Forex Trading Success Tips

Here are our tips successful traders and seasoned professional who has also undergone Trader (trading for Living).

1. Create a trading plan and description well. The criteria, you need to know when:

Open positions

How many points Stop Loss & Take Profit is ‘ideal’

Have a financial management strategy (money management). This is related to how long you are trading in a month, your account how the level of resistance against the risk of loss, when the attraction of funds, when adding funds, and allocation of income to savings, investment and consumption.

2. Make the trend as your best friend (Trend Follower). Do not fight the market trend (though not including mandatory rules). If prices are rising, you can put a Buy position and vice versa when prices are down then you can install Sell position. Most people often take the opposite (counter trend) and often wrong – though there’s also often true:).

3. Keep well & carefully your capital. Do not allow your capital to $ 0.0. If that loss, try to keep 10-50% of your capital, so that when the time comes to add funds or injeck, or the dollar amount paid up is not too large. Imagine if you have to add funds to Forex trading as a result of your loss.

If in two or three trades already spend 20-40% of the capital due to loss, stop for a moment. Hold yourself to open new positions. Do not obey yourself to “get revenge” or “want return on investment”. Try to calm your mind and your head. Organize your trading system back in the Demo Account. Spend time 3 days – 1 week to try trading system in the Demo Account.

If it has been established, please go back to Real Account.

4. Knowing when to dispose of “toxic”. The term toxin is a Buy or Sell that has been opened which has a floating (floating position / not closed) a negative or minus a sizable position. Say if Buy GBP / USD you have -150 points in the 2-hour period, is it still worth keeping. Or if the position of EUR / USD is minus -100 within 20 minutes, if still loved-baby?!

Ah, right price back again later. Well, if the price ndak back and forth, we become “poisoned” himself, both mind and body. We can be physically ill to think of a position that has not closed that reached 200 points for example. Just remember, for the money now rather difficult to yah. If already ndak productive within 2-3 hours, well to be amputated / Cut Loss. Cut, remove the already bloated & unproductive. What else would make the position of stay, more than one day with more expected profit well and also get a premium interest rate, put obligatory Stop Loss. Our advice, if you want to continue the next day, put the Stop Loss 200 points from the point of your open positions. Just use a Trailing Stop facilities if provided by the trading platform.

Stop Loss Plan as early as possible. These days, the price movement to the Euro & Pound reach 200-400 points per day. Determine the ideal Initial Capital & Stop Loss you with a situation like that.