Question by mustafa76pk: what are Top 10 Tips for Forex Trading?
Best answer:
Answer by ForexFoxy
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Know better? Leave your own answer in the comments!
2 Responses
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Jim Says:
1) don’t be emotional
2) learn trading on forex with demo accounts first or with brokers that give you bonus to start trading with (you can find one that gives you 5$ to open an account for free here: http://www.brokers4forex.com/preferred-forex-brokers/marketiva-trade-forex-with-5-free.html )
3) forex trading is risky, do not invest more than what you are afforded to lose
4) do not use high leverage
5) stick with your strategy, do not use robots, automated trading
6) when you open a position, write down why you opened it (the reasons)
7) when the reason why you opened is gone, you have to close your position
do not take little gains and leave losses running, they can become huge…
9) set stop losses and target prices
10) do not trade newsYou can find two nice brokers to start with at http://www.brokers4forex.com/preferred-forex-brokers
The site will have soon reviews, forex material, forex courses and other relevant resources -
trader Says:
9 tips: http://welearnforex.com/9-forex-tips-that-will-make-you-profits/
10 mistakes to avoid: http://welearnforex.com/10-most-common-forex-beginner-mistakes/
Hope it helps
