Forex Trading Tips - page 3
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I will advice you to trade in Forex with the Demo account for at least one month. It will give you vast array of experience and build confidence in you. You will start to understand the change patterns of the currency. In the Demo mode trade wisely and treat the balance as real money. Best of Luck trading!
I am agree with you,
demo account is the best step to start trading,
we can get practice without need to invest some money.
I am agree with you,demo account is the best step to start trading,we can get practice without need to invest some money.
I start my first trading with demo account from FBS, and invest my money just in micro account, because I still doesn't ready to lose a lot money in this business.
Hi CortneyWilliams,
I am also new in forex trading and learning basic rules of forex trading. I found Babypips school while searching forex trading tips. It is packed with all basic and advance info about forex trading. I hope, it may be helpful for you as well.
At first I didn't even know how to place an order! I had registered for a couple of demo accounts but had no idea what to do on the platform. Then one company had a very nice lady who talked me through how to place my first buy order. Then all I knew was how to place buy orders! And I was making loads of demo money with just buy orders! There must have been a continuous rising trend! I would have some pending buy orders at and some orders running. I would wake up to find that I had made thousands in demo money!! It was fab!
1.Do not overtrade
- Trade within your means
- Use 1/3 of your total margin only
2.Always use protective stops to limit losses
- Go in with a plan
- Don't trade impulsively
- Have predetermined risk as well as profit
- Don't move stops higher or lower and say "It'll come back."
3.Diversify your portfolio
- Try to avoid "Loading up" in any one commodity or product
4.Keep emotions in tact
- Don't make trading decisions based on "Fear and Greed", as hard as this may be
- Make decisions away from the market - "Don't be a screen watcher"
- Don't let ego get in the way
5.Trade in the direction of the immediate trend
- Don't try to pick bottoms or tops
6.Don't add to losing positions - get out!
- Don't Average "Down" or "Up"
7.Keep it simple, more complicated is not always better
- Trade within your understanding of the markets
8.Employ approximately a 3:1 reward to risk ratio
- Don't ever risk $2 to make $1
9.Always be a student and keep learning
10.Above all, be disciplined
Forex trading is becoming bigger by the day. The exchange of foreign currency has made people a lot of money. To accomplish all that this market has to offer you are going to need some forex trading strategies. Select your first broker, Get a simple method you understand, Trade the big trends and not trade frequently, Work smart and not hard The formula to success.
If you are new to online FOREX trading you will realize that 95% of traders lose and lose quickly.
To win at currency trading you need the right FOREX strategy - incorporate the following 10 tips and you will get a head start in your quest for consistent FX profits
1. Don't believe the hype
You will read a lot of information on how easy FOREX Trading is and how you can buy an e-book for $100 and become rich - this is not the reality. While there is some good advice out their - you can get all the information you need free on the net.
If you want to read about the top traders of all time and get advice from traders who have walked the walk -rather than just talk the talk, go to Amazon and pick up some books from the top traders of all time.
2. Don't day trade
The biggest myth of FOREX trading is you can make money FOREX day trading.
You can't!
Many novice traders fall for this myth and lose quickly.
All short term volatility is random and there is no way of predicting where prices may go, so you may as well flip a coin.
If you want proof that FOREX day trading systems don't work ask a vendor for a track record of real time profits over the long term and you won't get one - PERIOD.
3. Work smart not hard
You don't need to work hard in FOREX Trading, you need to work smart. This means focusing on the RIGHT FOREX education and learning FOREX tools that work. You can easily learn to trade FOREX markets in a couple of weeks. You just need to focus on the right information.
You don't get rewarded in FOREX trading for working hard, you get rewarded for being right and that means working smart.
4. Risk = Reward
If you don't like risk forget currency trading and do something else.
Many traders simply want to avoid risk as much as possible, putting stops to close, or snatching profits. If that's you - you will NEVER achieve currency trading success.
You need to cheerfully accept risk and loses to succeed in online FOREX Trading.
5. Do It on your own
Only you can give your self success.
You need to be confident in your ability to succeed and if you are, you will have the discipline to apply your method for long term gains.
If you follow someone else you will not have the right mindset to succeed. You will lack discipline and will throw in the towel as soon as a string of losses occur. Do it yourself and your chances of success are enhanced.
6. Get a simple method
Simple methods work better than complicated ones, as they are more robust with fewer elements to break in the face of ever changing market conditions.
There is no correlation between how complicated a system is and how much money it will make.
If you are starting out in currency trading, use support and resistance, a breakout methodology and some confirming indicators and that's it.
The above way of trading is perfect and will help you get the big profits from the big moves.
7. Trade Breakouts
A timeless way to trade FOREX markets.
It works and will continue to work, simply read out other articles for more info on this simple but powerful methodology.
8. Be patient
You don't get rewarded for how often you trade online FOREX - You get rewarded for spotting and acting on the best trades and these don't come around every day.
Be patient and only trade FOREX signals from your system - don't be tempted to trade for the sake of trading.
9. Be realistic
You can make a lot of money in FOREX Trading so what's realistic? The top traders compound 50 - 100% per annum so this is a good number to aim for.
These gains will compound quickly and build real wealth longer term.
Be realistic and don't try to get rich over night
10. Know your edge
If you understand the other 9 points, you will understand that you need an edge to make money longer term in online FOREX markets. If after you have devised your FOREX trading strategy you don't know what your edge is - you don't have one!
You need to know what your edge is over the majority of losing traders to win.
Final words
If you incorporate the above 10 tips into your online FOREX Trading plan, you will be well on your way to making money in the worlds most exciting investment market.
Welcome to the world of FOREX trading!
The main tip regarding Forex trading is make yourself update according to the new changes in market. This is also the key to achieve success in this trade.
Forex market is suppose to be the most happening market.Scenario changes here in seconds.Spend your time with the experienced traders and try to learn more and more about forex.There are some regular news also published on the internet about forex which gives new ideas is well.
But choose your mentor wisely