Your success in the marketplace depends solely on your experience and emotional stability, but we hope that the following councils will make your journey to professionalism less tortuous.
First of all, it is necessary to acquire fundamental knowledge of financial markets and technical analysis, to understand which laws are developing the market for the currency and how to earn it. The trader must be able to analyse and predict the market situation and be psychologically prepared for trade.
It's pointless to try to acquire the skills you need, selling them on real accounts right away. As long as you try to learn the basics, your capital is melted by incompetent treatment. In order to develop strategies and obtain the necessary knowledge, there are training demos, which may take more than one month to train. It is not possible to up "saddle" the market.
Explore the broker's trading platform and all of its technical capabilities. This will save you a lot of time and money in the future.
READ carefully the documents that regulate your relationship with your broker and clarify any inaccurate points. You have the right to have complete information about your cooperation and exchange market.
As a starting pad, you can use the Micro Forex-Assess your capabilities and grow with minimal investments.
Do not pass the level of psychological comfort — reduce the amount of money you operate when you are away from your own and confident during your trade.
The money is not gambling. Adventurers in the foreign exchange market are not long delayed. If you want the work on the forex to be a constant and steady income, never go to the Bank of the principle "or pan or disappear." Don't put the money you can't afford to lose.
Certain losses are part of the job in the market, accept it as a set. Draw conclusions and try to treat this philosophically.
Don't try to open a lot of deals-you won't be able to follow them. Trade in several markets will not be successful at once, as they are governed by different independent factors.
Limit their risks, even if this leads to limited profits. Your task at the beginning is to learn how to not lose your capital.
You must have a cash reserve to use in non-standard situations. Analysts have advised that no more than 50% of the total capital should be invested in trade. However, no more than 10% of the available funds should be invested in one transaction. Think about how much of that money you're willing to lose if you fail? Set the risk tolerance rate to a maximum of 5% preferably.
Incorrect asset management is the main cause of loss. Stop lamps are used to prevent your loss, so learn how to use them and find their optimum location.
Build your own strategy and do not rush to change it by following someone else's mind. You can make one deal a year and be more successful than those who sell within a day. The universal Supersistemy does not exist, and you are responsible for your own capital alone. By forming your own view, don't go back to others, and then you may regret listening to the councils.
A profitable deal can become a loss. If the situation moves to your side, follow the open positions closely, move the stop signals to protect your income.
Remember that trend is your friend. Some investors invest when the trend moves to the opposite direction in the hope that they later get a profit. However, for a starting trader, such a strategy is extremely dangerous!
If the situation is not in your scenario, close the positions. You must understand what is going on in the market, for acting blindly is unreasonable. Don't waste your time on a losing trade or try to get your money back immediately-save your energy.
The Trade diary helps you develop your analysis skills. Record why you made a decision, what the consequences it had, what conclusions you had taken.