Tips for successful Forex trading

[oakum]

Your trading career depends on the decisions you make. Be it choosing a broker, strategy, right time to enter and exit trades or taking a break from trading, all of this can have a great impact on your trading.

 

[Pontoon]

If you are losing money in forex trading, take a break. Take some time out when nothing seems to work and you are constantly losing money. Decide an amount that you can afford to risk per month. If the losses go beyond that, it’s best to take a break. Clear your mind and start afresh.

 

[fartkontrol]

Good trading tips are always welcome. It helps both new & experienced traders to trade with ease. I have been following a trading tip given to me by a fellow trader. He said, “ don’t run after money.” Instead, look for ways to protect what you have. Money will come.

 

[Xie Yuanjun]

Never expect too much from the market. Forex trading is so lucrative that everyone thinks that they will be able to make good money with it. This often makes them take big risks and lose big. Just take some time to understand the market before you make a move. You will know better.

 

[Zygosis]

You have covered nearly all the points that anyone can think about. The rest traders will find on the basis of their experience and act accordingly. They just need to keep a trading journal so that they can revise their steps and know how their journey has been.

I totally agree! Maintaining a trading journal is very important for traders as it acts like a reminder for past mistakes and avoids repeating them in future trades.

 

[Charles Agustin]

Success tips vary from trader to trader. But, for success, a trader must seek knowledge and strategy development. A proper strategy works as a roadmap which traders always neglect. So, valuable thikngs should never be neglected because it detracts a trader from the track.

 

[Diagraph]

Learn to evaluate the market's past. When you consider the price action of a currency, you get to know a lot about it. Human behaviour is understandable to a great extent. Now that price action is a result of supply and demand, take a look at the patterns to make your decisions.

 

[stance]

the risk must always be managed, it is the key to the duration! risk management

 

[Talisman]

New traders often try to complicate their trading strategies, maybe because they are of the mindset that simple strategies don’t get you results. However, this is not true. A simple price action strategy can work better than strategies that require technical and fundamental analysis.

 

[Hoper]

Agree. All strategies need to be tested. It is best to do this on a cente account in my opinion. I test all my new ideas on the Forexchief cente. Then if everything works well, I start trading on a standard account.

 

[Jingoism]

- Focus on learning
- Choose the right broker
- Start with demo accounts
- Use stop losses

 

[TerenceDavi]

For anyone heading on to become a forex trader, it’s important to know that your choices define the type of trader you are. The choices may range from choosing the right broker, strategy, currency pair, leverage, an amount to trade, time to trade, and even deciding when not to trade. So, build your mind to make the right choices so that you can become the trader you want.

 

[Hoper]

To do this, try trading using various styles of trading and various trading strategies and tactics.

 

[Quirky]

Never place unrealistic expectations on the market. Because forex trading is so profitable, everyone believes they will be able to make a lot of money with it. As a result, they frequently take large risks and suffer significant losses. Simply spend some time learning about the market before making a move. You'll be wiser after this.

 

[Hoper]

How did I understand you already had a bad work experience in the market?

 

[Aerogenesis]

Well as a beginner your prime focus should be learning. Learn and gather knowledge as much as you can before entering trading. Once you're confident about your knowledge start trading in a demo account. Demo accounts are a total saviour in the forex trading market and not only they teach you trading and provide experience, but also they save your money. Next thing, you need to control your emotions and stay focused even if you face losses. Also, you’ll have to be consistent & patient because without imbibing these qualities, you will have a hard time earning profits in trading.

 

[Magnificent]

New traders frequently attempt to complicate their trading techniques, possibly because they believe that simple strategies do not provide returns. This, however, is not the case. Simple price action tactics can outperform complex technical and fundamental research strategies.

 

[Possessive]

One of the most significant problems for traders is trading without a strategy. That is why, when it comes to taking a position in the world's most liquid trading market, having a trading strategy is a vital element of every trader's toolset.

 

[K.Sharafinia]

Thanks for sharing these trading TIPs. I thinks "Control of Your Emotions" is most important

 

[Remiform]

I believe that a trader trades the best when he sets his own limits. Where most traders follow some other trader, it’s best to pave your own way. You may take a few losses in the beginning but when you have gone through consequences of doing something, you know how to do it better.