subject: Forex trading – seven great tips [print this page] Forex trading seven great tips Forex trading seven great tips
Learn forex trading the correct way will make you a great trader. Below are seven tips I hope will help you on your journey to becoming a Forex master. Follow these tips every day and you will be on your way to mastering the art of Forex.
Number one -learn the skill. Learn the discipline. Find out exactly what forex is and how it works. Do the labour work. Get your head in the forex books and find a forex mentor or teacher. Know how it works, why it works and who is good at it and why. Become a Forex student. Read about it and obsess over it, until you know it like the back of your hand.
Number two -practise using a demo account. Practise with play money first, hey it's better than real money first. Get good on the demo account before you upgrade to a real account. Learn your lessons here. Why did that trade work? Why did that trade fail? Why patterns did I spot? If I did that trade again, what would I do differently? Always, always learning makes a great forex trader.
Number three -ready, steady go! Enter the forex market armed with your skill and practise. Start small and work your way up. Don't worry about mistakes, your still learning. Learning, eventually leads to earning. Too much fear and waiting until your perfect will keep you out of the market forever. The way to start making money is to begin trading. Remember start small and build your wealth. Slow and steady wins this race. You don't want to get wiped out due to foolishness or greed. Good luck!
Number four -research, research, research. You should always know everything about your trade you can before you enter into it. Is your trade based on logic, maths and reason or just a hunch or what somebody said yesterday in a news blog? Look at the charts, do your calculations. The charts are the gods in this business. Ask your forex friend or your forex mentor what he thinks about this trade.
Number five -be calm always. You are the trader, not the traded. You control everything, even your emotions. Don't let your emotions take you over and make foolish mistakes. Don't get greedy get out when your profit are ripe. Don't get angry it's just a learning experience. Don't get upset or down you'll bounce back. Don't think your great the market can knock you back any given moment. Clear your mind and relax and then trade. Remember to take breaks from forex trading too.
Number six-make a Forex plan. Decide how long you want to trade for and how much money you want to trade. Set realistic goals and targets. Plan when to study forex, plan when to trade forex, and plan when to have breaks from forex. Where do you expect to be in 30 days, six months, one year etc?
Number seven-set scary goals. When you get good, aim to get great. Challenge yourself to be better all the time. Get better month by month, year by year. Keep a record sheet or a profit and loss account on excel. Run forex trading like a business. If you want to learn more about how to run a successful forex business and for more great tips and help visit www.learnforex-trading.com/go1
