Some Small Tips about forex trading.

[Mercor]

I think the following tips can help you in trading forex,

• Do not start live trading without enough practice on your demo account.
• Always control your greed and avoid impulsive trading.
• Do not plan your profits, rather plan your strategies.
• Always be prepared to digest a loss in trade.
• Always calculate risk before diving in for higher leverage.
• Use a stop-loss in every trade.

 

[Snicket]

Forex trading education can open doors of success for you. It can also save you from taking any unnecessary steps that would lead to obvious losses. When you know what is achievable in the market and what merely is a dream, you don't let your emotions come in and make decisions solely on the basis of your analysis.

 

[Zeitgeist]

You might find Forex trading simple if you follow these steps:

1. Do not complicate your trading strategy. Keep it simple and easy so as to avoid any kind of confusion.
2. Stick to your trading plan. This will help you to control your emotions and allow you to make rational trading decisions. A tough discipline is required for this.
3. Do not let your greed fall as a prey for many scammers.
4. Update yourself with regards to the global financial news or any fundamental factor influencing currencies.
5. Keep yourself calm and patient while trading and do not panic.
6. Do not risk more than you can afford. Avoid trading the money that you can not afford to lose.

 

[Hogwash]

Controlling the emotions is crucial in forex trading. Its importance should be highlighted to make newcomers aware of its impact on trading. To tackle negative emotions, one can practice or read material about trading psychology and implement the solutions while trading.

 

[peter9461]

great tips but i want to add an extra point to the demo account. Once you feel abit comfortable with trading i would suggest moving to a real trading account asap even if it cent account. Trading with real money even if with small capital will teach you much better about trading mindset and discipline cause you will react differently compares to trading with fake money.

 

[WalletInvestor]

Nice tips. I would also add that when you are just starting out, it is advisable to stick to one currency pair and one trading strategy and familiarize yourself with those as well as you can. Then as you gain more experience, you can branch out and experiment more securely.

 

[Linsang]

One tip that I would like to add is, always calculate the expected return. It is important because it helps you to see through your trade and you'll have an idea whether the trade will yield you desired profits or not. If the result of your calculation doesn't match with your risk to reward ratio, it's better to avoid that trade set up.

 

[Leonardo_fx]

Respect the risks, this is the most important advice. If you follow the risks, you can see good profits in the future.

 

[Polakandil]

It is important to keep in mind that forex trading is a serious business and should not be treated as a game. In order to be successful in this market, it is important to learn as much as possible about it and to have a solid trading plan.

Really agree with your thought, forex is a real business, but has some advantages including we can work from home, in the pandemic where many people enforced to work remotely, as forex traders did work from home before the pandemic.

 

[Paulsy]

If you're are a beginner in Forex Trading and want to explore the market with less capital, a CENT account will give the best start for you. A CENT account is a trading account with a balance measured in cents instead of USD. That is, 1 USD = 100 cents. If the minimum lot size required is 0.01 lot, it is equivalent to 1000 cents (10 USD). Therefore, it is possible for anyone to enter the forex market and begin trading with very small capital.

CENT accounts are best for testing and developing forex trading strategies. With the low-risk advantage, you can experiment with different trading strategies while simultaneously sharpening your skills and gaining experience.

 

[timothydanie]

I'd suggest new traders to practice on a demo account as long as they don't start seeing good results on it. Directly trading on a live account will make traders lose because of very simple mistakes that could have been easily avoided through enough practice.

 

[Bumblebee]

I'd suggest new traders to practice on a demo account as long as they don't start seeing good results on it. Directly trading on a live account will make traders lose because of very simple mistakes that could have been easily avoided through enough practice.

True! I see many traders underestimate the power of trading in a demo account. Although you don't make money there, you acquire skills that can benefit you in the long run. Traders should also keep a trading journal so that they can keep track of their trades and improve skills.

 

[jeanpatterson]

Learn emotional control. Don't trade when you don't have enough backup or the strength to take losses. You should try building a solid trading strategy and follow it strictly. Use a demo account when you are unsure about your strategies. Don't risk your money trading a live account when you aren't confident about your strategies because it will lead to losses.

 

[forum.forex]

Thank you so much for all respectable members for participate sharing valuable knowledge.

 

[Leonardo_fx]

Forex trading is a normal business and of course it should be treated responsibly. Observe risks and risk only your own money, do not take large leverage for trading.

 

[schmutz]

Never stop learning! Trading is like hiking. The more your hike, the higher you reach. So if you will have more skills and knowledge, you will become a better trader. The information to become a trader is free. Learn from good courses and keep practising. Also, be patient and disciplined. Results show up with time.

 

[quidsworth]

Forex trading in general is a methodical and systematic way of making money. Though we all want to make money through this, trading to win can actually take us away from making money. It's okay not to win all trades and take losses in some. That's the only way of becoming profitable over most of your trades.

 

[skiascope]

Traders should use leverage carefully. Forex traders should always calculate their risks that are involved and plan their trade accordingly. They should not trade leverage if they are not sure about the trade.

 

[flummeery]

Never stop learning! Trading is like hiking. The more your hike, the higher you reach. So if you will have more skills and knowledge, you will become a better trader. The information to become a trader is free. Learn from good courses and keep practising. Also, be patient and disciplined. Results show up with time.

Traders should also use strict risk management strategies just like hikers use certain equipment to avoid any accident.

 

[Whimsical]

Beginners must not overburden themselves with multiple trades. Try to keep them simple because in the end, only the trades you win will matter.