Deep secrets of Forex trading-the best tips
Forex Secret # 1: There Is No Grail
Yes, the Grail doesn’t really exist. Believe me, there are no absolutely break-even mechanisms on the financial market. And, probably, the secrets of Forex trading are precisely in this: you must do everything yourself. No one will come, take the hand and just tell you how to conduct the trading process correctly so that there are no losses. The main task of every trader is to output the final financial result in a plus: per day, per week, per month, or even per year. Forex secrets also include the size of the deposit. What is most important when you open a trade? The ratio of the price of one Forex lot to the amount of the deposit (0.1%). This means that if you have $ 1000 on your account, you need to trade with a lot of 0.1. Only in this case, you can withstand any price rollback, while keeping your deposit from being drained.
Forex secret # 2: no need to complicate trading
The more complex your chosen trading system, the less likely it is that this strategy will be profitable and bring profit. Since, while you are analyzing the financial market, the price will not stand still, but go further, in the end, you will make a mistake when entering. This point especially applies to intraday trading, because market analysis there should not be more than a few minutes.
Forex secret # 3: you need to trade when it is profitable
You need to open deals when it is really profitable, and not at the moment when you just want to. Everything should work clearly – you open a trading terminal, study the price chart, discover a pattern in the price movement, and only then place an order. And in the opposite situation: when you launch the terminal, and the market is in an uncertain situation, it would be best to refuse to enter and go to rest. Surprisingly, this approach to the trading system brings much better results, and the number of transactions at a loss is reduced several times.
Forex Secret # 4: Don’t Stop Learning
Always learn something new about trading – you don’t need to devote all your time exclusively to trading. Try to read specialized books on trading, study theory, do technical analysis. It is best to learn from professional traders, attend free seminars held by our Academy. It is at seminars, special courses that you can get the necessary knowledge that is not described in any books and sites.
Forex Secrets # 5: Have a Clear Plan
Only having a clear plan, a well-developed strategy will allow you to avoid psychological pressure.
Forex Market Secret # 6: Deal Stages
Any of your transactions should have three stages of creation – this is a technical analysis of the market, determining the entry point, calculating the size of Stop Orders.
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