Tips for successful Forex trading

[Sherverty]

- Choose Your Broker Wisely
- Take Control of Your Emotions
- Stress Less
- No-Risk, No Success
- Psychology is Key
- Use Stop-Losses
- Define Your Goals and Choose a Compatible Trading Style
- Choose a Broker Who Offers an Appropriate Trading Platform
- Choose Your Entry and Exit Timeframe Carefully
- Calculate Your Expectancy
- Focus on Your Trades and Learn to Love Small Losses
- Perform Weekend Analysis
- Find a trading method that suits you

 

[Godwin Bupo]

- Choose Your Broker Wisely
- Take Control of Your Emotions
- Stress Less
- No-Risk, No Success
- Psychology is Key
- Use Stop-Losses
- Define Your Goals and Choose a Compatible Trading Style
- Choose a Broker Who Offers an Appropriate Trading Platform
- Choose Your Entry and Exit Timeframe Carefully
- Calculate Your Expectancy
- Focus on Your Trades and Learn to Love Small Losses
- Perform Weekend Analysis
- Find a trading method that suits you

Thank you for this post, it is really educative. May I ask a question? How do you know which Broker is better? Brokers do not reveal their secrets to traders. So how can you know which Broker is better.

 

[ik1730]

Thanks for sharing. Your post contains the 90% to focus on. You forget to mention deep "post-analysis".

 

[Robert Hills]

Learning is the best way to succeed in forex trading. If you become a better trader, my advice is to focus on learning about market activity and start trading in the demo account. Traders also need to explore different learning methods to improve the overall learning experience. There are a lot of sources to learn. I also recommend broker education as many brokers like Eurotrader offer it for free.

 

[Trillionairetrader]

- Choose Your Broker Wisely
- Take Control of Your Emotions
- Stress Less
- No-Risk, No Success
- Psychology is Key
- Use Stop-Losses
- Define Your Goals and Choose a Compatible Trading Style
- Choose a Broker Who Offers an Appropriate Trading Platform
- Choose Your Entry and Exit Timeframe Carefully
- Calculate Your Expectancy
- Focus on Your Trades and Learn to Love Small Losses
- Perform Weekend Analysis
- Find a trading method that suits you

Thank you for the valuable points,How do you do your weekend analysis?

 

[AayushiShah]

Forex trading is a terrific method to diversify a larger portfolio or profit from specific FX techniques. Beginners and seasoned forex traders alike must remember that getting and staying ahead requires practice, knowledge, and discipline.

We've compiled a list of 9 pointers to bear in mind when considering currency trading.

• Define your objectives and trading style.
• The Trading Platform and the Broker
• A Consistent Methodology
• Determine the points of entry and exit
• Calculate Your Probability
• Small Losses and Concentration
• Loops of Positive Feedback
• Conduct a weekend analysis
• Keep a Printed Record

Trading is an art form, and the only way to improve is to practise consistently and systematically.

 

[ShihTzu]

There needs to be one more thing in your list- keep a trading journal to record your trades. By analysing your past performance, you can make updates as required and improve your strategy.

 

[antwanmcdonough]

There needs to be one more thing in your list- keep a trading journal to record your trades. By analysing your past performance, you can make updates as required and improve your strategy.

A worthy point to be noted. A trading journal maintains a record of your trading progress, letting you to become a more efficient trader by learning where you do well and where you do not. In this way. you can concentrate on your strengths while also identifying areas for improvement.

 

[shortham]

Thanks for sharing these tips. Some of the tips that have helped me become a better trader-

1) Learning from my trades
2)Maintaining a forex trading journal
3) Backtesting trading strategies
4)Reading books on trading psychology an implement the learnings
5) Avoid revenge-trading and overtrading
6) Following proper risk and money management
7) Staying disciplined.

 

[mitchalcling]

Another important thing that I believe can be on your list is staying updated with the latest market trends. The forex market keeps moving and if you want to make the most of it, you must have complete knowledge of the movements. This will help you trade better and earn better.

 

[Psychomancy]

You have covered nearly all the points that anyone can think about. The rest traders will find on the basis of their experience and act accordingly. They just need to keep a trading journal so that they can revise their steps and know how their journey has been.

 

[Yin Chen]

Thanks for sharing these tips. Some of the tips that have helped me become a better trader-

1) Learning from my trades
2)Maintaining a forex trading journal
3) Backtesting trading strategies
4)Reading books on trading psychology an implement the learnings
5) Avoid revenge-trading and overtrading
6) Following proper risk and money management
7) Staying disciplined.

Thanks for sharing these excellent tips! I think all traders should develop a habit of maintaining a trading journal. It not only helps you keep track of your trades, but also check areas where you lack.

 

[jamesgarcia]

These might seem like obvious things to do when you are trading in the market. But still, most traders overlook them and take unnecessary chances that lead to losses.

 

[Aventail]

Great tips, for sure!
One more thing that can be added to the list is not to believe in any type of guarantee. The forex market is unpredictable and there are no guarantees that you will make profits even if your strategy has proved to be profitable in the past. So, better don’t let anyone scam you by offering something that is not easily available.

 

[Liang Huiqing]

Well said! Trading skills and knowledge can be learnt from books but emotional control comes from your life experiences. Try your best to analyse the market before making a trade.

 

[deaddog]

Valuable tips! One thing I would like to add is focus on protecting your trading capital. Do not run after money. Money will follow if you take the right measures to manage your risk.

 

[Dora_WalletInvestor]

These are mostly sound tips, but I would like to add something regarding the point "no risk, no success". The high earning potential on the forex market definitely comes with high risks, for sure. But don't make the mistake of thinking if you risk a lot, you will earn a lot. In fact, mitigating your risks to avoid unnecessary losses is extremely important if you want to be successful.

 

[Patrizia Bruno]

The best thing I learnt while trading forex is that you can make good money even if you are using simple strategies. The complicated ones don’t always guarantee more profits. It’s just that you must know how to make the most of the trading strategy you are using.

 

[destriero]

It’s obvious that you will have to take risks when you are trading. But it doesn’t mean that these risks should go beyond your risk appetite. Just know what you can afford to lose and build your plan accordingly.

 

[onomatopoeia]

Keep it simple. If you can’t handle the stress of opening a large trading position, stick to a smaller one. If Fibonacci retracements seem tough, use price action. If 1:500 is high leverage, don’t go beyond your risk appetite. There’s no need to go beyond what you can’t afford or handle.