FOREX Trading - 5 Tips For Success And Bigger Profits.

[hitpipsin]

I really agree with you 100 percent about these 5 tips. These tips are indeed very handy and useful tips for the traders to do well and make profit from Forex business.

I am also with you to follow this rules before openning a trade to make a good profit I think you must have money management to make a good profit till the weekly basis or others.

[ashvi]

That's really a very good tip from the thread starter, if the traders look at the forex trading business in a more serious manner then am sure they would be able to plan for some good trades and try to take up the best ones to win in the forex market.

[tuhinsm]

Found this in one of the web pages, thought posting it could help a few newbies like me out there


Learn FOREX Trading - 5 Tips For Success and Bigger Profits

FOREX trading means putting in effort in the right areas, the problem for many novice traders is they listen to a lot of commonly accepted wisdom that simply ensures they lose.

When learning FOREX trading follow the simple tips below (many are NOT Accepted wisdom) but as the majority of traders lose that's no bad thing!

Here are 10 tips to help you learn FOREX trading and be successful.

1. Don't day trade

Perhaps the biggest error made by novice traders is to fall for the myth of day trading.

The reality is you will NEVER Make money long term and the odds are stacked against you.

Why?

Because all short term volatility is random - if it is you will never get a trading edge.




Don't believe me?

Then ask a day trader for a real time track record (not a hypothetical one) and see if you get one - you won't

2. Success means doing it on your own

Leading on from the above many novice traders think they can learn OFREX Trading by buying an e-book for 100 dollars and it will give them success.

The reality of course is if it were that easy a lot more than 5% of traders would be successful.

The only way to learn FOREX trading is to do it on your own.

3. Use a simple method

The best method to use is a breakout methodology using support and resistance and just a few confirming indicators.

Many novice traders think that learning FOREX Trading involves highly complicated methods - It doesn't.

Simple methods are easer to understand, apply and more likely to succeed - as there are less elements to break in the real world of online FX trading.

4. Discipline

You will hear this is one of the most important traits to succeed in online forex trading and it is.

If you have a simple method you understand and have confidence in, then you will acquire discipline and can follow your system through inevitable losing periods.

You won't do this if you use someone else's method or don't fully understand it.

5. Don't mix fundamentals and technical trading

If you follow a technical system - ignore the news you can't mix the two!

Sure those experts in the media tell convincing stories, but that's all they are stories and their more often than not wrong.

Trade in isolation with technical system and don't watch the news.

6. Don't tick watch

Many traders sweat all day looking at prices - don't.

It will upset your discipline and get your emotions involved.

Work off the closing price of the day and set your orders for the next day and ignore all intra day moves.

7. Money management take calculated risks

Most novice traders try to restrict risk so much they create it - by placing stops to close, or moving them to quickly.

Don't fall into this trap.

To win and catch the big moves you MUST accept that the markets will eat into your open equity and you MUST give the market room to breathe.

Learning Forex money management is as important as getting market direction right in succeeding longer term.

8. Work smart not hard

You hear a lot of accepted wisdom telling you that you need to constantly learn FOREX trading to be a success - RUBBISH!

Once you have a method your confident in that's it - execute it with discipline and don't put any more work in if you have a successful method your all set.

9. Be realistic

We all hear of traders making millions in a year from small stakes, but their not the norm.

If you could consistently make 50 -100% per annum, you would be up their with the best traders in the world.

Try and make money to fast in FX trading and you will wipe yourself out.

10. So what's your edge?

Before you start to trade online FOREX ask yourself the above question.

Why should you win - if 95% of traders lose?

If you can't answer the above question, your learning FOREX needs to continue until you can.

If you work smart not hard, get a simple method you understand and can apply with discipline and accept responsibility for your success, chances are you will answer the above question and make some great FOREX profits!

very good tips for all trader hope it will help us to catching golden pips,&i request you just help us to giving this type of good tips for making a excellent Profit fro forex.

[kang portal]

although I see these words greed and patience in most of the threads, yes they are words which can make a difference. Aim for profits but not the one which can't get at one shot.. patience at times of losses and wait for the right chance and the correct strategy could really make you be there

[GunDuL]

They need to learn everything about forex. Not only the theory, practical also need to do. Because forex is not easy as they thought, learning process should not be stop at any stage. Rather it should be carry on after you open real trading but before this try a lot on demo account

indeed if we are still not used in the demo account is very risky at all if we use a real account. in real account all the psychological pressure was real because loss or profit is real to. while in the demo all virtual demo that funds run out we can make it again for free.

[vicente147]

really full of important tips that are going to help me get a bigger profit i will read them and get motivated so i ca increase my profit level, they are easy and understandable thank you so much again

[saim16020]

आप विदेशी मुद्रा ट्रेडिंग के लिए के तरीके के बारे में अच्छा टिप के लिए धन्यवाद, मुझे लगता है कि सभी व्यापारी अपने शेयर सुझावों पढ़ रहे हैं और स्वीकार करते हैं कि उम्मीद है कि वे यहाँ लाभ होगा, मुझे लगता है कि अगर किसी भी एक व्यापारी हैं सभी नियम लागू होते हैं जब व्यापार आशा है कि वह यहां नहीं खो सकते हैं वह,यहाँ हासिल करने में सक्षम है. इतनी अच्छी जानकारी के लिए कई धन्यवाद.

[donj]

strategy in forex trading forex trading analysis capabilities in using the strategy and profit and reduce the risk of trading with small capital and profits achieved greedy is very bad habbit in trade, greedy is failed system

learning first is more important instead of blindly investing in it.So all beginners loose money at start as they have not learn everything and jump in Forex blindly.So having bit patience and after learning if we enter in Forex market ,we will benefit whole life.

[pisses[69]]

strategy in forex trading forex trading analysis capabilities in using the strategy and profit and reduce the risk of trading with small capital and profits achieved greedy is very bad habbit in trade, greedy is failed system

They need to learn everything about forex. Not only the theory, practical also need to do. Because forex is not easy as they thought, learning process should not be stop at any stage. Rather it should be carry on after you open real trading but before this try a lot on demo account

[mediafxx]

although I see these words greed and patience in most of the threads, yes they are words which can make a difference. Aim for profits but not the one which can't get at one shot.. patience at times of losses and wait for the right chance and the correct strategy could really make you be there

strategy in forex trading forex trading analysis capabilities in using the strategy and profit and reduce the risk of trading with small capital and profits achieved greedy is very bad habbit in trade, greedy is failed system