K.I.S.S- Keep it simple stupid: 5 Simple Forex Tips
1. Don't let your losses run; always place stop loses to cut them on time. Learn from your mistakes and let them guide you to better decision making in the future, from that profits will naturally follow. Try to set realistic profit goals and a realistic risk tolerance level for every trade. After doing that, you can set a stop- loss order at the price you want, but make sure not to set it too close to the market, otherwise it might take you out of the position too quickly and your profit may be compromised.
2. Never trade on an impulse, stay calculated and have a readymade plan you feel comfortable with. Traders that have a plan tend to succeed a lot more than traders who don't. Keep that in mind.
3. Don't get discouraged quickly! Remember that traders who stay in the market and persevere are the ones who will get to trade the major moves the market has to offer and thus make a lot more profits than others.
4. Remember that often times than not, you will be the minority. Learn to accept that because in Forex the winners tend to have a different view on things than the majority.
5. Timing is key in Forex; you have to make sure to enter at the right time, if you enter a few minutes later that might result in losing. In order to prevent that you have to both determine the market's direction and the entry point's timing.
Are you ready to start trading?
Now is your chance! Open an account here