Author: Metatrader broker
Almost every online broker tells you that that trading forex is the easiest thing in the world and that anyone can do it. This statement is only partially true: indeed, anyone can be a forex trader, if he follows certain rules and behavior patterns. Below you will find the most basic guidelines for beginner traders, or for experienced traders who has forgotten them…
1. No bets – forex trading isn't gambling. First of all, you shouldn't gamble with money you don't have! Think about what would happen if you trade beyond your financial ability and lose… And second, trading, unlike gambling, requires a clear and preferably simple plan.
2. Self-discipline and self-control – to succeed in this business, you have to exercise self-control, especially when the market doesn't fit into your trading strategy. Panic will surely cost you money.
3. Profit or process – if you are getting into forex trading just in the sake of the profit, you won't be successful. Just like with every other profession or business, you have to like the process. When you enjoy trading, profits will find their way to your pockets.
4. Crawling before walking – before you open a real account, please familiarize yourself with various trading techniques and strategies. Today many online brokers offer trading webinars or e-books on the subject. Moreover, all brokers offer and recommend opening a training demo account to implement learned material.
5. Keep it simple – if trading forex is a side business for you, it should be fun and enjoyable experience. To achieve that, you're advised not to open too many positions or invest two much money (see Par. 1). It's not worth it, you'll be glued to your computer all day and still lose track of them all.
6. Every man for himself – in trading "go with the flow" doesn't always work. Sometimes the most profitable deals are unpredictable ones that go against other investors.
7. No emotions – market movements, volatility, and fluctuations can fool anyone. The best advice here is to stick to the chosen trading plan.
8. Take a break - if dream about charts and trends? It's time to take a little break? Gather your thoughts, may be come up with a new plan…
9. Be your own man – don't let others influence you, because it's your money and you decide what positions to open or what currency to buy.
If you're afraid to make the first independent step, try forex auto trading platforms that do all the work for you.
Article Source: http://www.articlesbase.com/currency-trading-articles/forex-trading-pointers-4152425.html
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