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1. 10 Tips For Forex
Trading Success!
ForexTradingKnowHow
2. 10 TIPS FOR FOREX TRADING
SUCCESS!
1. Get Your Feet Wet Gradually.
Most new traders start by opening lots of trades, then find it hard to
track them all.
By focusing on fewer trades, and picking them more carefully, you'll
have more opportunity to learn lessons from your trades which you
can use to improve as a trader.
3. 10 TIPS FOR FOREX TRADING
SUCCESS!
2. Preserve Your Capital.
Profits are there for the making, but the real key to success is not just
to make profits, it’s to keep them.
Letting profitable trades run, cutting losses quickly and keeping cool
under pressure is your best route to profitability in the long run.
4. 10 TIPS FOR FOREX TRADING
SUCCESS!
3. Stop Forgetting Your Stop Loss!
A key reason people quit trading is heavy losses and the single
biggest cause of losses is failure to use a Stop Loss.
Using the Stop Loss will prevent your losses from getting out of hand
when the market goes against you.
Use it wisely and you’ll see your losses decreasing.
5. 10 TIPS FOR FOREX TRADING
SUCCESS!
4. Build A Trading Plan/System
Every trader develops their own individual trading system, depending on
the amount of time they dedicate to trading.
Traders with more time may adopt a day trading strategy, while others
might prefer longer term positions. Whichever trading style you adopt,
stick to your trading plan.
Many new traders switch approaches when they experience losses,
however, one or two losing trades don’t necessarily mean that your
system isn’t going to be successful.
6. 10 TIPS FOR FOREX TRADING
SUCCESS!
5. Don't Cut Your Profits Short.
The number one mistake new traders tend to make is closing their
winning trades too early.
By sticking to your trading plan you can learn to avoid making hasty
exits that reduce your returns.
7. 10 TIPS FOR FOREX TRADING
SUCCESS!
6. Don’t turn Profitable trades Into Losing Ones.
Once the market is going your way, and your positions show a profit,
keep a close watch on them.
Move your stop loss forward to your entry point to secure your
investment.
Then keep moving it forwards, in the direction of the trend, to secure
your profits and prevent your trade from slipping back into a loss.
8. 10 TIPS FOR FOREX TRADING
SUCCESS!
7. If In Doubt, Follow An Expert
eToro’s investment network connects you with the entire eToro financial
trading community and lets you see how all the top traders on the eToro
network are trading.
Even better, it lets you copy the trades of any trader you choose with a
single click.
So if you’re not feeling like a professional yourself, copy a professional
and make their success your own.
9. 10 TIPS FOR FOREX TRADING
SUCCESS!
8. Plan Ahead.
Never enter a trade because the price is suddenly rising or falling.
Always plan your trades in advance.
Know your desired entry point, Take Profit and Stop Loss rates
before you trade and wait for the right opportunity to arise.
10. 10 TIPS FOR FOREX TRADING
SUCCESS!
9. Trends Carry Momentum.
New Traders are often unaware that as a new trend starts to build, its
momentum tends to increase.
Additional traders will tend to jump on board an emerging trend,
strengthening it as it continues to develop.
Try to trade with the market’s momentum on your side, as it will often
push your trades in the right direction, hitting your profit targets sooner
than you might expect.
11. 10 TIPS FOR FOREX TRADING
SUCCESS!
10. Don't Waste Time On A Losing Trade.
If you find yourself in a losing position, remember that it is better to save
your energy, cut your losses and move on to the next trade.
The financial markets are full of profitable opportunities; just waiting to
be exploited, so don’t waste your time on an unprofitable trade!
Put these trading tips to work today.
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