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- Remember that forex trends can continue for a long time, even if fundamentals start to change.
- A good broker will always oer a variety of Deposit & Withdrawal methods, including localized solutions.
- Complex trading strategies cause confusion and frustration. You will make less mistakes if you stick to a simple one.
- Forex trading isn’t a get rich scheme. If someone promises you huge profits overnight, turn around and walk away.
- Volatility increases as markets overlap. 8AM GMT and 15PM GMT are the busiest periods to trade.
- The timeframe you use determines how long to hold a trade. If you use an hourly chart you must hold for at least an hour.
- When volatility sinks below its average, an explosive move is not far away. Watch out for the turns.
- If you want to make money in the markets you need to face your fears and you need to pull the trigger.
- If emotions get in the way of your trading, try back-testing a system to improve your confidence.
- Trading in the zone requires nothing but the three P’s: preparation, practice and perseverance.
- You should trade small enough so that you won’t go broke but large enough to make it worthwhile.
- Beware of EAs and black box systems that claim to beat the markets. They won’t continue to win forever.
- Don’t go full time until you can consistently pay yourself a wage and you have 3 months wages saved up.
- The market has no personality and doesn’t need to change, the way you approach the market needs to change.
- Beware of anyone who tries tosell you a system. If the system was that good they wouldn’t be selling it.
- Don’t chase unrealistic returns. 1% a day is unsustainable on so many levels. 1% a month is more realistic.
- Whether your goal is to make a living wage, start a fund or get hired, the important thing is to have one.
- Forex markets only trend 40% of the time so you must have a strategy for whatever the market is doing.
- Always know when central bankers are meeting and what traders are expecting them to announce.
- Demo trading is useful but it doesn’t prepare you for live trading. Emotions become stretched when money is on the line.
- If you’re not in the zone, trading can be torturous. If you have balance in your life, trading becomes fun again.
- Before you get into a trade, know where you want to get out. Have a stop in your mind or a stop in the market.
- If you hear yourself wishing or hoping a trade goes your way, it’s time to get out and rethink your strategy.
- If you’ve been trading forex and you haven’t learnt good money management, it’s time to go back to the start.
- Forex trading should be treated with the upmost professionalism.
- The key to successful trading is defense, defense, defense. And when you’re in position, the occasional offense.
- Trading requires consistency and discipline. Don’t forget the numbers until you’ve learnt those two things.
- Pivot points are important levels watched by forex traders all over the world. They should always be considered.
- Moving averages can be used in a variety of ways, such as smoothing volume or other technical indicators.
- Simple indicators can work just as well as complicated ones so conquer those first before you move on.
- RSI above 70 signals the market is overbought, below 30 the market is oversold. Learn to trade the extremes.
- Don’t dwell on the past. Forget about your losses and missed opportunities and look forward to your next trade.
