Trading on different financial markets is quite difficult and especially on the Forex because in this field a trader can meet a lot of important features and if he knows these features it allows him to avoid a wide range of troubles.
The secrets of Forex are actually the key to profitable trading on the foreign exchange market, unfortunately it is not the Grail, that gives to everyone a possibility always get profit, but if you are already familiar with trading, then you know that at the beginning not only profit is very important, but simply the preservation of existing capital.
Therefore, the list of such secrets include not only recommendations for trading but useful tips for money management.
Forex secrets that can help to achieve a success in trading
Newbies always want to increase the amount of available funds in hundreds of times, but it is one of the most common mistakes. Never start trading with leverage more than 1:50. The transition to a more risky option margin trading is possible after at least a year of trading.
Do not hurry
Research conducted by one analyst firm, discovered a strong dependence of the trading efficiency from the number of transactions. Then there are those traders that often open trades get less profit than their more cautious colleagues. Ideally, you should not open more than one or two orders per day.
About the stop loss order have written thousands of articles, but almost everyone from beginners lose their first deposit because do not put stop loss order. If you are unsure of the stop orders size at the first time you should fix the size at the level 10% of the transaction amount, and then accomplish correction of this parameter.
The right choice of broker
Choosing dealers for Forex trading, carefully read the contract and other documents and feel free to ask all questions. That after do not face an unpleasant surprise that will cause the blocking of a real account or lead to losses.
Do not use complex strategies
First of all, if you are just beginner do not use strategies like scalping, martingale and some other options trading. A few years professionals refused trading based only on the fundamental analysis.
Avoid spontaneous movements
On the Forex market often happen that the price spikes and a trader tries to open a trade in the breakout direction. Just do not hurry because each new order must be preceded by a technical analysis.
In conclusion, the main secret of Forex is the faster you earn profit in trading, the faster you lose it. That is why, if today you made 700% of your deposit amount, then tomorrow most likely going to lose everything earned plus the initial capital.