From this article i am going to share with you 5 important golden tips to get success in currency trading. If you are a beginner in forex trading industry then, it will help you a lot, to get success in forex trading. And i assure you that if you will follow this all 5 tips, then you will get sure success in forex trading.
Forex Trading Tips
No 1) :- Always Follow proper Money Management
In forex trading there are so many risk. Majority of people lost their hard earn money in this market. Because they did not had enough knowledge about this market. The first golden rules is always open trade according to your equity. This is a leverage trading platform. If you do not follow proper money management rules, then, you can loose your all money in market volatility. So, always i am suggesting that “don’t trade like a Gambler, Trade like a Smart trader”. Now, the question is how to follow proper money management for forex trading? Here i am guiding you through below image.
No 2) :- Use Pending Orders every time
To trade in forex market we have to choose a trading terminal. Like Metatrader4 (MT4), Metatrader5 (MT5), Ctrader, web Terminal etc. In every trading terminal there are some pending order options. Stop loss, Take profit, Buy limit, Sell limit, Buy stop and Sell stop are generally called pending orders. Currency market is very volatile and it’s impossible to keep your eye on the laptop or mobile screen every time. This is the reason why it’s necessary to set pending order with every trades. If market will go against you and no pending order was set, market can eat your all equity. If, market will go with you and take profit was set, then you can book your profit without touching with laptop or mobile, Different pending orders have different functions. From here you can learn about all pending order.
No 3):- Try to Control your emotion while Trading
To achieve success in forex trading it is very important to control emotion during trading. Mainly when a person newly start trading he gets very excited and over confident. When he earned profit from a trade, he feel very happy. But, if any trade position go against him and floating trades running in negative, then he forget all his trading rules and strategy, just for his extreme emotion. Again and again he will open unnecessary trades. At the end, he will waste his all money in forex market. To control emotion while trading is the most important and toughest job.
No 4):- Set a profit Target
Always set a weekly or monthly profit target. When you will achieve your weekly or monthly profit, after that not open any trade. Your first aim must be to save your capital or equity. Don’t open your trading terminal every time in a day. Just analyze the market, open position, set stop loss and take profit and just be relax. Just follow one rule, entry at right time and exit at right time from the market. If not finding any entry zone then don’t open any trade.
No 5):- Don’t believe any Indicators or Signal group Blindly
There are many paid signal groups and indicators in the market. They always give you assurance that their signal group or their so called premium indicator can give you 80-90% accuracy or profit. Don’t believe them blindly. Maximum of them are liars. You don’t need to purchase any indicators. Always remember, your brain is the biggest indicator. Use your brain, use your trading skills. Although if you want, then you have already many indicators in your trading terminal, and all are absolutely free. So, don’t waste your money in such things. At first focus on learning and educate yourself. Then think about learning. You can join our signal group absolutely free. Click here to know all details about our signal group.
Disclaimer : The all above forex trading tips or points are based on my personal research and experience. This article is only for educational purposes. Think before you invest real money. We will be not responsible for any types of your profit or losses.