Tips for Beginners on Forex

We hope that the following tips will make your way to professionalism, at forex, less thorny.

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.

1. Explore the Basics

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.

2. Learn from Demos

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.

3. Review the Trader Tools

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.

4. Examine your rights and responsibilities

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.

5. Always start small

As a starting pad, you can use the Micro Forex-Assess your capabilities and grow with minimal investments.

6. Keep Quiet

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.

7. Don't play with fire.

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.

8. Learn to take a loss

Certain losses are part of the job in the market, accept it as a set. Draw conclusions and try to treat this philosophically.

9. Trade within established limits

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.

10. Save, not try to multiply

Limit their risks, even if this leads to limited profits. Your task at the beginning is to learn how to not lose your capital.

11. Consider potential risks

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.

12. Remember to use Stop Loss

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.

13. Do not

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.

14. Control the course of events

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.

15. Don't play against the market

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!

16. Not sure-step aside

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.

17. Keep the journal of Commerce

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.

!!! trade and earn it !!!