The Basics of Forex – What’s Important at Forex Trading?

Few basic tips for getting richer in forex market.

* You should be able to make a perfect balance of type of return you want and your investments, how much money you can invest and how much time you can wait.

* Applying good money management techniques is extremely important. Your money management strategy should never risk more than 2% of your account per trade. Your account won’t blow if one trade goes wrong.

* Don’t get panic if something goes wrong and don’t let your emotions take over your good business sense.

* Open an excel sheet and do some simple calculations. Put less amount of money initially. Slowly increase your investment range as your account grows.

* Never get too much of greedy. Try to maintain a good risk/reward ratio.

* Start slowly and conservatively grow your account over time. Slowly try to make your risk/reward ratio bigger and bigger.

* In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to the other countries’ economies.

* So try to make your decision based on political factors like Recession, depression, war, political turmoil etc.

* Initially almost every trader faces failures; you have to gain enough experience and knowledge to successfully enter the coveted 5% realm with the other successful traders.

* If you have a large account balance and trade a conservative lot size, then you can be sure a good percentage of the time that your trade will eventually bounce back, especially if it’s in line with the H4 or Daily trend.

* Try to trade the trend, using the LRC and some very accurate indicators and have a particular knack at finding reversal points.

* Finally remember slow and study wins the race.

* Forex robots are always welcome, as they assist you to earn pips you couldn’t earn without using a robot.

Published by David Baum

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