Top Forex Trading Tips - For Winners
If you've ever spent some time on a Forex site
, blog or forum, then you are sure to have come across any amount of outrageous claims about trading products. All varieties of trade products get hyped onto the market - trading robots, fool-proof systems, no-lose systems.. All promising massive profits and all boasting win percentages that make a mockery of what Forex is about.
In a nutshell and to be as polite as I can, the hype made about these trading systems are downright snake oil. I could probably go one further and call these outright scams, but I'll stick to the polite account for the time being.
The Forex trading market has been pretty decent to me for the past 5 years or so now and I've never used a trading robot or any other kind of automated system. Sure, in the SHORT TERM some of the robots out there today can make a few winning trades. In the long term though, using an automated technique is a sure fire way to go through your account pretty quick.
For the serious Forex traders out there, here are my Top 5 Forex trading Tips:
1. Leave the trading robots to Film makers:
Let's be truthful here. If you had created a "never-lose" robot that in fact worked, would you be touting it for 97 bucks a go? I wouldn't. If I had a robot that actually produced winning trades, I'd be talking to one of the big investment banks and for a lot more than a measly $97. Casino owners love players with never-fail systems". Well Forex market makers love traders with Robots. Trading robots are sold on the web by affiliate marketers. They make a commission for every robot they sell, so of course they are going to say good things about them.
2. Successful traders know the Basics:
Similar to almost everything in we do in life, Forex is a expertise that can be learned. No one was born a successful trader, but what sets the winning trades aside from the losers is the amount of time profitable traders put into learning the basics of the markets. Things like margins, spreads and leverage. Knowing these essentials will mean the differentiation between making a profit and losing money. Trading a demo Forex trading account is the best way to understand the basics and any dependable Forex trading broker will offer you a practice account for as long as it takes.
Take advantage of this chance. Trade your demo account in a variety of market circumstances. Get to grips the basics with your practice account, and only then should you move onto a real account. Trust me, your trading balance will be all the better off.
3. Money Management can Make or Break You:
Forex attracts "wannabes". Let's face it. How many guys have you stumbled across who imagine they're George Sorros just because they made a couple of winning trades. Weird how they never discuss their losers. It only takes one big loss to wipe out your winning trades, so developing your money management skills is one of the basic ingredients of your success as a Forex trader.
4. Don't Trade for the Sake of a Trade:
This is Your money we're talking about, so make profitable trades your motto - not volume. Forget setting yourself a certain number of trades to make. Pick the right time to trade the right market conditions. Trading forex trading is about making gains, and that lone unwise trade can wipe out all your profit at a stroke. However, on the other hand, one decent winner can make up for a whole load of losers.
Don't force trades and you'll soon start to bring home the bacon consistently.
5. Leave your Ego at the door:
In my trading career, one of the most recurrent mistakes I've seen people make is trading their Egos. You get into a trade, the markets start to move against you but your Ego says you're right so you hang about in the trade, switching a small loss into a major loser. Keep your Ego out of it, trade the right markets at the right time and live to fight another day by getting out of losing trades as early as viable. Let your profits run and keep your losses small.
by: David Bailey
Tips to Get a Mortgage Loan after Bankruptcy Tips on how to Boost Page Rank With Posting Submission Campaigns 4 Tips To Maintain Focus And Motivation Birth Chart, Horoscope Chart And Tips Of A Celebrity Astrologer 7 Diet Tips To Help You Lose Weight Safely And Effectively Tips for Saving Money with Web Hosting Tips On How To Find Personalized Holiday Gifts Tips On Remortgages And Mortgages Weight Loss Tips To Help You Achieve Your Ideal Weight Tips On How To Avoid The Keyloggers Tips On How To Improve Your Day Trading Techniques 5 Tips for Improving The Quality of Your Articles Tips On How To Make Your Hair Grow Faster And Prevent Further Hair Loss.