Here are six Forex trading tips which will get you the most from your investments
Practice, Practice, Practice
Before you begin throwing money into your Forex account, trade on a demo account for at least 2 months. It is quite startling to know that 90% traders do not succeed when they begin the actual trading, and the main reason is lack of basic knowledge, discipline, and practice.
Learn from others, read as much as you can and then develop a plan to work. This will help you stay on track despite failures.
Sticking to the Plan
A plan isn’t 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 watch your trades for you, it’s virtually impossible to learn unless you know what is going on in the markets. Monitor trades closely, so as to right away react to changes in the market.
Close Losing Trades
Losing trades can happen to anyone and are good for gaining experience. However, you need to close such trades and move on. Also, do not indulge in “revenge trading”, which is usually going to be double the size of your loser trade. A hasty decision according to a strong emotion can often be a wrong call, and you is able to end up losing double.
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.