subject: Four Super Forex Trading Tips to Make You Better [print this page] Four Super Forex Trading Tips to Make You Better
So you're thinking about starting up in the world of currency trading. That's great, but what can you do to ensure success? Are there tips and tricks that the pros know? Yes, there are actually. And today, I'm going to give you some great advice. I hope you follow it.
Knowledge
The first one is what you're doing now. You're reading. I recommend reading a lot. In addition, there are many books out there. Spend time learning before you jump into themarket. There's no rush.
Patience
Most new traders aren't patient. It kills them. I did the same thing. You're in trades, out of trades and so on. It sucks. It can get real depressing when you realize you missed out on a ton of pips because of being inpatient.
Again, take your time to learn. Don't rush. There's plenty of money to be made and it will be there when you're ready.
One Currency Pair
It's true that in Forex you can make a lot of money with a lot of different currency pairs. However, this is why so many traders fail. Unlike stocks, you don't need to trade more than one currency pair ever. That's right. You can make all your money from a single currency pair for the rest of your life if you want.
Don't be fooled by everyone talking about trading many currency pairs. They are usually inexperienced. All the pros agree. When you're brand new to Forex, you should focus on one currency pair only.
So pick something and learn it well. You'll be glad you did.
Have Enough Money
Another issue that hurts many newbies is not having enough money. If you open up a micro account with just a few bucks, you will get a lot of margin calls. And that means you get automatically exited from trades and thus lose money.
When you get margin calls, it doesn't matter if you're right or not because your trade is exited before you're even given a chance to earn money. It really sucks.
If you absolutely must open an account with little money, at least $100 is the bare minimum and with that you must be careful. Only trade 1 micro lot at a time to avoid margin calls on wild Forex swings, they happen.
