A Beginners Guide To Trading Forex

5 Golden Tips For Successful Forex Trading

Final Words

5 Golden Tips For Successful Forex Trading

Let’s finish with 5 tips for successful forex trading.

  1. Consider carefully before you decide to follow any system. One successful businessman has said that the secret of his success was doing his research thoroughly before making a decision and then sticking to that decision like iron.You need to be sure that your system is one of the best out there … not necessarily the very best. And you need to be comfortable with all the actions that it will require you to take, whether things are going well or badly.
  2. Work on your discipline.If you have problems with self discipline in other areas of your life, use those to train yourself in the skill before you start live trading. Start with something that you could fairly easily master, and work up. It might be getting up at the same time every day, following a workout routine, giving up something unhealthy, doing one DIY task a week … whatever. Developing your general self discipline will help you stick to your trading system, and that will help you make money.
  1. Don’t mix work and play. Allow yourself a small ‘fun’ budget or have a separate mini account for trades that look so tempting that you cannot pass them up even though they do not fit your criteria. You will almost certainly lose this money over a period of time, so be sure you can afford it. If not, avoid the temptation and track these trades on paper instead. Be sure to track them all because we have a tendency to remember the few that would have profited us and forget the majority that would have lost.
  1. Do not discuss your trades or your system with anybody else. It is fine to ask around on forums before you have decided on your system, but do not be drawn into debate about the merits of a system after you start using it. You will quickly be swamped by negativity from people who want to believe that their own system is better. Equally, do not discuss it with non trading friends or family members. They will often be negative simply because they do not understand.
  2. Do not drink alcohol while you are trading.It is better not to even look at the markets when you have had a few beers. If you see a tempting trade that breaks your normal rules it will be much harder to resist when you are under the influence of alcohol. So …Even though we all love the idea of working from home in our pyjamas with a beer in one hand and the other hand in the cookie jar, the truth is that relaxing to this extent does not combine with successful forex trading. Trading takes dedication and a cool head that is not ruled by emotions. It also takes a certain amount of experience. Armed with the knowledge in this book, go ahead and try for yourself with a demo account. You may be surprised at how quickly you can identify trends and start to make money.

Now then, if you feel you are ready and want to get started, we have a number of useful resources to help with your new venture. If you have been following this guide closely, you will likely already have a Forex Broker. If not, our resources section may help you.



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