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painofhell
  • Posts: 1381
  • Joined: 25/09/2016
In general, people are interested in learning and becoming profitable traders. However, all beginners should think about recognizing the basics before actually getting started.

Indeed, new traders tend to appreciate these tips imagining that it provides a guarantee of definite and permanent success. That's why they want more to know how to set up their tables so they can hurry and make money.
But if we all would like to trade well, one of the relevant question would be:
What are the essential tips to ensure our success in trading?

To succeed in trading, you have to recognize that there is a set of rules to apply. These rules are so useful that we can be certain that they serve to guide all traders (whether experienced or not). This is reciprocal for any amount of investment. Each tip might be important, but when used properly, the effects are effective. Trading with these rules can significantly increase the chances of succeeding in the markets.

Therefore, in this article I want to present some tips that will guide you to the path of success.



Tip 1: Always use a trading plan.


A trading plan is a set of rules that specifies the entry and exit criteria of currency change. A plan is built to manage money in a trading account. Using a plan allows traders to trade better.With today's technology in demo accounts, it's easy to test a business idea before risking real money. It's good to try your plan.The test and application of business ideas through historical data, allow traders to determine if a trading plan is viable. It also shows how logic might be your plan.Once a plan has been developed and the test is performing well, the plan can then be used in a real account.And here, the key to success is to respect the plan.Opening currencies and trading out of your plan, even if they turn out to be wins, should be considered a risk, and destroy any expectation that the plan might have had.Let's follow our plan to succeed!


Tip 2: Treat trading like a standard business.


To be successful, you have to approach trading as a full-time or part-time business, and not as a hobby without following well-defined rules. And if you explain objectively, trading can be a frustrating job because there is no regular salary.Operating in trading is a business and it involves expenses, losses, taxes, uncertainty, stress and risks. As a trader, you are mainly an entrepreneur of your personal business, you must do your research and develop strategies to maximize the potential of your business.Also, it will be important to respect its time, and organize your workspace while following your plan as if it were your compass.


Tip 3: Use technology of platforms for your profits.

Trading is an intellectual activity. It can be assumed that the trader who focuses on mastering this science can take full advantage of the technology. Trading platforms have charts, maps, instruments, other tools with parameters and still indicators. The set allows traders to have an infinite variety of methods to visualize and analyze markets. These things help us get market updates and allow us to monitor currencies and assets anywhere.Thus, in a pragmatic sense, the use of platform technology can greatly improve the trader's performance. Use technology to your advantage and stay up to date with the technological advances available from a trusted broker. Dukascopy would be one of the best examples. This company offers its traders one of the best platform with various features that can contribute to the trader's advantage.


Tip 4: Protect your trading capital

Managing reasonably your money to finance a trading account can take a lot of time and effort.However, it is important to know that the protection of your trading capital is synonym of good management. All traders (whether expert or novice) have had losses. In general, this is part of trading. That's why we should not take unnecessary risks and let’s do everything we can to preserve our money.


Tip 5: Constantly study the market

Take Continuing Education - Traders need to focus on daily learning.Even if there is prior knowledge, it is important to learn about currency changes and observe their subtleties constantly. Concentration and observation allow traders to acquire instinct and learn nuances; this helps traders understand how these economic news affect the trading market.


Tip 6: Know the right time to trade

The two reasons why there are good times and bad times to trade in the forex or binary option are: 1. The first one is due to a distrustful trading plan. 2. The second is explained by weaknesses and bad methods of tradersThere are bigger losses because of the non-respect of the fundamental rules and the inefficiency of some traders. We must protect ourselves against the volatility of the markets because events remain different and are announced almost daily. We must therefore ensure that we are in a good time to trade better. Carefulness and attention are among the moral characteristics that a trader should have. So be careful! Similarly, it can be said that an imprudent trader is one who does not get informed about the currency pairs, stocks and other actors in the economy.Finally, external stressors, bad habits and the lack of physical activity can all contribute to this problem. A trader who is not in the best conditions for trading should think of taking a break to deal with personal problems, whether health or anything else that prevents the trader from being effective.

Tip 7: Practice trading with impartiality

Stay focused on the real Trading’s image. A loss should not surprise. This is a factor that is part of trading.Similarly, a win is one step on the way to success and profitability. It’s just the accumulated profits that make the difference.A trader must accept wins and losses in his business so that the emotions have less effect on his performance. This does not mean that we cannot be enthusiastic about a successful trade, but we must keep in mind that a trade in perdition is not inevitable.Setting realistic goals is essential for a reasonable practice in trading. That's why we should not expect to make huge returns with a small investment. A 10% return on a $ 100 account is very different from a 10% return on a $ 1,000 account. Let's work with what we have, and stay reasonable.

To sum up, it is good to understand each of these trading tips. You need to know how they work and how it can help traders succeed. Trading may seem difficult, but traders who have discipline and patience to follow these rules can increase their chances of success in this profitable area. With discipline, let's trade to receive profits!!!

After all, here is my quote for every traders:

Trading is like a game, but please create a perfect plan to succeed!
Open Account: Real / Demo
www.instaforex.com 
JacobE
  • Posts: 1
  • Joined: 01/05/2018
Wow 👏 ... These tips are really very helpful for me while trading. Also money management is very important to recovery loss.
Thanks for sharing
Necy Merritt
  • Posts: 20
  • Joined: 10/07/2017
Undoubtedly, new traders have a tendency to value these tips envisioning that it gives an assurance of unmistakable and lasting achievement. That is the reason they need more to know how to set up their tables so they can rush and profit. FreshForex giving beginner trader Tradable Bonus 101%" gives a genuine opportunity to begin Forex trading with low venture and twofold return! Reward from FreshForex encourages you to support your trading volume and subsequently, the benefit you procure.
Mesusah
  • Posts: 3
  • Joined: 11/06/2019
Very good tips, thanks for sharing!
Jamie Hoang
  • Posts: 3
  • Joined: 26/11/2019
If you want to succeed in forex trading you need to get complete knowledge about forex. Without any knowledge about forex you can not make profit. You can learn about forex from different sources. One of them is demo account. Demo account helps you to know all about forex market. It also helps you to learn about trading. It is completely risk free because there is no need to invest any money. This is only for learning forex. When I started my trading career,I also opened a demo account of TP Global FX. It helps me to learn about forex and helped me to know how to trade and how to make profit consistently. I am still trading with their live account.
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
Mainly all tips are covered in the information mentioned above this forum, all you need is to have confidence in yourself while trading and should not have fear to lose money.
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
Quite nice tips you got there, it would be very much helpful for the Forex Traders to learn to trade and survive in the Forex Market.
Nathan
  • Posts: 16
  • Joined: 04/01/2022
No trader can achieve profit in specific manner. I am saying so in the sense that: no foreign currency exchange trader can expect to enjoy a reliable trading voyage only with random trading and exchanging of diverse currencies. Starting from choice of currency pairs to selection of trading approaches all should be based on the best use of trading services available to a trader. in all conditions a trader requires to make practical decisions here.
Nathan
  • Posts: 16
  • Joined: 04/01/2022
Personally, I think that all of the above should be done on a demo account and only in bulk to switch to a real account. The work is long and difficult, but success will not be long in coming.
Nathan
  • Posts: 16
  • Joined: 04/01/2022
What is currency trading? What are the infrastructural remunerations of forex market if a trader wants to start career here? etc. all basic questions may arise in the mind of any novice trader. Earlier than a forex trader can start or initiate his trading movement in this financial field he can make a decision of practicing with demo trading account which will facilitate him proper acquaintance with the forex market.
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
Forex trading is not more difficult than trading in other markets, but the forex market does present its own particular conditions, behaviour and risks that beginners should be aware of before they start.
Prince Sajir
  • Posts: 44
  • Joined: 25/01/2022
WOW, your tips are amazing but I am figuring out some tips that can help. If you want successful trading, then you can try some of these techniques. I hope, this will work great for you. So, let's start with--

  • Start small


A common mistake made by a lot of novice traders is to dive straight in, but you shouldn’t enter a trade until it’s been well thought out. When you do, start small – $1 a point at the very most, and slowly but surely build your confidence. The amount is small, but the experience you gain is huge. So, it will really be beneficial for you I think.

  • Define your objectives


One of the most important rules is to trade with the trend: if you go with the trend you can earn profit with the trade. But you have to define your objective to make an impact on it.

  • Keep it simple


It can be a sensible idea not to overcomplicate your analysis with a variety of technical trading indicators​​, as this can sometimes give contradictory signals, which could lead to cluttered thinking. The basic key questions you should ask yourself are: a) is there a trend? (yes/no); b) if there’s a sideways trend – do nothing, with an upwards trend – look to buy, and with a downward trend – look to sell; d) look for support and resistance areas and then decide whether to place a trade.

  • Manage your money


money management is the most important thing in trading. Most traders lose at the start while they are losing continuesly. I think this is the most major part of every beginner and even expert also. Managing money will help you to make successful trade with less loss.
Discover one of the leading Forex trading platform- AssetsFX ! 
queenaurora
  • Posts: 206
  • Joined: 23/01/2021
Greed is not very well applied to forex trading. Many unscrupulous brokers take advantage of the condition of traders with a get-rich-quick mindset with illegal investment programs, so you have to be careful because it will harm traders, for example, Forexmetal.
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
The steps above will guide you through a structured approach to trading and help you become a more sophisticated trader. Trading is an art and the only way to become more and more proficient is through consistent and disciplined practice.
Prince Sajir
  • Posts: 44
  • Joined: 25/01/2022
Well, in my forex trading journey, I learn these 10 things which I want to share:


Rule 1: Make a proper trading plan
Rule 2: Strive to gain knowledge
Rule 3: Know your trading capital
Rule 4: Maintain discipline
Rule 5: Never be greedy
Rule 6: Don’t compound the losses
Rule 7: Price target
Rule 8: Be realistic
Rule 9: Take help of technology
Rule 10: Enjoy the game
Discover one of the leading Forex trading platform- AssetsFX ! 
Elena Watt
  • Posts: 136
  • Joined: 23/04/2020
Developing a trading plan is a critical component of successful trading. It should include your profit goals, risk tolerance, methodology and evaluation criteria. Once you have a plan, make sure every trade you consider is within your plan parameters. Remember: you can be the most rational before you trade, and the least rational after you trade.
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