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Forex Trading Tips

 

SUCCESSFUL V/S UNSUCCESSFUL TRADER

Successful Trader You have effective trading plan You have a well-formulated trading strategy for every market conditions; and most importantly, a forex journal remainding you of previous hits & misses. You Understand Risk You manage your risk effectively on every trade. You calculate the loss you are willing to insure on a single trade, and you make good use of the “Stop Loss”. You never over trade, even if your instincts are tempting you otherwise. You Control Your Emotions You never become emotional before, during or after a trade. You’ve performed your research and feel comfortable and confident enough to follow the rules – your own rules. You Always Lock-In / Take Profits You automatically safe-gaurd your funds as they become available, because your respect certainty over risk. You also faithfully use features like “Take-Profit” or “Trailling-Profit”. Unsuccessful Trader You Have No Defined Trading Strategy You make a trading decision based on gut-feeling and keep repeating your mistakes due to lack of discipline and organized trading journal. Your Frequently Overtrade And Get Margin Calls You make a trading decision based on gut-feeling and keep repeating your mistakes due to lack of discipline and organized trading journal. You Feel Down To […]


Forex Trading Motivation

First they mock you then they ask you advice


8 ways to improve your Forex trading

Read the news Current events can affect currency Trading strategies can fall apart in the face of political wins and losses Be discreet and disciplined Don’t overthink the system Follow the rules and reflect on the results later Update your technology The slow internet connection can lead to a price changing without you knowing Invest in fast internet to stay up-to-date Make a trading plan Develop a strategy so you aren’t guessing Review your plan after every trading session Accept your losses and move on Remember that you’re in this for the long haul A loss is part of the learning process Be patient Keep your eye on the big picture Winning takes time Control your emotions Too much anger or excitement can hurt your trades Play it cool Don’t risk more than you can afford to lose Stay defensive when trading Keep the amount at stake at less than 5%


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