Free forex trading tips
- Never Trade on a Fundamental News day unless you understand the effect that the news will have on the currency pair you trade
- Research, Research, Research what, how and when the Fundamental News event
- Be prepared to Not Trade as much as To Trade!
- Never risk anymore than 3% of your capital, if your bank or broker has your leverage too high then change the account to one where you can trade at these levels – remember the object is to
live to trade another day if a trade goes against you!
- Define the Trend
- Define the Exhaustion point of that Trend
- Define the point of Entry
- Define the point of Exit
- Never panic
- Never become emotional
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Here are the 10 mistakes traders make:
- Mistake #1: Trading without education or training.
- Mistake #2: Allowing emotions to influence your trading decisions.
- Mistake #3: Failing to realize that trading has little to do with luck.
- Mistake #4: Thinking that losing is bad when trading.
- Mistake #5: Neglecting to recognize that learning to trade is an unending process.
- Mistake #6: Trading without checking the daily news
- Mistake #7: Trading with the wrong attitude
- Mistake #8: Trading on Friday or the end of the month
- Mistake #9: Trading in choppy markets
- Mistake #10: Not respecting the Forex market and gambling
When it comes to trading, the most important thing to keep in mind is self-discipline. This is crucial as both profits and losses can be enormous in this market. More than three trillion dollars exchanges
hands in this market daily. It is possible to profit from this exchange of currencies, if you are able to control three critical emotions that frequently tend to lead to clouded judgment and often result in
lost profits. Those emotions are, “Greed” “Fear” and “Hope”. Given a proper investment strategy, the Forex market makes it possible to earn a tidy profit. With that said, greed always comes into play
in any human effort and this is no less true when it comes to investing. Greed results in one of the oldest problems in investing over trading. Whenever a trader engages in over trading, there is
tremendous potential to risk far too much, hold a good position for too long or enter the market too late and find oneself in a losing position. Greed can also quickly cloud one’s judgment; perhaps
faster than anything else. Homework and self-discipline; however, can help you to keep both your focus as well as your profits.
BETTER TO BE SAFE THAN SORRY
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