Tips for successful Forex trading

[Multisulcate]

I suggest traders backtest their strategies before trading. Use historical data from a vast range of timeframes so that you can get the nearest accurate results or outcome of your strategy.

 

[Serimeter]

Well, that would be fortunate for me to see how many people actually follow all of these. If they were to follow these tips along with maintaining a trading journal regularly, the chances of failure would be significantly less.

 

[Rheometer]

Trading is a mind game. If you can handle the way you react to situations, you can have a trading career you have always wanted to have. Just don’t copy anyone and make trades as per your understanding.

 

[Mucivorous]

Everything changes with time. A strategy that is fruitful now may fail in the future. A market situation that is filling your pockets may end soon. This requires an ongoing learning attitude that will help you stay on track and make great returns with time.

 

[smart921]

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.

Cut Your Losses and Let Your Profit Run

 

[kintawang]

EA Forex Robot good to make money? Want prefer trading using EA forex robot

 

[Agynary]

You must be capable of making efficient trading decisions. Forex trading is not just about taking risks, making money in some trades and losing in some. It is more about the decisions you make that can reduce the number of losses you make and increase the amount of profits you take home.

 

[Citigrade]

My only tip is to start small and stay cautious while trading. Forex trading can be easy if you follow the systems and be adaptive to the changes in the market.

 

[matsuyuki1999]

Thanks for sharing the tips and experiences.
What I have learned from trading fx for 2 years is always manage your risk through position sizing and margin.
Pay attention to market flows and liquidity.
The flash crash back in JPY in Jan 2019 blew off my account simply because I left the EA/signal on over the Christmas/New Year period.
The liquidity was bad and I shouldn't have been trading over holidays.
That mistake costed me 10k. A pricy lesson learnt.

 

[Bugaboo]

The most crucial lesson I took away from trading FX was that you may achieve financial success even with straightforward strategies. The more challenging ones don't always offer greater profits and can even cause confusion.

 

[Contraband]

The most valuable lesson I took away from forex trading was that do not over-complicate your trading strategy by using a number of indicators and studying many chart patterns. This only creates confusion. It is better keep your trades simple.

 

[Mesology]

Never believe in what others tell you. Find your own reasons to do something or not do something. Trading is difficult and you won’t be good at it until you give your best. You must live your trades because that’s how you know the ins and outs of the market and can make the best of your trades.

 

[Mobey_D]

- 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

You can cut out most of your points with one simple strategy:

"Plan your trade. Trade your plan."

 

[HeavLeighGill]

Great tips! Simple and to the point. I especially like that you brought up emotions because I think a lot of beginners don't prepare for that.

 

[mjs2010]

- 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

This was really informative. It's kinda been scary trying to figure everything out and make the best decisions.

 

[Kytaine]

thanks all, as a new trader this is really helpful!

 

[Hipparchy]

The most important thing I learned while trading forex is that you can make good money even with simple strategies. The more complicated ones do not always result in higher profits. It's just that you need to know how to make the most of your trading strategy.

 

[Hootenany]

There is nothing ideal in the forex market. It’s all about what you do and how profitable it turns out to be for you. In order to make your trades work, you will have to find a strategy that works for you. Don’t wait for an opportunity to knock your door. Rather, find an opportunity yourself and make it work for you.

 

[Berserker]

You need to focus on trading and not the results. If you are focused and know how to trade even through a mess, you will be successful. If you worry about the outcome, then you will never be able to trade at your full potential.

 

[Spectrograph]

Thanks for sharing useful pointers. Trading skills and psychology are the key for successful trading.