From the broker’s decision to create a marketing plan using the various tools available, I present the 10 best tips and tricks for trading on board. Professional commercial techniques can be found in this article.
1. Choose Your Broker Carefully
2. Establish A Trading Plan
3. Strictly Adhere To Your Established Trading Plan
4. Apply The Rules Of Money Management
5. Avoid Scattering
6. Be Careful With Leverage
7. Trust Your Judgment
8. Trade With Money You Do Not Need Immediately
9. Spend Time Learning
1. Choose Your Broker Carefully:
In particular, it is particularly important to choose a quality institution. Check the reputation and the importance of potential future brokers and the bank or institution to which they belong. You can help by checking the list of accredited investment companies or a list of authorized intermediaries in the investment adviser category. A good broker, such as Vantagefx, offers personalized tools: transaction platforms, technical analysis tools, customer service, training, etc. For more information, click here. Tariffs should also be taken into account when choosing a broker. Compare the transaction costs offered by different brokers and possibly the size of the distribution, i.e. the difference between the purchase price and the sale price if the broker is also returned.
2. Establish A Trading Plan:
With a trading plan, you can know how to deal with every situation because you mentioned earlier. There is nothing worse than the moment of setting the heat. Does the entrepreneur have an idea of starting a business without first starting a business plan? Your trading plan must also be able to set goals. Beginners must set one goal: not to lose. When you are there, try to observe a small target. If you can achieve this, you can try to get better results. Good luck is regular.
3. Strictly Adhere To Your Established Trading Plan:
Be dishonest! Just because you hear a new indicator of a miracle does not mean you have to change your plan. Often you will hear about new martingals that you can win without losing. Respect your plan and forget about your dream sellers!
4. Apply The Rules Of Money Management:
Some beginners are not shocked when they spend 15 or 20% of their capital on an unstable offer. The basic rule of managing money is simple. You should never use more than 1% or 2% of your transaction account. Many investors still have a fixed amount. This is a big mistake. You must specify the sales volume by the market and your capital, not yours.
5. Avoid Scattering:
Diversification is a good thing if you are an investor, but a budding entrepreneur is interested in implementing one strategy with a very limited investor community: I do not want to sell any securities or currency pairs. Do not try to change the world of trade. It is better to use the old-fashioned method that has been used over the last few decades, instead of looking for a new system that would save much more. We produce the best jam in old pots.
6. Be Careful With Leverage:
A lever is actually a bi-directional tool: you’ll always be willing to take large positions to make a lot of money, but will you be careful when you use the lever? Not always When in a position, they often think only about money. For example, do not forget that if you manage to win $ 8,000 in the Forex market, it’s as fast as smoking can happen. To avoid mistakes, beginners should never exceed leverage 2 or 3, and an experienced trader should limit himself to. 5. Try to take a small position and double it if you make the right trend. Know how to reduce losses. Before you win, you will not lose your happiness. It is important to always protect your capital against losses. the rider must use a helmet to protect his life; You must also use the stop loss function to protect your money. Never accept items without a stop-loss order, even if you are on a computer to check prices. Stop claiming before confirming the order. A simple error generates lost items without deleting them. If the situation is wide, losses do not exist; Your loss should be minimal. That is why it is better to take a lossy position. The earlier, the better, the greater the loss, the harder it will be to finish the transaction.
7. Trust Your Judgment:
Many investors have no market analysis and no opinion. They are satisfied with the reports and analyzes published by professionals. Is this the right way to learn in the Forex market? No, of course. If you follow the advice of others, you will become vulnerable because you can not detect errors. Trust your arguments. Do not hurt emotions, but do not underestimate them. The ability to deal with emotions is one of the keys to success for a business partner.
8. Trade With Money You Do Not Need Immediately:
If possible, you must trade with money you do not have to live with. On the one hand, because it does not take into account that you can lose it, and because of the money you have to survive, you will not be able to behave properly. Your emotions take your rational thinking.
9. Spend Time Learning:
Forex, the right profession and all transactions in the world, you must first find out: it’s not enough to open a Forex account and read the daily analysis. They must learn from a large number of specialist books and learn, but also learn from trading. This is a key step for those who want to trade in the Forex market, and ultimately want to start working in the simulation. After all, motivation is important, and if you start to work badly (you want to be very rich, be famous, work at home), you will soon be disappointed. Then you take more risk for your evil goals. Like many other activities, you must learn to act as a passion. You can trade in a foreign currency if you are watching and using the advice on this message.