55 Free Forex Tips for successful trading 📋
Extra Forex Trading Tips
Trading strategies that work well in an up-market may not work in a down-market
Same as: systems that work well in a good trending market may not be applicable at all to a ranging market. The solution is either to have a system for each type of the market or make sure that one solid system will work well under all market conditions — extensive testing is the way to know the truth.
Do not try to pick price tops and bottoms
It is a very wrong approach that unfortunately many traders have adopted. Searching for bargains is a good thing when you go shopping, but will put you in troubles if applied to Forex trading. Simply spot the trend and join it like other traders who are serious about trading do.
Always remind yourself that the first and the last market bars/ticks are the most expensive
Delay entering the market on the first ticks and be out of the market early. On the open, never trade in the direction of a gap.
Never worry about missing out on a trading opportunity
Do not provoke yourself to take a trade that does not meet all entry rules. Just because it seems to be too good to pass up is not an excuse for trading. You are never going to run out of trades, so be firm and stick to your rules.
By using knowledge about currency correlation in Forex traders can easily avoid opening positions that cancel each other
(e.g. +10 pips on one pair and -10 on another = 0). Find out which currency pairs move simultaneously and which — in opposite direction.
Did we say: "Have your stop loss order in place"?
Yes we did. Anyway, we will repeat it one more time. Even if your trading system needs no stops, still have it. Not that you are going to use it, but just for the safety of your capital. A sudden huge move in the market may cost you a big portion of your trading account especially if margin call is triggered.
Spend less time trading Forex but make it quality time.
Trade only when you can be 100% focused. Time spent in front of the monitor does not assume profitability, so don't fool yourself and do not trade half-ready.
It is wrong to trade with the money that you cannot allow to lose.
That is also why traders switching from Demo to real account often may find themselves losing a trade after trade with a system that used to be profitable. This is because with a real account they've got fear to lose money, while on Demo account their minds were free.
Trading smart is what we wish you to achieve, and believe us, being focused and serious about the job you do will make you successful!To your trading success!
READ NEXT ↷
Forex trading is a high risk investment. All materials are published for educational purposes only.