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Forex tips dailyForex Tips, Forex advice. Free Forex tips, valuable Forex advice to help improve your trading. 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 (for example, many online Forex brokers like to make traders believe that), 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. Tip 2. Never invest money into a real Forex account until you practice on a Forex Demo account! Allow at least 2 months for demo trading. Consider this: 90% of beginners fail to succeed in the real money market due to lack of knowledge, practice and discipline. Those remaining 10% of successful traders had been sharpening and shaping their skills on demo accounts for years before entering the real market. A good demo account to start practicing with could be, for example, FXGame from Oanda. 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. 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. 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. 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 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. Tip 6. Put emotions down. Trade calm. Don't try to revenge after losing a trade. 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. Tip 7. Choose the time frame that is right for you. Choosing wisely means that you are comfortable and have enough time to analyze the market, place and close orders etc. Some people 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. Forex Trading Tips – 20 things you need to know to be a successful trader. Forex has caused large losses to many inexperienced and undisciplined traders over the years. You need not be one of the losers. Here are twenty forex trading tips that you can use to avoid disasters and maximize your potential in the currency exchange market. 1. Know yourself. Define your risk tolerance carefully. Understand your needs. To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself.

The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to forex and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging forex trading. 2. Plan your goals. Stick to your plan. Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading.

Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risksreturn analysis precludes a profitable outcome. 3. Choose your broker carefully. While this point is often neglected by beginners, it is impossible to overemphasise the importance of the choice of broker. That a fake or unreliable broker invalidates all the gains acquired through hard work and study is obvious. But it is equally important that your expertise level, and trading goals match the details of the offer made by the broker. What kind of client profile does the forex broker aim at reaching? Does the trading software suit your expectations? How efficient is customer service? All these must be carefully scrutinised before even beginning to consider the intricacies of trading itself. Please refer to our forex broker reviews to find a reliable broker that suites your trading style. 4. Pick your account type, and leverage ratio in accordance with your needs and expectations. In continuation of the above item, it is necessary that we choose the account package that is most suited to our expectations and knowledge level.

The various types of accounts offered by brokers can be confusing at first, but the general rule is that lower leverage is better. If you have a good understanding of leverage and trading in general, you can be satisfied with a standard account. If you’re a complete beginner, it is a must that you undergo a period of study and practice by the use of a mini account. In general, the lower your risk, the higher your chances, so make your choices in the most conservative way possible, especially at the beginning of your career. 5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits. One of the best tips for trading forex is to begin with small sums, and low leverage, while adding up to your account as it generates profits. There is no justification to the idea that a larger account will allow greater profits. If you can increase the size of your account through your trading choices, perfect. If not, there’s no point in keeping pumping money to an account that is burning cash like an furnace burns paper. 6. Focus on a single currency pair, expand as you better your skills. The world of currency trading is deep and complicated, due to the chaotic nature of the markets, and the diverse characters and purposes of market participants. It is hard to master all the different kinds of financial activity that goes on in this world, so it is a great idea to restrict our trading activity to a currency pair which we understand, and with which we are familiar. Beginning with the trading of the currency of your nation can be a great idea. If that’s not your choice, sticking to the most liquid, and widely traded pairs can also be an excellent practice for both the beginner and the advanced traders.

7. Do what you understand. Simple as it is, failure to abide by this principle has been the doom of countless traders. In general, if you’re unsure that you know what you’re doing, and that you can defend your opinion with strength and vigor against critics that you value and trust, do not trade. Do not trade on the basis of hearsay or rumors. And do not act unless you’re confident that you understand both the positive consequences, and the adverse results that may result from opening a position. 8. Do not add to a losing position. While this is just common sense, ignorance of the principle, or carelessness in its employment has caused disasters to many traders in the course of history. Nobody knows where a currency pair will be heading during the next few hours, days, or even weeks. There are lots of educated guesses, but no knowledge of where the price will be a short while later. Thus, the only certain value about trading is now. Nothing much can be said about the future. Consequently, there can be no point in adding to a losing position, unless you love gambling. A position in the red can be allowed to survive on its own in accordance with the initial plan, but adding to it can never be an advisable practice. 9. Restrain your emotions. Greed, excitement, euphoria, panic or fear should have no place in traders’ calculations.

Yet traders are human beings, so it is obvious that we have to find a way of living with these emotions, while at the same time controlling them and minimizing their effect on our lives. That is why traders are always advised to begin with small amounts. By reducing our risk, we can be calm enough to realize our long term goals, reducing the impact of emotions on our trading choices. A logical approach, and less emotional intensity are the best forex trading tips necessary to a successful career. 10. Take notes. Study your success and failure. An analytical approach to trading does not begin at the fundamental and technical analysis of price trends, or the formulation of trading strategies. It begins at the first step taken into the career, with the first dollar placed in an open position, and the first mistakes in calculation and trading methods. The successful trader will keep a diary, a journal of his trading activity where he carefully scrutinizes his mistakes and successes to find out what works and what does not. This is one of the most importance forex trading tips that you will get from a good mentor. 11. Automate your trading as much as possible. We already noted the importance of emotional control in ensuring a successful and profitable career. In order to minimize the role of emotions, one of the best of courses of action would be the automatization of trading choices and trader behavior. This is not about using forex robots, or buying expensive technical strategies. All that you need to do is to make sure that your responses to similar situations and trading scenarios are themselves similar in nature. In other words, don’t improvise.

Let your reactions to market events follow a studied and tested pattern. 12. Do not rely on forex robots, wonder methods, and other snake oil products. Surprisingly, these unproven and untested products are extremely popular these days, generating great profits for their sellers, but little in the way of gains for their excited and hopeful buyers. The logical defense against such magical items is in fact easy. If the genius creators of these tools are so smart, let them become millionaires with the benefit of their inventions. If they have no interest in doing as much, you should have no interest in their creations either. 13. Keep it simple. Both your trade plans and analysis should be easily understood and explained. Forex trading is not rocket science. There is no expectation that you be a mathematical genius, or an economics professor to acquire wealth in currency trading. Instead, clarity of vision, and well-defined, carefully observed goals and practices offer the surest path to a respectable career in forex. To achieve this, you must resist the temptation to over explain, overanalyze, and most importantly, to rationalize your failures. A failure is a failure regardless of the conditions that led to it. 14. Don’t go against the markets, unless you have enough patience and financial resilience to stick to a long term plan.

In general, a beginner is never advised to trade against trends, or to pick tops and bottoms by betting against the main forces of market momentum. Join the trends so that your mind can relax. Fight the trends, and constant stress and fear will wreck your career. 15. Understand that forex is about probabilities. Forex is all about risk analysis and probability. There is no single method or style that will generate profits all the time. The key to success is positioning ourselves in such a way that the losses are harmless, while the profits are multiplied. Such a positioning is only possible by managing our risk allocations in accordance with an understanding of probability and risk management. 16. Be humble and patient. Do not fight the markets. Recognize your failures, and try to accommodate them if they can’t be eliminated completely. Above all, resist the illusion that you somehow possess the alchemist’s stone of trading. Such an attitude will surely be ruinous on your career eventually.

17. Share your experiences. Follow your own judgment. While it is a great idea to discuss your opinion on the markets with others, you should be the one making the decisions. Consider the opinions of others, but make your own choices. It is your money after all. 18. Study money management. Once we make profits, it is time to protect them. Money management is about the minimization of losses, and maximization of profits. To ensure that you don’t gamble away your hard-earned profits, to “cut your losses short, and let profits ride”, you should keep the bible of money management as the centerpiece of your trading library at all times. 19. Study the markets, fundamentals, and technical factors leading the price action. That we have placed this so low in the list should not surprise the experienced trader. Faulty analysis is rarely the cause of a wiped-out account.

A career that fails to begin is never killed by the consequences of erronerous application or understanding of fundamental or technical studies. Other issues that are related to money management, and emotional control are far more important than analysis for the beginner, but as those issues are overcome, and steady gains are realized, the edge gained by successful analysis of the markets will be invaluable. Analysis is important, but only after a proper attitude to trading and risk taking is attained. Finally, provided that you risk only what you can afford to lose, persistence, and a determination to succeed are great advantages. It is highly unlikely that you will become a trading genius overnight, so it is only sensible to await the ripening of your skills, and the development of your talents before giving up. As long as the learning process is painless, as long as the amounts that you risk do not derail your plans about the future and your life in general, the pains of the learning process will be harmless. Get the best parts of DailyFX. com in the new DailyFX App. Weekly Fundamental Forecast: Dollar Sheds Gains During Jackson Hole, Political Risks Fight Summer Lull. The Dollar shed gains as the Euro and Pound retook some lost ground amid lackluster Fed minutes, political risk, and the Jackson Hole symposium. Next week, political uncertainties, NAFTA negotiations. Continue Reading. Learn from the DailyFX Experts.

Find out where key markets might be headed next. Learn how to get started trading financial markets. Explore strategic concepts to enhance your trading knowledge. Weekly Technical Forecast: Euro Overpowers Dollar, Breaks Struggle for Momentum. After the dollar basket failed to mount a technical breakout this week, downward pressure begins to mount for the greenback as some majors mount a comeback Continue Reading. DXY Index Threatens Key Break after Powell’s Jackson Hole Speech. Gold Price Rebound Fueled by Less-Hawkish Chairman Powell. Gold, Crude Oil Prices May Weaken Further on Hawkish Powell Speech. S&P 500 Closes a Record High, Dollar Bull Trend Deflated as Liquidity Tames Headline Tumult. Charts for Next Week: EURUSD, USDJPY, USDCNH, and Gold Price.

What if Fear of Trade Wars, Brexit or Rate Hikes Suddenly Vanished? British Pound Trend Points Lower But Confirmation Needed to Short. The British Pound is broadly trending lower but near-term positioning has become congested, with confirmation needed for an actionable short trade. Continue Reading. USDJPY Weekly Technical Perspective: Dollar Breakout Drives Higher to Test Resistance. Dollar Fails to Launch Major Technical Breakout, Reversal Risk Rising Rapidly. EURUSD Weekly Technical Outlook: Euro Bouncing or Reversing? Sentiment data provided by IG. Sentiment data provided by IG. Take a free trading course with IG Academy. Our interactive online courses help you develop the skills of trading from the ground up. Live, interactive sessions. Develop your trading knowledge with our expert-led webinars and in-person seminars on a huge range of topics. Free upcoming webinar.

S&P 500 Closes a Record High, Dollar Bull Trend Deflated as Liquidity Tames Headline Tumult. Charts for Next Week: EURUSD, USDJPY, USDCNH, and Gold Price. What if Fear of Trade Wars, Brexit or Rate Hikes Suddenly Vanished? Forex Economic Calendar. About your FOREX. com Demo Account. A demo account is intended to familiarize you with the tools and features of our trading platforms and to facilitate the testing of trading strategies in a risk-free environment. Results achieved on the demo account are hypothetical and no representation is made that any account will or is likely to achieve actual profits or losses similar to those achieved in the demo account. Conditions in the demo account cannot always reasonably reflect all of the market conditions that may affect pricing and execution in a live trading environment. Tips for Forex Traders. Many visitors are looking for good educational material about forex.

This page collates the best educational articles for forex traders. It is divided into various sections and it aims to make it easy to navigate. Apart from the links below, you can download the free eBook “Trade Forex Responsibly” by signing up to the newsletter here. So, here are the best educational articles. Do subscribe or follow on Twitter for all the day to day updates. There are 4 big parts: The beginning : This sections starts from the very beginning, then has a part focusing on a demo account and then discusses forex education. Trading : This section contains many trading tips. It is then followed by technical analysis at different levels: general technical ideas and then a focus about range trading and breakouts (the most common patterns) and finally advanced technical analysis. Responsibility : For people that have already traded, making the initial analysis (technical or fundamental) is the easy part. Following the plan and controlling your emotions is the harder part and is risk management. This section contains links to articles in these very important fields. Other : Articles about software and binary options. Starting out with Forex Trading.

General technical analysis. Advanced technical analysis. Risk and Money Management. That’s it! It’s quite a lot of reading. Hopefully this page will be useful for orienting yourself through the various articles. rex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex. Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader's level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market.

Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch's authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. EURUSD: Now that the down Daily D Extension has been. More Currency Pair Analysis. USDCHF The Direction of Highest Probability is now bearish. I am. August 23, 2018 06:25 AM. AUDUSD Since the market failed to bounce bullish at the. August 23, 2018 06:21 AM. USDCAD The market is moving bullish to the Monthly D. August 23, 2018 06:14 AM. EURUSD Now that the down Daily D Extension has been. August 23, 2018 06:16 AM. USDX Note: The monthly is bullish therefore I. August 23, 2018 06:28 AM. USDJPY The Monthly Probability remains bearish and the daily. August 23, 2018 06:27 AM. NZDUSD The market breached the monthly Broadening formation. August 23, 2018 06:24 AM. GBPUSD Since the Daily D extension has been hit I am. August 23, 2018 06:18 AM. Stress-Free Trading Strategies.

Daily Market Activity. Sign up for a Free Forex Webinar. Get access to latest trading strategies and techniques. This webinar is sponsored by Market Traders Institute. Forex trading involves significant risk of loss and is not suitable for all investors. Copyright © 2018 ForexTips. All rights reserved. Analyst Picks. - DailyFX Quarterly Forecasts have been updated for Q3, and are available directly from the following link: DailyFX Trading Guides, Q3 Forecasts . - For trading ideas, please check out our Trading Guides . And if you’re looking for something more interactive in nature, please check out our DailyFX Live webinars . - If you’d like more color around any of the setups below, we discuss these in our live DailyFX webinars each week, set for Tuesday and Thursday at 1PM Eastern Time. You can sign up for each of those session from the below link: Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator .

US Dollar Drops to Decision Point. As we move towards the end of the summer, a number of FX themes remain of interest. While the Labor Day holiday in the United States, now just a week away, normally marks the end of the summer months across markets, the past few weeks have been abnormally active. There are a series of themes percolating around the world that can serve to keep volatility flowing as we move into the final month of Q3, and below we look into a few of those. A big item of interest right now is the US Dollar as we’re nearing a make-or-break scenario for the bullish up-trend . While the Greenback spent fourteen months in a down-trend from the start of 2017, price action after the month of April has been very bullish. Many attributed this to rate policy, as the Federal Reserve is one of the only major Central Banks actively looking to push tighter policy and higher rates; but that’s been the same since before the beginning of last year. Last year saw the Fed hike three times; and this year has brought another two. This means that the Fed has hiked at six out of seven quarterly FOMC meetings (with a press conference and updated economic projections) since the election of President Donald Trump. Nonetheless, US Dollar strength really didn’t start to show up until April of this year after falling by as much as 15% last year. Support finally came-in at the 50% marker of the 2011-2017 major move, and last week saw resistance build at the 23.6% marker of the same study. With this week’s continued sell-off, we now have an evening star formation on the weekly chart of the US Dollar . This can be attractive for trading bearish reversals, particularly if the formation built around a key point of resistance on the chart.

The complication here would be the fact that short-term support remains around the 95.00 level, and this could be a constraint to bearish USD approaches until that changes. So, at this point, the US Dollar remains bullish ; but that can quickly change should prices break-below support in the early portion of next week. The setups we look at below will reflect that stance; and it should be noted that these setups are designed for next week’s price action, as a weekend gap through support or resistance can vastly alter the nature of the setup. US Dollar Weekly Price Chart: Evening Star at Resistance, but Confluent Support Remains. Chart prepared by James Stanley. Bearish EURUSD Until 1.1750; Bullish Thereafter. Can Euro bulls hold on to the recovery as Turkish markets re-open from a week-long holiday? That is the big question around the currency for next week. The sell-off in EURUSD was quite visible through the first half of August, driven in large-part by fears of contagion within the European banking sector with exposure to the still developing scenario in Turkey. But Turkish markets were on holiday all week, and this fear appeared to move behind the headlines as EURUSD clawed back prior August losses. At this point, price continues to hold around the ‘r3’ level that we had looked at last week , and this takes place around the confluent resistance in the pair that showed-up just ahead of the earlier-month sell-off . This can help to retain a bearish stance in EURUSD, and we’re also adding one additional resistance zone that runs from 1.1710 up to 1.1750. If prices break above 1.1750, then we’d have fresh monthly highs and the bearish theme should be abandoned. This scenario would likely need to be coupled with a larger breakdown in the US Dollar; but, until then, the potential for EURUSD continuation of the longer-term trend bearish trend remains.

EURUSD Four-Hour Price Chart. Chart prepared by James Stanley. Bearish GBPUSD Until 1.2975. Last week we looked at bullish themes in GBPUSD and prices topped out at our second target of resistance. Afterwards, prices sank back down to the first zone of resistance, and we have a bit of digestion showing over the past 12 hours. As we wrote in this week’s fundamental forecast on the British Pound , there is little to be excited about for the currency at the moment. Inflation remains subdued from earlier-year levels, and the BoE just hiked, so we probably won’t be seeing any rate adjustments anytime soon. We also have the upcoming UK-EU showdown over Brexit negotiations, and this carries an air of vulnerability as well as it appears that a ‘Hard Brexit’ scenario is very much on the table. As a matter of fact, one of the primary reasons for last week’s search of strength in the pair was just how incredibly bearish and oversold the pair had become . This week saw GBPUSD bounce, but the big question is whether that bounce was large enough to bring new fresh sellers into the market in order to push prices down to fresh new lows. So, while the fundamental backdrop is rather unclear here, as indicated by our neutral stance in this week’s forecast, the technical setup is a bit more interesting as it appears as though there is bearish potential. For next week, I’m looking for a bottom-side break of the support trend-line that’s shown in the pair on a way to a re-test of that Fibonacci support at 1.2671. This can allow for stops above the 1.2975 area on the chart to retain a better than one-to-one risk-reward ratio on the initial target; after which bearish breakouts could be sought with the remainder of the lot. GBPUSD Four-Hour Price Chart. Chart prepared by James Stanley. Are you looking for longer-term analysis on the U. S. Dollar?

Our DailyFX Forecasts for Q1 have a section for each major currency, and we also offer a plethora of resources on USD - pairs such as EURUSD , GBPUSD , USDJPY , AUDUSD . Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator . Forex Trading Resources. DailyFX offers a plethora of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at. If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management. --- Written by James Stanley , Strategist for DailyFX. com. Contact and follow James on Twitter: @JStanleyFX. Work Home Online Customer Service Jobs. RECOVER YOUR LOSSES. When a forex tips daily trend is up you dont want to be selling. Before you know it, you are entering your trade right smack into Support and Resistance. Comments.

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Free Forex tips, valuable Forex advice to help improve your trading. 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 (for example, many online Forex brokers like to make traders believe that), 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. Tip 2. Never invest money into a real Forex account until you practice on a Forex Demo account! Allow at least 2 months for demo trading. Consider this: 90% of beginners fail to succeed in the real money market due to lack of knowledge, practice and discipline. Those remaining 10% of successful traders had been sharpening and shaping their skills on demo accounts for years before entering the real market. A good demo account to start practicing with could be, for example, FXGame from Oanda. 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. 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. 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. 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 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. Tip 6. Put emotions down.

Trade calm. Don't try to revenge after losing a trade. 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. Tip 7. Choose the time frame that is right for you. Choosing wisely means that you are comfortable and have enough time to analyze the market, place and close orders etc. Some people 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. Forex Trading Tips – 20 things you need to know to be a successful trader. Forex has caused large losses to many inexperienced and undisciplined traders over the years. You need not be one of the losers. Here are twenty forex trading tips that you can use to avoid disasters and maximize your potential in the currency exchange market. 1. Know yourself. Define your risk tolerance carefully.

Understand your needs. To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to forex and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging forex trading. 2. Plan your goals. Stick to your plan. Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risksreturn analysis precludes a profitable outcome. 3. Choose your broker carefully.

While this point is often neglected by beginners, it is impossible to overemphasise the importance of the choice of broker. That a fake or unreliable broker invalidates all the gains acquired through hard work and study is obvious. But it is equally important that your expertise level, and trading goals match the details of the offer made by the broker. What kind of client profile does the forex broker aim at reaching? Does the trading software suit your expectations? How efficient is customer service? All these must be carefully scrutinised before even beginning to consider the intricacies of trading itself. Please refer to our forex broker reviews to find a reliable broker that suites your trading style. 4. Pick your account type, and leverage ratio in accordance with your needs and expectations. In continuation of the above item, it is necessary that we choose the account package that is most suited to our expectations and knowledge level. The various types of accounts offered by brokers can be confusing at first, but the general rule is that lower leverage is better. If you have a good understanding of leverage and trading in general, you can be satisfied with a standard account. If you’re a complete beginner, it is a must that you undergo a period of study and practice by the use of a mini account. In general, the lower your risk, the higher your chances, so make your choices in the most conservative way possible, especially at the beginning of your career.

5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits. One of the best tips for trading forex is to begin with small sums, and low leverage, while adding up to your account as it generates profits. There is no justification to the idea that a larger account will allow greater profits. If you can increase the size of your account through your trading choices, perfect. If not, there’s no point in keeping pumping money to an account that is burning cash like an furnace burns paper. 6. Focus on a single currency pair, expand as you better your skills. The world of currency trading is deep and complicated, due to the chaotic nature of the markets, and the diverse characters and purposes of market participants. It is hard to master all the different kinds of financial activity that goes on in this world, so it is a great idea to restrict our trading activity to a currency pair which we understand, and with which we are familiar. Beginning with the trading of the currency of your nation can be a great idea. If that’s not your choice, sticking to the most liquid, and widely traded pairs can also be an excellent practice for both the beginner and the advanced traders. 7. Do what you understand. Simple as it is, failure to abide by this principle has been the doom of countless traders. In general, if you’re unsure that you know what you’re doing, and that you can defend your opinion with strength and vigor against critics that you value and trust, do not trade. Do not trade on the basis of hearsay or rumors. And do not act unless you’re confident that you understand both the positive consequences, and the adverse results that may result from opening a position.

8. Do not add to a losing position. While this is just common sense, ignorance of the principle, or carelessness in its employment has caused disasters to many traders in the course of history. Nobody knows where a currency pair will be heading during the next few hours, days, or even weeks. There are lots of educated guesses, but no knowledge of where the price will be a short while later. Thus, the only certain value about trading is now. Nothing much can be said about the future. Consequently, there can be no point in adding to a losing position, unless you love gambling. A position in the red can be allowed to survive on its own in accordance with the initial plan, but adding to it can never be an advisable practice. 9. Restrain your emotions. Greed, excitement, euphoria, panic or fear should have no place in traders’ calculations. Yet traders are human beings, so it is obvious that we have to find a way of living with these emotions, while at the same time controlling them and minimizing their effect on our lives.

That is why traders are always advised to begin with small amounts. By reducing our risk, we can be calm enough to realize our long term goals, reducing the impact of emotions on our trading choices. A logical approach, and less emotional intensity are the best forex trading tips necessary to a successful career. 10. Take notes. Study your success and failure. An analytical approach to trading does not begin at the fundamental and technical analysis of price trends, or the formulation of trading strategies. It begins at the first step taken into the career, with the first dollar placed in an open position, and the first mistakes in calculation and trading methods. The successful trader will keep a diary, a journal of his trading activity where he carefully scrutinizes his mistakes and successes to find out what works and what does not. This is one of the most importance forex trading tips that you will get from a good mentor. 11. Automate your trading as much as possible. We already noted the importance of emotional control in ensuring a successful and profitable career. In order to minimize the role of emotions, one of the best of courses of action would be the automatization of trading choices and trader behavior. This is not about using forex robots, or buying expensive technical strategies. All that you need to do is to make sure that your responses to similar situations and trading scenarios are themselves similar in nature. In other words, don’t improvise. Let your reactions to market events follow a studied and tested pattern.

12. Do not rely on forex robots, wonder methods, and other snake oil products. Surprisingly, these unproven and untested products are extremely popular these days, generating great profits for their sellers, but little in the way of gains for their excited and hopeful buyers. The logical defense against such magical items is in fact easy. If the genius creators of these tools are so smart, let them become millionaires with the benefit of their inventions. If they have no interest in doing as much, you should have no interest in their creations either. 13. Keep it simple. Both your trade plans and analysis should be easily understood and explained. Forex trading is not rocket science. There is no expectation that you be a mathematical genius, or an economics professor to acquire wealth in currency trading. Instead, clarity of vision, and well-defined, carefully observed goals and practices offer the surest path to a respectable career in forex. To achieve this, you must resist the temptation to over explain, overanalyze, and most importantly, to rationalize your failures.

A failure is a failure regardless of the conditions that led to it. 14. Don’t go against the markets, unless you have enough patience and financial resilience to stick to a long term plan. In general, a beginner is never advised to trade against trends, or to pick tops and bottoms by betting against the main forces of market momentum. Join the trends so that your mind can relax. Fight the trends, and constant stress and fear will wreck your career. 15. Understand that forex is about probabilities. Forex is all about risk analysis and probability. There is no single method or style that will generate profits all the time. The key to success is positioning ourselves in such a way that the losses are harmless, while the profits are multiplied. Such a positioning is only possible by managing our risk allocations in accordance with an understanding of probability and risk management.

16. Be humble and patient. Do not fight the markets. Recognize your failures, and try to accommodate them if they can’t be eliminated completely. Above all, resist the illusion that you somehow possess the alchemist’s stone of trading. Such an attitude will surely be ruinous on your career eventually. 17. Share your experiences. Follow your own judgment. While it is a great idea to discuss your opinion on the markets with others, you should be the one making the decisions. Consider the opinions of others, but make your own choices.

It is your money after all. 18. Study money management. Once we make profits, it is time to protect them. Money management is about the minimization of losses, and maximization of profits. To ensure that you don’t gamble away your hard-earned profits, to “cut your losses short, and let profits ride”, you should keep the bible of money management as the centerpiece of your trading library at all times. 19. Study the markets, fundamentals, and technical factors leading the price action. That we have placed this so low in the list should not surprise the experienced trader. Faulty analysis is rarely the cause of a wiped-out account. A career that fails to begin is never killed by the consequences of erronerous application or understanding of fundamental or technical studies. Other issues that are related to money management, and emotional control are far more important than analysis for the beginner, but as those issues are overcome, and steady gains are realized, the edge gained by successful analysis of the markets will be invaluable. Analysis is important, but only after a proper attitude to trading and risk taking is attained.

Finally, provided that you risk only what you can afford to lose, persistence, and a determination to succeed are great advantages. It is highly unlikely that you will become a trading genius overnight, so it is only sensible to await the ripening of your skills, and the development of your talents before giving up. As long as the learning process is painless, as long as the amounts that you risk do not derail your plans about the future and your life in general, the pains of the learning process will be harmless. 9 Tricks of the Successful Forex Trader. For all of its numbers, charts and ratios, trading is more art than science. As in artistic endeavors, there is talent involved, but talent will only take you so far. The best traders hone their skills through practice and discipline. They perform self-analysis to see what drives their trades and learn how to keep fear and greed out of the equation. In this article we'll look at nine steps a novice trader can use to perfect his or her craft. For the experts out there, you might just find some tips that will help you make smarter, more profitable trades too. 1. Define Your Goals and Choose a Compatible Trading Style. Before you set out on any journey, it is imperative to have some idea of your destination and how you will get there. Consequently, it is imperative to have clear goals in mind, then ensure your trading method is capable of achieving these goals. Each trading style has a different risk profile, which requires a certain attitude and approach to trade successfully. For example, if you cannot stomach going to sleep with an open position in the market then you might consider day trading.

On the other hand, if you have funds you think will benefit from the appreciation of a trade over a period of some months, you may be more of a position trader. Just be sure your personality fits the style of trading you undertake. A personality mismatch will lead to stress and certain losses. 2. Choose a Broker Who Offers an Appropriate Trading Platform. Choosing a reputable broker is of paramount importance and spending time researching the differences between brokers will be very helpful. You must know each broker's policies and how he or she goes about making a market. For example, trading in the over-the-counter market or spot market is different from trading the exchange-driven markets. Also make sure your broker's trading platform is suitable for the analysis you want to do. For example, if you like to trade off of Fibonacci numbers, be sure the broker's platform can draw Fibonacci lines. A good broker with a poor platform, or a good platform with a poor broker, can be a problem. Make sure you get the best of both. 3. Choose a Methodology and Be Consistent in Its Application. Before you enter any market as a trader, you need to have some idea of how you will make decisions to execute your trades. You must know what information you will need to make the appropriate decision on entering or exiting a trade.

Some people choose to look at the underlying fundamentals of the economy as well as a chart to determine the best time to execute the trade. Others use only technical analysis. Whichever methodology you choose, be consistent and be sure your methodology is adaptive. Your system should keep up with the changing dynamics of a market. (For related reading, see: 4 Investment Strategies to Learn Before Trading .) 4. Choose Your Entry and Exit Timeframe Carefully. Many traders get confused by conflicting information that occurs when looking at charts in different timeframes. What shows up as a buying opportunity on a weekly chart could, in fact, show up as a sell signal on an intraday chart. Therefore, if you are taking your basic trading direction from a weekly chart and using a daily chart to time entry, be sure to synchronize the two. In other words, if the weekly chart is giving you a buy signal, wait until the daily chart also confirms a buy signal. Keep your timing in sync.

5. Calculate Your Expectancy. Expectancy is the formula you use to determine how reliable your system is. You should go back in time and measure all your trades that were winners versus losers, then determine how profitable your winning trades were versus how much your losing trades lost. Take a look at your last 10 trades. If you haven't made actual trades yet, go back on your chart to where your system would have indicated that you should enter and exit a trade. Determine if you would have made a profit or a loss. Write these results down. Total all your winning trades and divide the answer by the number of winning trades you made. Here is the formula: W = Average Winning Trade L = Average Losing Trade P = Percentage Win Ratio. Example: If you made 10 trades, six of which were winning trades and four of which were losing trades, your percentage win ratio would be 610 or 60%. If your six trades made $2,400, then your average win would be $2,4006 = $400. If your losses were $1,200, then your average loss would be $1,2004 = $300. Apply these results to the formula and you get E= 1+ (400300) x 0.6 - 1 = 0.40, or 40%. A positive 40% expectancy means your system will return you 40 cents per dollar over the long term. 6. Focus on Your Trades and Learn to Love Small Losses. Once you have funded your account, the most important thing to remember is your money is at risk.

Therefore, your money should not be needed for regular living expenses. Think of your trading money like vacation money. Once the vacation is over, your money is spent. Have the same attitude toward trading. This will psychologically prepare you to accept small losses, which is key to managing your risk. By focusing on your trades and accepting small losses rather than constantly counting your equity, you will be much more successful. (For related reading, see: The Art of Cutting Your Losses .) Secondly, only leverage your trades to a maximum risk of 2% of your total funds. In other words, if you have $10,000 in your trading account, never let any trade lose more than 2% of the account value, or $200. If your stops are further away than 2% of your account, trade shorter timeframes or decrease the leverage. 7. Build Positive Feedback Loops. A positive feedback loop is created as a result of a well-executed trade in accordance with your plan. When you plan a trade and execute it well, you form a positive feedback pattern.

Success breeds success, which in turn breeds confidence, especially if the trade is profitable. Even if you take a small loss but do so in accordance with a planned trade, then you will be building a positive feedback loop. 8. Perform Weekend Analysis. On the weekend, when the markets are closed, study weekly charts to look for patterns or news that could affect your trade. Perhaps a pattern is making a double top and the pundits and the news are suggesting a market reversal. This is a kind of reflexivity where the pattern could be prompting the pundits, who then reinforce the pattern. Or the pundits may be telling you the market is about to explode, hoping to lure you into the market so they can sell their positions on increased liquidity. These are the kinds of actions to look for to help you formulate your upcoming trading week. In the cool light of objectivity, you will make your best plans. Wait for your setups and learn to be patient. 9. Keep a Printed Record.

A printed record is a great learning tool. Print out a chart and list all the reasons for the trade, including the fundamentals that sway your decisions. Mark the chart with your entry and your exit points. Make any relevant comments on the chart, including emotional reasons for taking action. Did you panic? Were you too greedy? Were you full of anxiety? It is only when you can objectify your trades that you will develop the mental control and discipline to execute according to your system instead of your habits or emotions. The steps above will lead you to a structured approach to trading and should help you become a more refined trader. Trading is an art, and the only way to become increasingly proficient is through consistent and disciplined practice. (For related reading, see: Forex Trading: A Beginner's Guide .)



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