Tag: Forex Trading for Beginners

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 pleasure.as 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.

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.