Hi, I’d like to provide you with 10 quite simple tips which are required to enjoy a long term trading success. I’m sure that if you understand them in the proper way and follow them then you’ll have a real chance to join this elite of Forex traders who make very big gains by trading in the foreign exchange market.
At first you should stay away from using trading robots. Of course you’ve already know that approximately 95% of traders lose their trading deposits. As follows from this it makes no sense to hope to make big money with a cheap trading robot. It’s clear that low efficient trading systems are very cheap. They will never be useful to you.
Secondly you should work smart but not hard. You should clearly realize that overdoing is worthless in this case. I think it will take you just a couple of few weeks to learn the basics of Forex trading. It’s clear that you won’t get paid for working harder in the foreign exchange market. As follows from this it makes no sense to do more than required.
Thirdly you need to have a proper understanding of such a fundamental thing as volatility. These days many guys really hope to succeed in scalping working 10 – 20 pip stops. It’s apparent that sooner or later they lose their trading deposits. It’s because they don’t have a proper understanding of volatility. You’d better pay attention to this detail if you want to succeed in this complicated financial business.
From my point of view low leverage is the optimal variant for any beginner. By the way brokers usually offer their clients 200:1 leverage. But you should refuse of this dangerous offer. It’s because only professionals can benefit from 200:1. You’d better stick to 10:1. In this case you won’t lose a lot. I’m sure that you’ll succeed in currency trading if you keep to these helpful recommendations.
Should you consider dealing with managed forex trading, it is wise to find out some details on this market. If you are properly armed with the knowledge in your sphere you can avoid many risks related to this business. So studying forex managed accounts and only then applying it in Forex trading would be an intelligent step.