9 Forex Trading Tips

[Thaumatology]

@WalletInvestor I agree with your point. Having a good trading plan and a discipline to strictly follow it can increase the probability of winning the trade. A strong risk management strategy is also an important ingredient to the trading plan which reduces the risk factor and also removes the emotional barriers.

 

[Leonardo_fx]

Point number 8 is very important in my opinion. Emotions will not lead to an adequate assessment of the situation. And emotions are always present when trading in the forex market.

 

[WalletInvestor]

@WalletInvestor I agree with your point. Having a good trading plan and a discipline to strictly follow it can increase the probability of winning the trade. A strong risk management strategy is also an important ingredient to the trading plan which reduces the risk factor and also removes the emotional barriers.

Good point, risk management is very important to do for every trader. Minimizing losses is at least as important as maximizing gains. Sticking to your trading plan consistently also makes it easier to analyse your results and see if your strategy is working.

 

[GlenWest]

A new trader needs to learn to hold their excitement and focus on becoming well-versed with reality. It’s difficult and this is why success stories are far less than losing horror stories. Just like how you manage your monthly expenditure, you must manage your money and take calculated risks.

 

[peter9461]

nice post, i would like to add some tips onto those as well:

Be Realistic
It is very important advice that you should keep in mind. You have to be realistic about your trading expectations, and risks as well. Know your limits; how much you can afford losing and how much you can make according to your experience, knowledge, and goals. Many traders fail because they don't understand how important risk management is in forex trading. Avoid chasing different recommendations and forex signals without having an investment plan to assess your risks and your investment funds.

Choose a Reliable Broker
One of the most important forex trading tips in choosing the best forex broker since the broker is considered your trading partner. Make sure to choose a reliable broker which is trustworthy, offers tools that match your trading style and different trading options. Explore trading opportunities with the top forex broker with reliable trading conditions with the best forex broker.

Embrace your Mistakes
It is very common for beginner traders to make their mistakes, it happens anyway. But most importantly is to learn from your trading mistakes and learn to avoid repeating them in the future. The best traders are the ones who can turn their mistakes into profits.

 

[Wisecrack]

All the points you've mentioned are extremely useful for traders, but I really liked the 'Entry & Exit' point. I feel if the trader is able to identify the right entry and exit points, then the chances of having a profitable trade increase significantly.

 

[Bumblebee]

Emotions can push traders into making wrong decisions. You can't place a buy order because you 'feel' like the market will go bullish. You have to place trades based on your analysis and skills, not feelings. Many traders fail because of uncontrolled emotions. Traders should have stringent trading rules to avoid getting distracted.

 

[timothydanie]

Emotions can push traders into making wrong decisions. You can't place a buy order because you 'feel' like the market will go bullish. You have to place trades based on your analysis and skills, not feelings. Many traders fail because of uncontrolled emotions. Traders should have stringent trading rules to avoid getting distracted.

I totally agree. Having balanced emotions are really very important in trading. Even anger and being egoistic are negative emotions for trading, leading a trader to take bigger risks and often ending up blowing the entire account.

 

[schmutz]

Emotions can push traders into making wrong decisions. You can't place a buy order because you 'feel' like the market will go bullish. You have to place trades based on your analysis and skills, not feelings. Many traders fail because of uncontrolled emotions. Traders should have stringent trading rules to avoid getting distracted.

True! Traders should do trading based on facts, not on emotions and intuition.

 

[Spartan]

These are extremely useful tips. Good job! It seems like you’re someone who has been trading for a really long time!

 

[Polakandil]

Emotions can push traders into making wrong decisions. You can't place a buy order because you 'feel' like the market will go bullish. You have to place trades based on your analysis and skills, not feelings. Many traders fail because of uncontrolled emotions. Traders should have stringent trading rules to avoid getting distracted.

This is important to build good habits of controlling emotions during trading, although this is human nature, traders can control their emotions with rational minds, forex trading is far different from traditional business, this is about quality trading and not based on quantity.

 

[Blockhead]

The most important tip out of all these is to stick to your plan. No matter how much you are planning to put at risk or which strategy you will be using, you must plan ahead and never let any distractions change your plan. Being prepared helps you manage risks and losses.

 

[Hippomobile]

This is a very beneficial post for all traders. Along with these tips, everyone should prefer to practise with patience to achieve their goals.

 

[Finicky]

This was helpful, thank you! Especially the part where you insisted on focussing on facts and not emotions. Traders should remind themselves of this very often so they can act logicvally most of the time and take informed decisions.

 

[Astrogony]

In my entire trading career, I learnt that a good trader is not someone who makes the most profits but someone who makes the least losses. When trying not to lose your money, you tend to make better profits as you will have a risk management strategy and stick to your risk appetite.

 

[Sukhaman Dhonsi]

There are some excellent suggestions to keep in mind. A trader must also be able to regulate his emotions in addition to all of this. Their choices should be founded on careful calculations and market research. It is impossible for a trader to fulfill their trading objectives if they have no understanding of what is going on in the market or what their next move should be. It is conceivable.

 

[skrimon]

We gate some Important tips here. Thanks for Sharing forex trading tips.

 

[Absterge]

It is very important to know the appropriate entry and exit points to make a profitable trade. Entry and exit or risk management are just tip of the iceberg yet very crucial for a new trader's knowledge.

 

[Statoscope]

Best post with all important information. In addition to these points, every trader should avoid all fake social media tips-tricks and maintain a journal.

 

[Outflow]

Tips that beginners can follow to achieve success in forex trading:

1. Knowledge is everything. Keep continuing to upgrade yourself.
2. Practice as much as you can.
3. Keep an eye on how successful traders are doing.
4. Make notes and keep track of your progress.
5. Prepare a strategy for trading.
6. Learn from your mistakes.
7. Polish your skills.
8. Communicate with like-minded people.
9. Never hesitate to ask for help.