Three Ways to Avoid Losing Money in Forex
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-losing-money-in-forex
There are good and bad reasons to trade the Forex market. Proponents of trading foreign currencies note that the Forex market is huge and trades nearly twenty-four hours a day. Major currency pairs include the Yen, Euro, British Pound and the US dollar which is part of eighty-five percent of all trades. These currencies trade in high volume and liquidity making technical analysis more accurate. Proponents also note that you can trade with high degrees of leverage such as 100 to 1. However, there are winners and losers in each and every trade. With that thought in mind we take a contrarian approach and consider three ways to avoid losing money in Forex. Three ways avoid losing money in Forex may well include simply not trading foreign currencies but we assume that you are reading articles on this site because you want to trade Forex. So, read on for our three ways to avoid losing money in Forex.
Remember That Trading Currencies is a Business
Forex trading in the Forex market is a job. Forex trading can be a very lucrative job with wonderful Forex profits. You make your Forex profits in the Forex market by doing your homework, knowing your Forex software, and being well versed in the Forex market currency pairs you work with. But Forex trading is with real money and for every person who makes Forex profits there is a person who does not. In fact for every person who makes a lot of money there may be lots of people who lose money. The first of our three ways to avoid losing money in Forex is to take the job seriously. That means learning the necessary skills, showing up for work on time every day, doing your homework and learning to manage your trading capital.
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Three Ways to Avoid Losing Money in Forex
1. Three Ways to Avoid
Losing Money in Forex
www.TheForexNittyGritty.com
2. There are good and bad reasons to
trade the Forex market.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
3. Proponents of trading foreign currencies
note that the Forex market is huge and
trades nearly twenty-four hours a day.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
4. Before We Continue…
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5. Major currency pairs include the Yen,
Euro, British Pound and the US dollar
which is part of eighty-five percent of all
trades.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
6. These currencies trade in high volume
and liquidity making technical analysis
more accurate.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
7. Proponents also note that you can trade
with high degrees of leverage such as
100 to 1.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
8. However, there are winners and losers
in each and every trade.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
9. With that thought in mind we take a
contrarian approach and consider three
ways to avoid losing money in Forex.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
10. Three ways avoid losing money in Forex
may well include simply not trading
foreign currencies but we assume that
you are reading articles on this site
because you want to trade Forex.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
11. So, read on for our three ways to avoid
losing money in Forex.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
13. Forex trading in the Forex market is a
job. Forex trading can be a very lucrative
job with wonderful Forex profits.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
14. You make your Forex profits in the Forex
market by doing your homework,
knowing your Forex software, and being
well versed in the Forex market currency
pairs you work with.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
15. But Forex trading is with real money and
for every person who makes Forex
profits there is a person who does not.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
16. In fact for every person who makes a lot
of money there may be lots of people
who lose money.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
17. The first of our three ways to avoid
losing money in Forex is to take the job
seriously.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
18. That means learning the necessary
skills, showing up for work on time every
day, doing your homework and learning
to manage your trading capital.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
19. Getting In, Getting
Out, and Keeping a
Reserve to Exploit
Opportunities as
They Arise
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
20. The second of our three ways to avoid
losing money in Forex specifically has to
do with managing and protecting trading
capital.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
21. Forex trading is not gambling and you
should never bet your money all in on a
hunch.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
22. Good traders analyze the fundamentals
of the currencies that they trade and
they keep up to date on a daily basis.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
23. They also follow evolving market
sentiment with technical analysis tools.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
24. Smart traders use specific signals that
are based on statistical analysis to set
up and execute trades.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
25. They do not go looking for trades but let
the trades come to them.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
26. And smart traders always, always set
their trading stops so that they limit their
losses in sudden market shifts.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
27. And they pay attention so that they can
adjust their stops as a currency rises in
value.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
28. The most important aspect of this is to
always keep part of your trading capital
in reserve.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
29. First and foremost this assures that you
will not be wiped out in a big market
swing.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
30. So while you are letting profits mount in
one trade that you will be able to take
advantage of a golden opportunity that
comes along at the same time.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
31. Do Not Be Too
Much of a
Contrarian
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
32. Be careful not to assume that no one
makes money in Forex.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
33. Study, patience, and execution are by
themselves three ways to avoid losing
money in Forex.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
34. You can trade all day in simulation
trading to build up your skill set.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
35. There is nothing wrong with spending an
hour or two a day reading up on factors
that drive currency prices.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
36. No one ever lost money simply watching
the market when things are confusing.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex
37. And learning to push the button at the
right time, get in, get out and count your
money is absolutely possible.
http://www.theforexnittygritty.com/forex-trading/three-ways-to-avoid-
losing-money-in-forex