Top 20 Forex Tips for all traders
Here are 20 Forex 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 needs2 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 (because you cannot fight with market you only can trade)
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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