Forex is a risky business, but to be successful, you need a trading method, proper trader psychology, and money management skills. This three combination makes a professional trader and you really have to have all three if you want to make consistent money in the markets.
Forex robot trading allows for trading without emotions, thus allowing it make constructive market decisions. There’s a stop loss feature in forex robots that allows them minimize losses and increase gains.
Giving up easily is uncalled for in Forex. To successfully trade Forex, a trader should be able to grasp the big picture, to connect events and to identify trading opportunities. He should be able to use logic and analysis to base trading decisions on. Finally, he is orderly, decisive and able...
Most traders marry positions which shouldn't be. Marrying positions usually happens to traders with losing trades because winners generally cash out. But remember, the market is open every day with an endless amount of opportunity for those with heads clear and objective enough to discern it.
Trade only with the trend and market momentum of the spot forex. If you don't know the trends of the market or consistently trade against them it will cause pain and losses. The forex is a massive market and the trends must be respected.
Basically, a trader who wants to be successful should have a good money management strategy. This is essential for forex traders to learn and practice in order to develop a successful forex trading mindset.
A common mistake made while trading is taking too much risk when placing trades. A trader can be stressed from this. Why not simply stop taking too much risk and follow the money management rules? Do not take more than 2-3% risk in your trades and you see that you will be less stressed.
It is clear that a lack of knowledge or expertise too much confidence are culprits behind failures or losses in Forex trade and it is possible to tie these factors to emotional problems. They are Greed, Fear, doubt. They have ruined the careers of many beginners. The best way of dealing with...
Forex traders must learn to tackle the psychological problems common to all traders and especially troublesome to day traders and short-term traders: these problems are Gambling Tendencies; Fear; Greed; Self-Discipline. Once you have been able to master your mental state of mind, you will...
Learning to control your emotions and setting goals are extremely important in Forex trading. They provide direction and discipline, which in turn leads to successful trading. Without them, you will have no goals and your trading techniques won't improve.
While this point is often neglected by some newbies, it is impossible to overemphasize the importance of the choice of broker we make. When it comes to picking the right broker, ask yourself, Does the trading software suit your expectations? How efficient is customer service? All these must be...
The world of currency trading is deep and complicated. Frankly speaking, it is hard to master all the different kinds of financial activity that goes on in this world of Forex, so it is a great idea to restrict our trading activity to a currency pair which we understand, and with which we are...
Trading is not a child’s play and no one wants to lose money, that is why newbie traders must take advantage when brokers offer them to test their platforms and practice for free through demo accounts.
You should first of all find out if he is regulated by both the FCS and the CySec. The second thing is to find out more about the experience he has,because the more depth of knowledge he has, the more profitable he is for you. It is also good to know the trading options that your broker is...
Nice post you have there Adam. It very important too for a trader to carry out thorough findings if his broker is regulated in the country where they operate. This boosts your confidence in them and also protects your fund from getting into the hands of scammers.
Never! Here's the difference. Trading a live account helps you clearly see the need for discipline and risk management. Often on a demo account, discipline seems inessential and placing stops seems like something that was designed to prevent from making you rich whereas a live trader knows these...
You cannot trade Forex successfully without having the required experience. The only true source of Forex knowledge will come from experience. That is why it is advised to start a trade using a Practice or a Demo account.
We have 4 easy to use indicators, but I have become familiar with using two, which I use in identifying trading entry and exit points. I use Parabolic SAR and MACD. Once you are trading a live account a simple plan with simple rules will be your best ally.
Talking about trading systems and strategies, you may have heard that maintaining your discipline is a key element of Forex trading. This is completely true, but how can you enforce that discipline when you are trading? To do this, you need to have a trusted and tested trading strategy that you...
The key element to successful trading is discipline and being able to control your emotions. You can also be successful at trading Forex if you set a goal and take action. But you must have the knowledge to accomplish it.
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