Here are 6 For-ex investing tricks which will get you the most out of your investments
Never start investing until you have practiced using a demo account and got some experience. At least practice for eight weeks. This provides you with a feel for things before you start using real money and will prevent a lot of early losses.
Have a Plan
Learn from others, read as much as you is able to and then develop a plan to work. This will help you stay on track despite failures.
Hang in There
A plan is not to be created just for entertainment. Planning involves spending lot of energy and time, and the created plan should be stuck to throughout your trading routine, even when there are downs and losses. Do not change from the plan on an impulse, or for accommodating a trade.
Watch over Your Trades
While there are a variety of tools available now to monitor your trades for you, it is virtually impossible to learn unless you know what is going on in the markets. Monitor trades closely, in order to immediately react to changes in the market.
Drop the Losing Trades
There will be times when you just end up with a dud, a losing trade. Instead of continuing on with it, get rid of it. Also, don’t indulge in “revenge trading”, which is usually going to be double the size of your loser trade. A hasty decision based on a strong emotion is often a wrong call, and you can end up losing double.
Focus on the Task
Follow your plan and make a point of learning from your mistakes. Do not let losses or bad times get you down, as these are great ways to learn.