1 Take the possibility of losing their money as an inevitable fact. Every beginning trader should understand that certain losses on the foreign exchange market no one is immune. The basic rule in currency trading is to profit was much greater losses.
2 To participate in the bidding only with a well-defined plan. Getting to trading, you must determine how much of their own cash you are willing to risk and what profit is calculated. This is your risk-return profile. Successful traders never enter the auction without a clear understanding of its purpose.
3 Do not be afraid of the currency market. Many newcomers are experiencing excessive fears of uncertainty and risk present in the Forex market. Someone who can overcome itself and get into all the advice traders, forex gives truly unlimited possibilities in terms of increasing their capital.
4 Responsibility for decisions. Successful traders will never abandon personal responsibility. It is possible to take into account any advice from experienced traders, but the entire responsibility for transactions conducted, regardless of their outcome, will only lie to you.
5 Do not let greed overcome you. When the bidding begins to form successful traders often forget about the previously stated purposes, hoping to further successful continuation of their trade. However, the market is very volatile and trends can quickly come to an end. Once the target price is reached, immediately remove the profit or converting the deal to breakeven.
6 The effect of the news on the sale. Increase in trading volume caused by a loud event, results in a significant price movement. At this point, all the tips forex traders are intended to be used in their favor short-term and rapid changes in the market. Inexperienced traders often look to one transaction per day, which promises them a significant profit.
7 Do not fall into the illusion. If an open position is losing, then do not stay on the market in the hope that the trend will unfold for you in the right direction. Cover the losing trades and immediately leave the market.
8 Turn off the emotions. The reason for the losses is often excessive emotionality and unwillingness to listen to advice. Forex requires a complete shutdown of emotions in transactions. Steadily following a set plan, and do not forget to put "feet".
9 Trend - your friend. Trade in the direction of the trend - and your profits will grow.
Last tips forex trader before starting:
1 Do not rush. Novice traders often open several trades, and then notice that it is not able to keep track of them. Forex can make a profit on rising as well as the fall of the exchange rate. Successfully earn only on one currency pair. Therefore focus first on one currency pair, and the other Master the gradually.
2 Remember the freeze order. Common cause of loss - the wrong money management. To prevent huge losses sure to use stop-loss order.
3 trading system. Every trader has his own trading system, which it fits especially for myself. Some traders prefer day trading system, others are attracted longer periods. The main thing - do not deviate from the intended management plan bidding and pay attention to the advice of more experienced traders. Several unsuccessful transactions do not always indicate the loss of your trading strategy.
4 Fixing the profits. A common mistake made by novice traders - early closing profitable positions. Do not deviate from the intended trading plan. This will allow you not to lose potential profit.
5 Do not turn profitable positions in unprofitable. Closely monitor the movement of the market. As soon as the positive values will be achieved, set a stop at the entrance to the market. This will protect your investment. Then, move the stop a trend that position remained in positive territory for you.
6 Frequent inputs. As part of the entrance to the market is not bad, but if you use them clumsily, it will not help any tips and such trade will lead you to bankruptcy. The strategy that the trader with a losing position increases its size by additional transactions, assuming that the market will return to its former state, and all orders will be closed with profit. However, if the exchange rate will go far away from the previous level, the losses will be even more pronounced. So it's better to just "buy and hold" one transaction rather than trying to win back the investment.
7 Pre-planning. Do not go on the Forex market just because of a sharp rise or fall in price. Plan ahead for how you will conduct the auction. Have a clear understanding of the point of entry, levels of profit-taking and when to limit losses and stop.
8 Do not lose capital. Earned money should be able to keep. Time to close a losing position and hold profitable to pre-planned level.
9 Momentum and trend. Novice traders often do not realize that with the emergence of a new trend is growing momentum. Rejoins traders create a strong impetus when, as the growth trend to increase the total weight of open orders in the market. Trade when momentum indicators work in your favor. With the right approach it will push your trades in the right direction and you will reach the point of profit taking even faster than expected.
10 do not pay a lot of time to loss-making positions. Noticing that the open position is unprofitable and reviews experienced traders it is unlikely to change its direction, the most appropriate solution will be its closing and minimizing losses. In the currency market, it is possible to open the mass bargains, so take the time to losing positions is impractical.
Adhering to the above advice from experienced Forex traders, you will quickly see improvement in the results of their work in the currency market. Now you can confidently start real trading by opening forex account
2 To participate in the bidding only with a well-defined plan. Getting to trading, you must determine how much of their own cash you are willing to risk and what profit is calculated. This is your risk-return profile. Successful traders never enter the auction without a clear understanding of its purpose.
3 Do not be afraid of the currency market. Many newcomers are experiencing excessive fears of uncertainty and risk present in the Forex market. Someone who can overcome itself and get into all the advice traders, forex gives truly unlimited possibilities in terms of increasing their capital.
4 Responsibility for decisions. Successful traders will never abandon personal responsibility. It is possible to take into account any advice from experienced traders, but the entire responsibility for transactions conducted, regardless of their outcome, will only lie to you.
5 Do not let greed overcome you. When the bidding begins to form successful traders often forget about the previously stated purposes, hoping to further successful continuation of their trade. However, the market is very volatile and trends can quickly come to an end. Once the target price is reached, immediately remove the profit or converting the deal to breakeven.
6 The effect of the news on the sale. Increase in trading volume caused by a loud event, results in a significant price movement. At this point, all the tips forex traders are intended to be used in their favor short-term and rapid changes in the market. Inexperienced traders often look to one transaction per day, which promises them a significant profit.
7 Do not fall into the illusion. If an open position is losing, then do not stay on the market in the hope that the trend will unfold for you in the right direction. Cover the losing trades and immediately leave the market.
8 Turn off the emotions. The reason for the losses is often excessive emotionality and unwillingness to listen to advice. Forex requires a complete shutdown of emotions in transactions. Steadily following a set plan, and do not forget to put "feet".
9 Trend - your friend. Trade in the direction of the trend - and your profits will grow.
Last tips forex trader before starting:
1 Do not rush. Novice traders often open several trades, and then notice that it is not able to keep track of them. Forex can make a profit on rising as well as the fall of the exchange rate. Successfully earn only on one currency pair. Therefore focus first on one currency pair, and the other Master the gradually.
2 Remember the freeze order. Common cause of loss - the wrong money management. To prevent huge losses sure to use stop-loss order.
3 trading system. Every trader has his own trading system, which it fits especially for myself. Some traders prefer day trading system, others are attracted longer periods. The main thing - do not deviate from the intended management plan bidding and pay attention to the advice of more experienced traders. Several unsuccessful transactions do not always indicate the loss of your trading strategy.
4 Fixing the profits. A common mistake made by novice traders - early closing profitable positions. Do not deviate from the intended trading plan. This will allow you not to lose potential profit.
5 Do not turn profitable positions in unprofitable. Closely monitor the movement of the market. As soon as the positive values will be achieved, set a stop at the entrance to the market. This will protect your investment. Then, move the stop a trend that position remained in positive territory for you.
6 Frequent inputs. As part of the entrance to the market is not bad, but if you use them clumsily, it will not help any tips and such trade will lead you to bankruptcy. The strategy that the trader with a losing position increases its size by additional transactions, assuming that the market will return to its former state, and all orders will be closed with profit. However, if the exchange rate will go far away from the previous level, the losses will be even more pronounced. So it's better to just "buy and hold" one transaction rather than trying to win back the investment.
7 Pre-planning. Do not go on the Forex market just because of a sharp rise or fall in price. Plan ahead for how you will conduct the auction. Have a clear understanding of the point of entry, levels of profit-taking and when to limit losses and stop.
8 Do not lose capital. Earned money should be able to keep. Time to close a losing position and hold profitable to pre-planned level.
9 Momentum and trend. Novice traders often do not realize that with the emergence of a new trend is growing momentum. Rejoins traders create a strong impetus when, as the growth trend to increase the total weight of open orders in the market. Trade when momentum indicators work in your favor. With the right approach it will push your trades in the right direction and you will reach the point of profit taking even faster than expected.
10 do not pay a lot of time to loss-making positions. Noticing that the open position is unprofitable and reviews experienced traders it is unlikely to change its direction, the most appropriate solution will be its closing and minimizing losses. In the currency market, it is possible to open the mass bargains, so take the time to losing positions is impractical.
Adhering to the above advice from experienced Forex traders, you will quickly see improvement in the results of their work in the currency market. Now you can confidently start real trading by opening forex account
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