Forex has caused large losses to many inexperienced and undisciplined traders over the years. You need not be one of the losers. Here are twenty forex trading tips that you can use to avoid disasters and maximize your potential in the currency exchange market.
1. Know yourself. Define your risk tolerance carefully. Understand your needs.
2. Plan your goals. Stick to your plan.
3. Choose your broker carefully.
4. Pick your account type, and leverage ratio in accordance with your needs and expectations.
5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits.
6. Focus on a single currency pair, expand as you better your skills.
7. Do what you understand.
8. Do not add to a losing position.
9. Restrain your emotions.
10. Take notes. Study your success and failure.
11. Automate your trading as much as possible.
12. Do not rely on forex robots, wonder methods, and other snake oil products.
13. Keep it simple. Both your trade plans and analysis should be easily understood and explained.
14. Don’t go against the markets, unless you have enough patience and financial resilience to stick to a long-term plan.
15. Understand that forex is about probabilities.
16. Be humble and patient. Do not fight the markets.
17. Share your experiences. Follow your own judgment.
18. Study money management.
19. Study the markets, fundamentals, and technical factors leading the price action.
20. Don’t give up.
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