Forex Tips

Well, there are no shortcuts to success in life and in forex. Everyone has to walk down a path of hard work in order to become successful.

WaltonCharles posted:
Yes the reason of failure is lack of knowledge and skills. Most people here open trade out of hope. They hope price will go this or that way. But to be profitable we need skills and control over our emotions.

I completely agree with you. Low knowledge can put a trader into the great danger.

Start with a demo and practice until you satisfy.

It is best to avoid any unnecessary mistakes in trading.

In fact, there is a lot of such advice, but the most important thing is to start working with the right broker, a lot will depend on this in further work

I think it’s easy to get the idea that trading is easy or that you can make money quickly with little effort. We can thank trading gurus and influencers for giving it that imagine. However, many beginners learn quickly that this isn’t the case and I believe that accounts for the large percentage of failed traders out there. Those that do their research and whom don’t think of it as gambling have a higher chance of becoming successful.

Unellene posted:
In fact, there is a lot of such advice, but the most important thing is to start working with the right broker, a lot will depend on this in further work

A good broker can make you rich.

While trading in forex, it would be better if you do sufficient practice on demo accounts so that the mistakes can be avoided while making live trades.

LyudmilLukanov posted:
Start with a demo and practice until you satisfy.

A demo is the best place to learn all the basics of forex.

SteveHanks posted:

LyudmilLukanov posted:
Start with a demo and practice until you satisfy.

A demo is the best place to learn all the basics of forex.

Absolutely, and I would like to add one more point to it , avoid revenge trading at all costs, instead adopt sound strategies and trading plans.

@marcusobrien Yes you are right. Revenge trading is a killer. We can't take trading decision out of emotions. Loss is a part of trading. If you lose a trade, wait for the right opportunity to open next trading.

It's really crucial in currency exchange to use a continuous program or simply follow the protocols set up for this program to get the maximum profit. Let's assume that goes on to get the maximum profit available and all at once encourage their results.

There are so many different tips now that there shouldn't be any reasons for a trader to make mistakes.

skihav posted:
There are so many different tips now that there shouldn't be any reasons for a trader to make mistakes.

Traders fail not because of lack of tips but because they can't follow them due to Indiscipline, greed and fear

Keeping your Risk to Reward Ratio to 1:2 is an ideal whenever you are trading. Will be useful for your trading in long time.

reggae posted:
Keeping your Risk to Reward Ratio to 1:2 is an ideal whenever you are trading. Will be useful for your trading in long time.

I agree with you.

skihav posted:
There are so many different tips now that there shouldn't be any reasons for a trader to make mistakes.

Making mistakes in this market is a common thing. Every trader has to make their mistakes as their learning things to become successful in this market.

Now there are so many tips that it remains only to apply them correctly)

There are plenty of forex tups, Actually, every trader points tips by himself according to his trading style and strategy. Some strategies can imply rushing and it's okay, however i's not preferable for novices of course. Beginners should comply with several major and important tips, such as never open a position against the trend, always try to determine the price movement direction, never rush and never play with revenge trading. All of these tips in my opinion are pretty significant and can help new traders to save their money on their initial stages in trading activity.