Forex Education Center / Part 14 / Top 10 Forex Trading Tips for Beginners – The Road to Success

lordoftruth (71)in #bitcoin • 7 years ago

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There is a lot of information that will come your way about online trading on the internet and it becomes quite hard to process all that information at once, especially if you are a novice trader. It is therefore advisable to take the help of an experienced professional before you move forward.

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The following tips will put you well on the road to success:

Learn the Basics First
Being hasty in this business can cause you a lot of problems. Be patient and learn about all the jargon associated with Forex trading first and then proceed to the next step. You should be well aware of the basics of the whole business and then progress on to learning about a Forex trading strategy. In my Introduction course I have given guidelines for beginners which might be of great help to you.
Learn one Trading Strategy, Stick to it
If you don’t want to lose money and sail your ship on false hopes then be consistent and stop changing trading tactics all the time. If you’ve faced a terrible loss while trying out some strategy then don’t bail on it. It is a quite common thing to have few losses before you begin to make some serious money. You need to be steadfast to excel in this kind of business.
Don’t get Overwhelmed
The prolific amount of information can lead you to wrong places. It is better to take the help of someone who knows the business well, a mentor, who could teach the ways and show you the right path before you set foot into the practical world.
Don’t Freak out When a Trade Moves Against you
Most traders panic when they’re losing their trade. This is quite prevalent in terms of live trading than demo trading because of the difference of emotion.
The most lucrative thing to do is set up your trade in a dollar range which you think is safe for you and then don’t micromanage you’re trade. It is best to not worry and let steam off by doing healthy things.
Focus on the Price Action
In olden times, people used to trade on computers with the help of Price action. They displayed the price movements on a big board and tried to decipher them. This type of technique works even today if you don’t over complicate it with news and other useless things.
Be Realistic
If you’re not being realistic with the amount of money you’re going to gain or are a dream who’s thinking of getting too much in a small time. You need to change your mentality because there are going to be a lot mental pressures in this business and being realistic will keep your sanity intact and help you make choices which are not too far – fetched.
Don’t Trade a lot
Over-trading will lead you to a rod which will destroy your career and your self-esteem too. Slow and steady wins the race and it is quite true in this business. It is a misconception that you need to trade a lot to earn lot and I have cleared this misconception In my article high frequency Vs. Low frequency.
Focus on the Daily Chart
You need to learn to understand the daily price action and a blatant interpretation of the price movements will help you in the long run as it is the fundamental knowledge which will enable you to make advanced decisions.
Don’t put Stop Losses too Close
It is advisable to put your stop losses at a safe place from the entry price. This technique is only realized by traders after they’ve lost a lot of payments. You can check my article on how to place stop loss payments to get a better idea.
Don’t Jump in with no Education
How can you hope to succeed in a profession if you do not have the essential skills to do to the job. Most traders think that they’ll just jump in the trading money and become millionaires. That is not possible without some training or education.