Forex Tips & Forex Advice

Time 2022-10-22 22:11:58

Web Name: Forex Tips & Forex Advice

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Forex Tips & Forex Advice

55 Free Forex Tips for successful trading 📋

EXTRA TIPS BEGINNER TIPS

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Forex Tips, Forex advice

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Fibonacci method in Forex

Forex Money Management

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Forex Trading Tips

Forex trading has no secret formula.
Everyone can learn how to trade and everyone (of a legal age) can open a Forex account.

Yet every day traders keep making the same mistakes as decades ago...

Why?

A. psychology — trading will challenge your state of mind
B. discipline — trading will challenge your discipline
C. knowledge — trading will be unmerciful to your knowledge gaps

Whether you're a beginner or an experienced trader, these tips are worth keeping in your

Trading Memo:

— Gamblers go to Casino

Spontaneous trading equals gambling

Any attempt to trade without studying the market = without technical & fundamental analysis = equals gaming.
Games are fun except when you lose real money...

— Demo before Real

Never invest in real Forex account until you Demo trade first

Allow at least 1-2 months for demo trading. Consider that 90% of beginners fail in live Forex trading due to lack of knowledge, practice and discipline. The remaining 10% of successful traders had been shaping & sharpening their skills on Demo accounts for years (rather than months) before entering the real market.
A good demo account to start practicing with would be a No-expiration Demo account with any Forex broker.

— Go with the Trend

Trend is your friend. Trade with the trend to maximize your chances to succeed

Trading against the trend won't "kill" you, but will definitely require more attention, nerves and sharp skills to profit.

When a trend is UP, you want to be BuyingWhen a trend is DOWN, you want to be Selling

— Zoom Out

Always look at the larger time frame (than the one you've chosen to trade with)

It gives the bigger picture of market price movements and thus helps to clearly define the trend. For example, when trading with 15 minute time frame, take a look at 1 hour charts.
In the same way: trading with 1 hour charts would require obtaining a picture of daily, weekly price movements.

If a trend in Forex is hard to spot — choose a bigger time frame. Up and down market patterns are always present. Make sure you know the dominant trend, unless you are a scalper. Scalpers have no need to spend their time studying large trends, instead what's happening in the market here and now (on 1-5 minute time frame) is their main concern.

— Know your Risks

Never risk more than 2-3% of the total trading account

One important difference between a successful and an unsuccessful trader is that the first is able to survive under unfavorable market conditions, while an unsuccessful trader will lose his account after 10-15 unprofitable trades in a row.

Even with the same trading system 2 traders can get opposite results in the long run. The difference will be again in the money management approach. A quick fact to get your mind thinking about money management: losing just 50% of you account balance requires making 100% return only to restore the original balance.

— Put emotions down. Trade calm

Don't try to revenge after losing a trade. Don't be greedy when winning

Don't be greedy by adding lots of positions when winning.
Overreaction blocks clear thinking and as a result will cost you money. Overtrading can shake your money management and dramatically increase trading risks.

— Choose the time frame that is right for you

Slow and steady with 1 Hour time frame or higher. Fast — with 15 min or lower

Choosing wisely means that you are comfortable and have enough time to analyze the market, place and close orders etc. Some traders can't wait for hours for the price to make a move, they like action and therefore prefer smaller time frames. On the contrary, for others 10-15 minutes is a hustle to be able to make the right decision.

— When in doubt — stay out!

Not trading or standing aside is a position

If it is not clear where the market will move — don't trade. In this case saving your capital is a better choice than taking additional risks and losing it.

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Pages:123

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