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10 secrets of Forex trading, which you have to know

Do you believe in Santa Claus and in some mysterious secrets which will help you to earn a lot of money in the shortest terms? Then you need to know 10 secrets of Forex trading. They surely will be useful for you!

1. So, Santa Claus doesn't exist. This is the main secret of the Forex market. In the currency market, you won't meet the absolutely profitable strategy, and it isn't about bad luck. You won't find advices which will help you to trade without losses all the time. Everything is much more trivial: your main task is to make your financial results profitable and time doesn't play the main role - it can be a day, a month or even a year.

2. One of the main conditions of success is the size of the deposit. When the transaction is opened the correlation should be respected. It is very important that the price of a lot makes no more than 0,1% of the deposit. If you have 1000 dollars, you should trade in the volume of 0,1 lot. These tactics will help you to save your deposit.

3. Don't make your trading too complicated. Simplify your trading system and then instead of spending many hours analyzing the market, you will get profit, avoiding trading mistakes. If you open positions during day trading the analysis can't take more than several minutes.

4. Don't trade when you want, trade when it is profitable.

5. Don't close the transaction earlier, than stop loss will start working. You can close order when the price, without having held on to a take profit, went back.

6. Find time for training. Read books for traders, study the theory, be engaged in the analysis. Put into practice something new, use gained knowledge efficiently. Participate in free seminars from the large brokers: here you can obtain knowledge which you won't find in books.

7. If you are guided by an accurate plan you will avoid psychological pressure. Having decided that you will close the transaction at 20 point loss, close it! Save the deposit.

8. Use a part of the profit for deposit increase, participate in competitions, use bonuses for account recharge.

9. Start trading from market analysis, continue by calculation stop order size, define entry points.

10. If you can't trade independently, don't disdain automatic advisors.



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Number of comments: 2
  • PeacefulTrader
    • #

    If you want to become a really successful trader you have to dedicate all your time to this occupation, at least the first 6 months. If you don't have perseverance, you will never achieve success in Forex.

  • Nikopass
    • #

    I think that is nearly impossible to avoid psychological pressure. If you decided to earn money on Forex you have to be very psychologically stable. This is the main thing you have to know.