What are The Best Forex Trading Tips

The Best Forex Trading Tips – Especially for beginning traders it’s very important to really understant that trading is about patience and following rules, instead of dreaming about the millions you want to make in a short period of time (after all, trading is not a get rich quick method).

Trading is more art than science. Just as in artistic endeavors, there is talent involved, but talent will only take you so far. The best traders hone their skills through practice and discipline. They perform self analysis to see what drives their trades and learn how to keep fear and greed out of the equation.


The Best Forex Trading Tips

There are a few core principles to understand as a trader that will help you survive the first few months:

  • Pick one forex trading system and follow it religiosuly – Do not change from system to system after a few losing trades. The phenonemon is called ‘riding the learning curve’ and it is deadly for traders. No system exists that makes you money all the time.
  • Manage your risk – without proper risk management all you’re doing is gambling and we all know how that ends.
  • Do not go against the market – it’s a lot bigger than you and it can remain ”irrational” and “wrong” a lot longer than you can remain solvent.
  • Make sure you pick a good and reliable broker – This should be obvious, but it is amazing how many people would invest their money with brokers who are not regulated or who are borderline bucket shops. Research the broker you choose very well, because you may not see your money again if you choose the wrong one.
  • Do not rush into trading – take the time to learn it, practice on a demo account and get very well acquainted with technical analysis. This will pay off later on down the road. Education is paramount to Forex success.
  • Keep your emotions in check – It’s important you do not give into fear, greed and overconfidence, as these will cost you your capital.
  • Always remember that the money you invest is at risk of some, or total loss. Never invest money you are not prepared to lose.
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Especially for beginning traders, the best forex trading strategy is to trade on higher timeframe of H4.  When you trade on H4 timeframe you have ample of time to do your analysis and make the decisions. On the lower timeframes of M5 and M15, the market moves very fast and you need to a lot experience to tackle the fast moving market.

BUT….No one can predict the future.

There is NO best forex trading strategy. The best for you is one that fits for you. You must find something you fully understand and feel comfortable with.

Ignore what works for others and find something that works for you. Finding a profitable method is not that hard.

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