break down a handful of the essential skills necessary to become successful in the forex market, helping you decide whether you’re cut out for the fast-paced world of 24/5 currency trading.

1. Strong mathematical and analytical ability

Regardless of which market you choose to trade in, every potential investor simply must have a strong set of mathematical and analytical skills. When trading on short-term spreads on the forex market, you’ll be dealing in currency pairings. This is presented as two numbers, side by side, which can initially be quite confusing without the right knowledge and understanding. Fiercely fast mental maths will help you decode these quickly, working out potential profits and losses and deciding how much you can afford to invest.

Likewise, the ability to analyze data quickly will further benefit you in the forex world. Naturally, there’s a lot of math involved in currency trading, but this is often presented in the form of daunting technical charts, indicators, and patterns. To the newbie, this data is worthless without an existing understanding of data analysis, translation and interpretation, so a fundamental comprehension of these concepts is necessary in order to develop your own strategy and technique.

The easier you can understand the data presented, the more effectively your technique will develop, leading to the potential for far greater success in this technical market. The most successful forex traders have total analytical proficiency, helping them translate data to make informed predictions based on the indicators and systems they’re using.

2. Mental stamina and discipline

As a forex trader, it’s almost inevitable that you’re going to experience some ups and downs along the way. Alertness and decisiveness are both fundamental ingredients in the recipe for a successful forex trader, and the ability to apply these skills to pressured situations while remaining emotionally and strategically rational will certainly be of benefit in testing situations where things don’t quite go your own way.

Furthermore, the successful forex trader remains focused at all times. There is a plethora of financial information available online, and potential traders simply must be able to remain focused on the primary and actionable date that directly affects their trades.

3. Meticulous record keeping

Often overlooked but nonetheless of vital importance, the ability to be meticulous in your record-keeping and trade-tracking is of undeniable benefit to the profitable forex trader.

A trader who stays on top of their admin, recording the results of their trades with conscientious care, is more inclined to discover a prosperous strategy. This is because, in order to improve your strategy, traders must simply refer back to their previous trades, tweaking tried and tested methods to find one that works for them. Though it can be quite intensive, keeping on top of the books will help you reap the potential benefits the forex market has to offer.

4. A fundamental understanding of forex

Most important of all, no novice should ever trade on the forex market without acquiring a fundamental understanding of the basic workings of the market first.

There are both big wins and big losses to be made in currency trading, so it should go without saying that no-one should part ways with their money before holding a basic understanding of what they’re investing in. Learn about forex trading by conducting thorough research first and consider attending educational industry workshops and courses.

Only once you can confidently identify and comprehend jargon, strategies, trends and data will you be ready to start trading.

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Different Outlooks on Trading Forex

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8 Secrets to Successful Forex Trading

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There are many different outlooks on trading Forex, some will swear by fundamental analysis, while others will deem it pointless and tell you to focus all your energy on reading technical charts. Some experts will tell you to take advantage of the Forex leverage you are given in the FX market, while others will tell you to stay far away, as the higher the leverage, the greater the risk. Here are some universal pieces of advice for the Forex trader. They can all be summed up by one crucial element of trading psychology – objectivity. You do not have to follow each one of these Forex secrets to the letter of the law, but rather take them as an indication of the type of philosophy you have toward Forex trading. Some of these might not be right for all traders, but they are general tips, which are meant to lead you down the path to Forex success.

  • Preliminary Self Knowledge
  • Compatible Forex Broker
  • Methodology Selection and Application
  • Chart Synchronization
  • Money Management
  • Confidence Build Up
  • Weekend Homework
  • Record Everything

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FOREX Trading Basic Knowledge

Forex Trading Step by Step

Simple Forex Trading Step by Step:

Simple Forex Trading Step by Step for begginers

Step 1: Get a Device Connected to the Internet.

Step 2: Find an Online Forex Broker.

Step 3: Open an Account and Fund Account.

Step 4: Download a Forex Trading Platform.

Step 5: Enter Your First Trade.

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FOREX Trading Basic Knowledge

forex trading is a possible way to earn extra stable income from online
The best traders hone their skills through practice and discipline. They also perform self-analysis to see what drives their trades and learn how to keep fear and greed out of the equation. These are the skills any forex trader should practice.
But Before you enter any market I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth,if you like to trade off of Fibonacci the master-builder of human happiness.

No oneTotal all your winning trades and divide of winning rejects, dislikes, or avoids pleasure itself,Others use only technical analysis. because it is pleasure, but because those who do not know how to pursue pleasure rationallyas a trader the answer by the number ing a trade encounter consequences that are extremely painful.

NorSome people v Write these results down again is there anyone who loves or pursues or desires to obtain pain of itself, choose to were s look at the underlying fundamentals of the economy as well the best time to ex because itdea of how you platform can draw Fibd keep up with the changing dynamics of a market.
Whichever methodology you choose is pain, but because occasionally circumstances occur in whichbe consistent and be sure yoing trades lost.r the analysis younumbers, be sure the broker’s trades you made
your winning tradesus good broker os want to do. For example toil and pain can procure him some great a chart to determine To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?

But who has any righte profit or a loss. to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids Here is the formula:recute the trade. a pain that produces no resultant pleasure? On the other hand, we denounce with righteous indignation and dislike men who are so beguiled and Determine Entry and Exit Pointsble demoralized by the charms of pleasure of the moment, so blinded by desire, that they cannot foresee.

Seven Habits of Forex Trading Experts

Habits, good or bad, apply to all aspects of life. Let’s take a look at how habits affect my favorite area – forex trading. Over the years, I have found that the following seven habits can help traders keep their feet on the ground and, more importantly, keep them profitable.

Seven habits of forex trading experts
Seven habits of forex trading experts

Habit 1: know the reason for every trade

Many traders try to jump into the market because they “think” it’s profitable. Usually, when the price drops sharply, traders will take action, because they think that “the price has dropped to a very low level, and it will rebound”.

Every trade has a reason. This means that you have to follow a trading plan. Trading can never be “intuitive”.

Habit 2: there are always new Trades

In my trading career, the traders I met always seem to be on tenterhooks. They become anxious and depressed because they “missed the trend” and regret that they didn’tuse their laptops to complete all the important trades on this day.

The foreign exchange market is the largest financial market in the world with a daily turnover of about US $400 trillion. Trading opportunities are endless, so don’t blame yourself for losing one. Who said that the lost trade will be profitable? That’s a comfort.

Habit 3: be decisive

This habit is my rule when I teach students. I sometimes joke with students that if I heard that any student didn’t cut his position after trading, no matter where I was at that time, I would fly back to hit him on the head!

Believe me, the most important reason for traders to lose money in their accounts is their habit of taking excessive risks. Don’t fall into this trap, always cut the position. Make it a good habit from today on.

Make it a good trading habit from today on
Make it a good trading habit from today on

Habit 4: don’t retaliate after losing money

You just finished the trial transaction in the simulation account, and now you are ready for the real transaction. The first chance is here. It’s time to make a lot of money!

You made a trade, but you were forced to cut your position. Once again, you try to sell.

You are annoyed, the transaction should not be like this!

In the third transaction, you increase the investment cost to three times of the original, because you want to “win back” the money that the foreign exchange market mercilessly takes away from you.

This behavior sounds too familiar, right?

Don’t fall into the trap of revenge. The foreign exchange market will make you pay a heavy price. The key here is to understand that this is not for you alone. No one makes money on every trade. What you should do is leave the computer and re analyze your trading plan.

If everything goes according to plan, great! It’s normal to have losses. Accept that.

Habit 5: keep a trading diary

This is difficult, and not many traders do it. Those who keep a diary really believe in its immeasurable effectiveness.

The trading diary should record the decisions you made before the transaction, and record your thoughts and emotions after completing the goal. The following short list tells you what should be included in the transaction diary:

1) The date and time of the transaction

2) Currency pairs (e.g. euro / US dollar, US dollar / Japanese yen or British pound / Canadian dollar)

3) Actions / strategies taken (long term or short term)

4) Risk (how many hands, cut positions)

5) Potential profit (do you have one or more profit targets? )

6) Results (profit / loss)

7) State (what are your thoughts and emotions? Are you doing the right thing? )

A trade diary is like a road map. It can help you point the way. Here’s a question: if you don’t record your progress, how can you know if you are going in the right direction?

If you don’t have a framework as a measure, how do you know if some “bad habits” will inadvertently become your stumbling block? Start to keep a trading diary today!

10 good trading habits
10 good trading habits

Habit 6: keep your brain clear

Just had a fierce quarrel with friends or family. Is it wise to do analysis or trade at this time? Or you work 14 hours a day and your boss scolds you for not completing your task. Is it wise to make a decision at this time?

Of course not. When you are ready to trade on the computer, you must always keep a clear mind. You don’t want any emotions to make you hallucinate and see patternsthat don’t exist on the screen.

Habit 7: always pay for yourself

Is this habit important? of course.

What is the ultimate purpose of the transaction? It’s about generating continuous profit returns. But what’s the point if you don’t enjoy the benefits of exchanges?

There are many ways to pay for yourself in this industry. Let me list a few:

1) Set a goal of getting all the money back. When you achieve this goal, take out your start-up funds and use the money you have earned to trade later. This is actually a “risk-free” business.

2) Take out a certain amount of money remaining in the account and continue to add it when you have reached 20%. Make sure you withdraw far more than you may have to pay your broker.

Now you know the seven habits of foreign exchange trading experts. How to develop these habits? Very simple, as long as you have been doing these things for quite a long time, then these behaviors will naturally become your habits.

After that, you can develop into a mature trader and become an important force in the trading world.

behaviors will naturally become your trading  habits
behaviors will naturally become your habits

Finally, I’d like to share with you a wonderful quote from Vince Lombardi, the greatest football coach in history

Success is not temporary;
Success is consistency.
Success is not an accident,
It’s not the occasional right thing to do,
It’s always doing the right thing.
Success is a habit,
Unfortunately, the same is true of failure.

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Foreign Exchange Trading Experience

To succeed, people often say that attitude is everything, and so is foreign exchange trading. It is necessary to learn the foreign exchange trading experience of successful people with an open mind. As a slogan to express the power of positive thinking. To put it simply, we should have a positive attitude in doing things.
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Foreign Exchange Trading Experience

As long as we keep positive thinking and work hard, we can finally succeed. But in the field of trading, especially foreign exchange trading, it is not enough to rely on attitude alone. In addition to a positive attitude, we should also maintain a good attitude and learn from successful foreign exchange trading experience.

  1. Long term stable profit

As a professional trader, what we have to establish is the concept of long-term sustainable and stable profits. We should not pursue overnight wealth, that is, we should not bring gambling mentality into the market. Investment is a very serious thing. When you want to gamble with the market

At that time, the foreign exchange market becomes a gambling market for you. Have you ever heard of successful gamblers?

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Lessons From Foreign Exchange Trading (Trading Principles)

2. Objective transaction is better than subjective transaction

Objective signal and subjective signal have their own advantages and disadvantages. Every investor should build up confidence in trading and trust his own judgment, but overconfidence may lead to overconfidence in subjective signals; objective signals are often very reliable, but the biggest disadvantage is to send letters

It is easy to delay the signal because most of the technical indicators are caused by the delay of sending signals.

Objective trading and subjective trading should complement each other. When there is a contradiction, you need to make a choice according to your accumulated experience. If you can’t make a choice, please believe in the objective signal. When the objective signal and subjective signal are consistent, further confirm that your trading is likely to be correct.

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Foreign Exchange Trading Experience

3. Get what belongs to you, don’t be greedy

Every day, there are opportunities. If the opportunities are implemented in the ultra short term, they can even be described as unlimited opportunities. However, our energy is limited, and the opportunities we can seize are also limited.

It is also about the choice of opportunities. It is about facing the temptation of excessive trading opportunities and the market. We should only grasp the opportunities that we can grasp and grasp with basis. We should build positions with rules, and we should build positions without rules

Give up trading, or just try to trade small positions, trying to create new trading rules.

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Foreign Exchange Trading Experience

4. Avoid fear and regret

Fear and regret are the most common faults of foreign exchange market traders, and they often become the key factors affecting the trading mentality. Fear is reflected in fear of shrinking profits, fear of market turn around, fear of hitting the stop loss and turning back. The three contents that some investors fear are actually completely psychological

In the trouble: fear of profit shrinkage performance do not trust their own trading plan, do not believe their own judgment; fear of market turn is not aware of the market trend is not easy to reverse, even if there is a reversal, there are stop loss price as risk control, according to the new market

The reason is that there has been such a situation, but investors have not looked for the reason from the method and probability of stop loss setting. There is no unchangeable trading method and no unchangeable opportunity in this market.

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Foreign Exchange Trading Experience

Lessons From Foreign Exchange Trading for Beginners(Trading Principles)

Whether it is investment in domestic market or foreign market, whether it is investment in general goods or investment in financial goods, the basic investment strategy for beginners is consistent, especially in the foreign exchange market. Although everyone’s investment strategies are different, some of them are basic.

For example, the following strategies summarize our experience and lessons in foreign exchange trading for many years, which have considerable reference value for all kinds of investors,espeecially for forex trading biginners. It’s a valued forex bonus for all traders.

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  1. Investment with spare funds

If investors invest with the necessary expenses of family life, in case of losses, it will directly affect the livelihood of the family, and the chances of failure in the investment market will increase. Because when making money with a sum of money that should not be used for investment, we are already at a disadvantage psychologically, so it is difficult to maintain an objective and calm attitude in decision-making. Do as much as you can afford.

  1. Don’t trade too much

To be a successful investor, one of the principles is to keep 80% of the capital at any time to cope with the fluctuation of price. The cost of each transaction is only 10% to 20% of the principal. If you don’t have enough money, you should reduce your sales contracts. Otherwise, you may be forced to “blow up your position” to free up money due to lack of money. Even if it turns out that your vision is accurate, it won’t help.

Don’t run out of ammunition at one time. Bullets can be loaded at any time.

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  1. Face the market squarely and abandon fantasy

Don’t be sentimental, look forward to the future and remember the past too much. A U.S. futures trader said: a person full of hope is a beautiful and happy person, but he is not suitable to be an investor. A successful investor can separate his feelings and transactions.

The market is always right, the wrong is always their own.

  1. Don’t change your mind rashly

It’s very dangerous to make a decision based on the current market price and the change of the market price.

An iron army must have iron discipline.

  1. Make appropriate suspension

Trading day after day will slow your judgment. A successful investor said: whenever I feel that my mental state and judgment efficiency are as low as 90%, I can’t make money. When my state is lower than 90%, I start to lose money. Therefore, I suggest that I put everything down and have a rest for a few days. A short rest can help you to understand the market and yourself again, and help you to see the direction of future investment.

When you are too close to the forest, you can’t even see the trees in front of you.

  1. Don’t be blind

Successful investors don’t follow others blindly. When everyone thinks they should buy, they will sell. When everyone is in the same investment position, especially the small investors follow up one after another, the successful investors will feel dangerous and change their course. This is the same as the reverse theory, when most people say they want to buy, you should wait to sell.

Truth is sometimes managed by a few hands.

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  1. Refuse others’ opinions

When you grasp the direction of the market and have a basic decision, don’t change your decision easily because of the influence of others. Sometimes other people’s opinions seem reasonable, which makes you change your mind. However, you find that your decision is the right one afterwards. In short, other people’s opinions are only for reference, and one’s own opinions are the decision of business.

Advice belongs to others, and money belongs to oneself.

  1. Uncertain market

It is not necessary to enter the market every day. New entrants are often keen to enter the market. However, successful investors will wait for the opportunity and leave the market first when they feel confused after entering the market.

If the trading process is your greatest happiness, please trade every day…..

  1. Make a quick decision

When investing in the foreign exchange market, there are many psychological factors leading to failure. A quite common situation is that when investors are faced with losses and know that they can no longer be lucky, they are often hesitant and unable to make an immediate decision. As a result, they fall deeper and deeper and their losses increase.

I’m afraid of mistakes, but I’m afraid of procrastination.

  1. Forget the past price

“Past price” is also a very difficult psychological barrier to overcome. Many investors are affected by the past price, resulting in wrong investment judgment. Generally speaking, after seeing the high price, when the market falls back, they will feel quite unaccustomed to the new low price. At that time, even though various analysis shows that the market will fall again in the future and the market investment climate is very bad, before these new low price levels, the investors will not only not sell their own goods, but also feel “low” and have the impulse to buy. As a result, they will be imprisoned after buying It’s locked in. Therefore, investors should “forget the past price.”.

Remembering “history” means betraying the market.

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  1. Patience is also an investment

There is a saying in the investment market that “patience is an investment“. I believe few investors can do this. Foreign exchange investment and trading people must cultivate good endurance, which is often a key to success or failure. Many investors do not have poor analytical ability or lack of investment experience, but lack of endurance and buy or sell too early, resulting in unnecessary losses. For example, in a year, the US dollar has been rising, so it is an investment to hold us dollars all the time?

The early bird doesn’t necessarily have worms to eat.

  1. Stop loss and profit

This is an extremely important investment skill. Due to the high risk in the investment market, in order to avoid the loss in case of investment mistakes, we should stop loss and stop profit every time we enter the market. That is to say, when the exchange rate falls to a predetermined price and may fall, the transaction should be settled immediately. Therefore, this kind of calculation is an order to limit the loss, so that we can limit the further expansion of the loss. Only in this way can we maximize our interests and minimize our losses. There is no omnipotent theory, no omnipotent technical analysis method, no omnipotent analyst in the world. When any brilliant theory, precise method, and superb analyst is wrong, only setting a stop loss can save you from heavy losses. Remember!

Please fasten your seat belt when working at height.

  1. Pay attention to potential but not price

When we trade, the reason why we buy a currency is because we expect it to appreciate. We buy it in advance and then sell it to earn a difference. This truth is very obvious. However, for those who are new to the market, they often forget this truth. Instead of focusing on the future trend of price, they focus on the transaction cost. They always hope that they can make a deal at a lower price than others. It seems that they are mentally retarded to buy a little bit higher. They often look for the lowest price for a period of time, miss the trading opportunity, and wait to see When the market saw the appreciation of the currency not bought, it was too late to regret. The correct way is to recognize the general trend and attack quickly. Don’t be confused by the immediate interests. Only it can rise. It’s right to buy it any time today and look at it tomorrow. Today’s highest price may be tomorrow’s lowest price.

To pick watermelon, don’t greedy sesame.

Lessons From Foreign Exchange Trading (Trading Principles)
Lessons From Foreign Exchange Trading (Trading Principles)
  1. The key is self-discipline

A lot of trading strategies and techniques are familiar to people, even backward, what to follow the trend, to set a stop loss, make a quick decision and so on. Why are so many people losing money? Because many people are: can say, can’t do! Just imagine, the market is either up or down, the opportunity is half to half, even if there are five losses and five gains in ten transactions. If you can make up your mind, you will lose a little every time. I believe it is not difficult to make a comprehensive calculation.

Why do so many people lack self-discipline?

a. It is fluke psychology, indecision and other psychology that makes trouble.

For example, after a bull run, the market turns downward, and I always think, “it doesn’t matter, it will stop falling and pick up soon.” I constantly comfort myself, replace reality with “Hope”, and forget the principle of “no delay”.

b. It’s too subjective to make a mistake.

When you go to buy, you think “it will rise” and when you go to sell, you think “it will fall”. Did not think of “in case of wrong how to do”, pure Du Bo psychology, do not lose is not normal!

c. It’s inertia.

Knowing that stop loss and stop profit must be carried out at the first time, he is lazy to deal with it immediately. With the mentality of “it’s not too late to talk about it at that time”, he is often caught off guard by sudden changes in the market.

20 Forex Trading Guidelines

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1. Plan your trades and trade your plans.
2. Hope and fear are the two greatest enemies of speculators.
3. Keep records of your trading results.
4. Maintain a positive attitude no matter how much you lose.
5. Avoid overconfidence——it could be your greatest enemy.
6. Continually set higher trading goals.
7. Stops are the key to success for many traders——limit your losses!
8. The most successful traders are those that trade long term.
9. Successful traders buy into bad news & sell into good news.
10. The successful trader is not afraid to buy high & sell low.
11. Successful traders have a well scheduled planned time for studying the markets.
12. Successful traders set profit objectives for each trade they enter.
13. Do not collect the opinions of others before entering trades——facts are priceless——opinions are worthless. In short successful traders isolate themselves from the opinions of others.
14. Continually strive for patience, perseverance, determination, and rational action.
15. Never get out of the market just because you have lost patience or get into the market because you are anxious from waiting.
16. Avoid getting in or out of the market too often.
17. The most profitable trading tool is simply following the trend.
18. Never change your position in the market without a good reason. When you make a trade, let it be for some good reason or according to a definite plan; then do not get out without a definite indication of a change in trend.
19. Losses make the speculator studious——not profits. Take advantage of every loss to improve your knowledge of market action.
20. The most difficult task in speculation is not prediction but self-control. Successful trading is difficult and frustrating. You are the most important element in the success equation.

FOREX Trading Basic Knowledge

Top 10 Trading Tips

  1. Be Patient
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Don’t try and run before you can walk. If you are new to trading you must realize that you won’t become wealthy and successful overnight. There will be a period of learning in which you should use the tools available to research the various currency pairs, trading strategies, tools etc. Setting up an account and just getting carried away in the excitement will only lead to you losing money and not maximizing your opportunities.

  1. Learn About The Industry

What do you really know about Forex trading? OK so you understand the basics of the currency pairs, the majors, minors and exotics and how to make a trade but do you know everything there is to know. What is a Pinocchio strategy or a candlestick chart for example? Like everything, when we are new to it there is still so much to learn. You can’t just get in a car and drive off if you’ve never had a lesson, right?

  1. Choose a Great Broker

The right broker will make your Forex trading experience so much more successful, enjoyable and stress-free. Make sure you shop around and find the one that offers what you are looking for. You need to ensure that they provide a mobile responsive website or an app, a demo account, welcome bonuses and more importantly that they are licensed and regulated with a recognizable regulatory body.

  1. Take Advantage of a Demo

Practice makes perfect and a demo account is an excellent, no-risk method of practicing your trades. Using a demo account means that you don’t have to risk any money until you are ready. You can become familiar with the platform, how to execute trades, get familiar with the tools and various charts and learn from your mistakes with virtual funds that don’t cost you a dime.

  1. Investigate The Bonuses

When you are being bombarded with the temptation of one bonus after another you need to ensure that you weigh them all up and what you are indeed being offered. Most

Forex brokers will insist that you trade the bonus several before it can be withdrawn. Many brokers will offer a matched deposit or a percentage of your deposit while others will allow you to sign up and get a no deposit bonus. The no deposit bonus is great for allowing you to trade for free.

Practice makes perfect and a demo account is a great way to practice trading.

  1. Don’t Risk Too Much

Like anything it is essential that you only risk what you can afford to lose. That’s not to say that you will lose it but there is a chance that you could. If you are trading your mortgage money, your rent or your car payment then don’t do it. You could lose that money as quickly as you could win and once it has gone there is no way to get it back except to keep trading with more money that you can’t afford to lose.

  1. Keep Reading

Markets react to global news, trading conditions change, new strategies are introduced and things are continually evolving. Nothing stays still and neither should you.

You need to make sure that you continue to educate yourself when it comes to all things Forex and financial. Keep reading information, after all, knowledge is power.

  1. Trade on The Short Trades

Short trades mean quick wins hopefully. By trading on the short trades, rather than the longer ones there is much less that can go wrong. If you wait too long, then you could find your fortunes reversing. With the short trades, you can make your money and then move onto the next one. While you will find that you need to place more trades to make the same money at least you are slowly building up that account balance.

  1. Treat it As a Business

Imagine you are investing in a business. You want it to be successful and profitable, so you take measured risks that will return on your investment. You don’t recklessly buy expensive machinery in your first weeks of trading unless you can afford to. Treat your trading as your own business and nurture it so that it grows and provides an income for you.

  1. Only do What is Comfortable

You know what you feel comfortable with. If you are a ten-dollar trader, then don’t suddenly trade a thousand dollars on a single trade to make some quick money.

Imagine how many small trades it will take to make that back! Likewise, don’t suddenly start trading in different currency pairs on a whim unless you have researched the market and are prepared to start small.