Forex Tutorial Tips 2
tips forex trader before:
A. 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 as with the rise and fall in the exchange rate. Successfully earning only one currency pair. So focus first on one currency pair, and discover the rest gradually.
Two. Remember the stop order. A common cause of loss - an incorrect money management. To prevent huge losses sure to use the stop order.
Three. The trading system. Every trader has a trading system, which he adapts specifically to themselves. Some traders prefer day trading system, others involve longer periods. The main thing - do not deviate from the planned auction of the plan and pay attention to advice from more experienced traders. Several unsuccessful transactions do not always indicate the loss of your trading strategy.
4. Fixing the profits. A common mistake novice traders - early closing profitable positions. Do not deviate from the planned trading plan. This will allow you not to lose potential profit.
Five. Do not turn profitable positions in distressed. Closely monitor the movement of the market. Once positive values are reached, set a stop at the entrance to the market. This will protect your investment. Then move the stop a trend that the position you were in the black.
6. Frequent inputs. In the frequent entrances to the market is not bad, but if you use them ineptly, it will not help any tips and such trade will lead you to bankruptcy. The strategy that the trader in the loss of her position increases the amount of additional transactions, suggesting that the market will return to its former state, and all orders will be closed at a profit. However, if the exchange rate would take away from its former level, the losses will be even more pronounced. So better to just "buy and hold" one transaction rather than trying to win back the investment.
7. Pre-planning. Do not go to the Forex market only because of a sharp rise or fall of prices. Plan ahead how you will conduct auctions. Have a clear idea of the point of entry, profit levels, and when to limit the damage and stop.
Eight. Do not lose the capital. Money earned will be able to save. Time to close the loss-making positions and to hold the lucrative pre-planned level.
9. Time and trend. Novice traders often do not even suspect that the emergence of a new trend is growing now. The newly acceding traders create a strong boost when the growth trend to increase the total mass of open orders in the market. Trade when the moment of performance work in your favor. When used properly, it will push your trades in the right direction and you reach the point of profit even faster than expected.
10. Do not devote much time to loss-making positions. Noting that the open position unprofitable and reviews of experienced traders, it is unlikely to change its direction, the most appropriate solution will be the closing and minimizing losses. In the currency market, it is possible to open a mass of good bargains, so take the time to losing positions is inappropriate.
Adhering to the above advice from experienced Forex traders, you will quickly see improvement in the results of their work in the foreign exchange market. Now you can confidently proceed to the actual trade by opening a forex account.