I would like to point out 5 key points to improve your trading results significantly irrespective of whatever your trading style is:
1.Risk per trade: Never place a trade which you can't accept it to be a loss. Once you entered the trade, you should 100% accept that you are fine in loosing that trade, otherwise, don't place that trade or reduce the lot size. As a thumb rule which many traders will say don't risk more than 1% in one trade.
2.Don't over trade: This is the most common thing many successful traders will tell and many unsuccessful traders will ignore. It simply means if you love to trade and love to watch screens for long hours, then you will loose money in forex. It may sound contradictory, but a fact.
But if you want to trade to make profit, then only trade. Don't simply place each trade which you see on the chart that any EA can do and it makes no difference between EA trading and manual trading. In manual trading each and every trade matters from which a trader learns and improves on the next entry.
So if you are trading forex for quite sometime and loosing, then first thing you need to do is reduce the number of trades by half or reduce it to 1/4.
3.Risk/Reward ratio: This is second important point following the first point is take only highly accurate trade set ups with at least a risk to reward ration or 1:1.5 or 1:2 or more..... You need to focus more on the quality of each trade rather than quantity of trades.
4.Prepare before trade entry: You should put maximum time in preparing or analysing the market before the trade entry to find the most accurate trade set ups instead of worrying about the market after entering the trade. By following this point using a pending order is always better than using a market order. If you just switch from market order to pending order, then your results will significantly increase, because most trades will be automatically trigger with fixed stoploss and takeprofit when you are not in front of the computer by which you can avoid wrong trading decisions due to emotions.
5.Leave after trade entry: Following the point number 4 once you have entered the trade with fixed stoploss and takeprofit, then just leave it. Don't keep on watching the chart once you entered the trade and let it hit the stoploss or takeprofit. This is the most important point for every trader to deal with emotions like fear, greed etc. Simply enter the trade and close the mt4. Only in exceptional cases if your broker doesn't accept your stoploss or takeprofit, you might need to look into the trade to close manually. You may work upon this to fine tune the exits later on once you have gained little bit mastery over trading, but for beginners this is the most important point.
Tips for newbie is to always improve the knowledge and trading experience. Forex is a business that has a high risk that we should be able to improve their knowledge and experience so well that would make we can trade with a maximum
I came across this site while browsing for assistance with my forex trading. I am exactly not so sure of what this site will do for me? Can some one explain.
I also want to know how i can add my account here and what help will that be off for me while trading.
What are the possible ways of getting assistance here?
Thanks is advance
I see, you have already got the instructions on adding your account here! Basically, this is one of the most popular Forex community; here you can share your account with others! Even, you can follow others!
As a beginner, first thing you need to do is to common in Forex trading and that means you need to have lots of extra time not only in trading but in learning also. And the most important thing is that you need to spend lots of time practicing and not going to make profit or don’t expect to get profit in the first two or three months.
Admoni posted: As a beginner, first thing you need to do is to common in Forex trading and that means you need to have lots of extra time not only in trading but in learning also. And the most important thing is that you need to spend lots of time practicing and not going to make profit or don’t expect to get profit in the first two or three months.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.