Before the tips lets quickly look at some 'truths' about the forex trading.
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• Forex is not a 'get rich quick' business. This is one of the reasons 95% of traders lose their money.
• It is different from gambling.
• It can be learned and the best way to learn is by someone who is already trading and by books.
• It is not an investment where money works for you; you need to trade personally.
• Losses in forex trade are inevitable but they can be managed, minimized and still have a positive net figure at the end of the day.
• There is no 100% accuracy in analysis because the market is dynamic.
• Forex trading robots are not perfect.
• Fundamental news move prices.
Now, let's see some of the useful tips that will enable us become successful traders:
1. Do not enter a trade without planning for the trade.
2. Do not stop learning and educating yourself about the trade.
3. Do not risk more than 3% of your total equity.
4. Do not trade without your stop loss and take profit orders in place. It is dangerous..
5. Learn how to use trailing stop in platforms that allow it.
6. Avoid greed and fear in all circumstances. Be patient and disciplined.
7. Learn and use momentum indicators at all times.
8. Keep your eyes fixed on major news release whether you trade with them or not.
9. Define your trading pattern. Are you a position or day trader? Do you trade with trend or range?
10. Always stay out of the market when you are in doubt.
11. Know when to exit your trade.
12. Do not open too many trades.
13. Always demo any new strategy before trading live.
14. Never rely solely on trading software; you are in control of your trade.
15. Consistently test a strategy for at least two weeks on different pairs before giving up on it.
16. Do not enter a trade based on intuition.
17. Do not increase your lot size after making a loss with the hope of recovery the loss immediately.
18. Try not trade very often.
19. Always run assessment of your trades over a specific period of time.
20. You need God in your trading career.
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