Being profitable as a Forex trader is not an easy task. As a beginner trader you should mainly focus on avoiding most of the losses as possible. That would give you an extra motivation and focus so can make consistent money on the long term. On this article, we'll teach you the best tips you can learn before losing your much beloved money.
Learn to survive failure Novice traders must often break failures. Several losing trades may cause beginners traders panic. The trader starts to doubt if his work is OK or not, fears, and, as a result, he makes mistakes and fails again. At the initial stage, there will be errors and losses, but every time he will trade better and better.
Always start with testing Any trading strategy needs to be tested. Most traders say that the testing period should be at least three months. During this time, you must learn to work clearly on the strategy and work as a plus. Only after that can you say that you are ready for real trading.
Use stop loss Stop-loss is a tool to protect the trader’s capital. Without it, in one transaction, you can lose all the money that you have in your account. Every professional should know and understand the level of risk that accompanies his transaction.
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Expand your technical capabilities You must learn to trade without errors. I have in mind not only the correct definition of entry points but also simpler things. Sometimes I have to see how people who trade for several months confuse buttons and enter an order to increase instead of an order to lower. Use analytics Newcomers often trade on technical indicators and do not pay attention to anything else (at best, look at the economic calendar). But often, there is analytical data from experts or company representatives that contradict and refute technical indicators. In this case, the newcomer will receive a loss, and at least the professional will not open such a deal. Always read analytics. Be aware of all the events that surround the asset with which you are going to trade. Find your niche Beginners often focus only on strategies, forgetting that choosing a niche (pairs that suit better to their strategies) is also a critical point. Beginners, in those cases, begin to panic and hastily rebuild the strategy. A professional, on the other hand, switch to the asset with which he manages to profitably trade and earns. Know how to focus A professional trader is somewhat similar to a sniper. He can sit for hours and watch the market, so as not to miss that very one second when you need to pull the trigger (open a contract). You need to learn this. You should be able to sit for a long time and study the charts with full concentration, looking for points at which to make a deal will be most profitable for you. .