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Posted on Oct 22, 2018 at 02:52 PM
Trading Forex without knowledge is like walking through a gold mine with your eyes shut! If you are setting out for profit this week, here are 5 hot tips every Forex trader should see!
Hi there! Here are interesting tips, I think you should see this week...
Forex trading is no longer a mistery. Everyone can learn how to trade and everyone (of a legal age) can open a Forex account.
Yet, same as years ago, traders keep making mistakes, recovering and just to find that there are more challenges ahead.
Some say Forex trading is simple, while others argue that it's not, and all depend on the $$ amount you put at stake.
Whether you're a beginner or an experienced trader, we'd like to present a series of trading tips to help you get a grasp of Forex trading with its challenges and risks.
Tip 1. Gamblers go to casino. All unproved, spontaneous actions in Forex trading — are a part of pure gambling.
Any attempt to trade without analysis and studying the market is equal to a game. Gamblers are people who play games of chances with expectations to either win or loose, are you in this for games or for business?
If you are in this for the profit and you do not know how to carry out analysis yet, start out with our basic to advance training. Click here to join the FxAcaademy now!
Remember games are fun until you lose real money...
Tip 2. Delay investing money into a real Forex account until you have practiced on a Forex Demo account.
Allow your self to practice without the risk of loosing money, Consider that: 90% of beginners fail to succeed in the real money market due to lack of knowledge, practice and discipline.
The remaining 10% of successful traders had been sharpening and shaping their skills on demo accounts for quite a while before entering into live trading.
So for your own sake, try out a few weeks of demo trading before taking your live money moves!
Tip 3. 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" a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals.
How do you spot a trend, can you tell when the trend is bullish or bearish and at what point do you buy or sell?
If you do not know the answers to this 3 basic questions, you have been left in the stone age of Forex trading.
Find out how to trade the trend in our Forex Profit academy now, Click here to begin immediately.
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.
If you must trade against the tend, you must have a good reason backed up with analysis.
Tip 4. Always take a look at the time frame larger 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.
Tip 5. 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 lies in their money management approach.
So what ever you do going forward, make sure that your risk-reward ratio is set as such that, you cannot loose more than 2/3rd of your account in an unfavorable market trend.
Now, here are my top 5 tips for you this week. If you apply. it'll would most likely help you achieve a more profitable trading experience as a Nigerian InstaForex Trader.
In the coming week, I will be rolling out more tips, maybe even more advanced tips. Did you enjoy this ones? Comment "Yes" to get the next set of tips as soon as they are up!
Are there secret tips you'll like to share with the rest of the Forex community? Feel free to leave them in the comment section below!
There's a hot topic you should see! Click here to see how to kill your first attempt as a Forex beginner now!