5 Forex Trading Tips You Should Know
This article will give you some fresh Forex trading tips. You are going to get 5 tips that may help you achieve success as a trader in 2019. If you are a new trader, this field can be a bit overwhelming for you. After all, not knowing the rules can’t help you succeed. The good news is that our tips are aimed at beginners. So, if you are just getting started, do check out the tis given below.
1. Go With a Wise Broker
First off, make sure you work with the right broker. An easy way is to read reviews and consider the recommendations given by others. Also, make sure you go with a professional who suits your personality and is trustworthy. Keep in mind that there are many fake pros out there. Ideally, you may want to choose a licensed broker.
2. Put together Your Own Strategy
No matter how many Forex trading tips you have, if you don’t have a solid strategy, you can’t reach anywhere. In fact, not creating a strategy is one of the most common mistakes that most beginners make.
What you need to do is decide on your goals. Having a clear goal to achieve will help you throughout your journey.
3. Learn Step-by-Step
Just like other fields, trading requires that you start step-by-step until you get the know-how of this business. What you need to do is put in small amounts and see how it goes. Investing a huge sum, in the beginning, is a bad idea.
4. Control Your Emotions
Make sure you don’t get carried away by your emotions. At times, it can be really hard, especially after you have suffered a loss. However, if you keep your emotions under control, you can make the right choices.
Getting emotional will increase your risk of making wrong decisions. So, we suggest that you learn to manage your emotions.
5. Don’t let Stress Take Over You
Just like emotions, stress can create difficulties for you. In other words, if you are under a lot of stress, you may end up making irrational decisions, which may cost a great deal of money. So, we suggest that you identify what causes you stress. Once the sources are identified, make sure you try to eliminate them.
When you are under stress, take a deep breath and pay attention to something else. With the passage of time, you will learn the art of controlling your stress. Listen to your mind and find out what can work the best for you.
Long story short, you may not want to let this trading scare the hell out of you. You don’t want to give up no matter what. You may want to keep in mind that success in the field of Forex trading depends upon how prepared and determined you are. So, you have to learn to be disciplined if you want to gain success. Hopefully, these tips will help you get ready and get the best results.
Forex trading strategy for beginner forex traders shall be different from amateur forex traders! In general, there are 2 types of forex traders: the fundamental traders and the technical traders. Fundamental FX traders monitor the news and updates about economics and currency market very closely because their reaction against the market sentimental is their winning factors. However, how would a new beginner forex trader know what is good news or what is bad?!
The second group is called technical traders. Technical forex traders will not look at the news to decide their forex trading, but they depend on numbers, figures and various analysis on the forex market. Some foreign currency traders even use various forex indicators or forex signals to help them decide their trading in forex market. However, can a beginner forex trader learn everything necessary before entering into the volatile forex market?
Most financial schools or forex training courses will teach new forex traders template strategies. Due to the large foreign exchange currency market, more than 3.5 trillion US dollar in a single day, the forex market has a trending nature. The forex secret for beginner traders is just follow the trend…
The currency market tends to be overbought or oversold conditions for a long time. Therefore, just follow the previous trend, if the new forex trader does not how to measure the trend.
The next forex secret is that a beginner forex trader shall not be greedy or aim to profit too much. For many foreign exchange currency traders, especially those new in forex trading, to buy at the lowest and to sell at the highest in the currency market or vice verse is their aims. However, these foreign currency traders have forgotten that they are not GOD! Only GOD can know the lowest and the highest all times… So, a daily 20 pips to 50 pips profits for new forex traders is considered a good part time extra income, isn’t it?
As a human trader in forex market, we can lower our risk in trading forex by taking small profits (PIPs) within a small time frame (short period of time). Shorter time frame like 15-minute (M15), 30-minute trade (M30) or even hourly trade (H1, H4) have less risks, compared to longer time frame like daily trade, weekly trade or monthly trade. Rather than aiming 200 pips to 500 pips in longer period, which sometimes may not happen in weeks or months before it hits target profits of a forex trader, just consider to target 30 pips a day. If the profit trades are consistent, in 20 days trading in forex market (a month period), the forex trader would have accumulated 600 pips profits already!
The most important successful factor for new beginner FX trader is to learn trading of foreign exchange currency online before anxiously entering into the volatile FX market. Best to is get a coach or mentor who can literally hold the new trader’s hand and show step by step method to trade for living!
George ONG is a renowned motivational speaker, a successful entrepreneur, an investor (forex trading & property) & a JCI community leader in Malaysia. After finding a speedy wealth vehicle in trading forex, George has been trading for profits on daily basis and having the freedom to trade for living! Today, George is passionately sharing his forex trading experiences with friends so that more people can create wealth & achieve financial freedom via forex trading.
If you want to provide better lifestyles for yourself & your beloved family, and even want your money to work very hard for you, George is inviting you to attend a free Forex Course in Malaysia [http://www.forexcoursemalaysia.com] worth USD48 and discover the power of forex. If you can organize a group of audience, George would be very glad & happy to conduct a seminar for you on ‘Secrets of Wealth Traders’ should you share the passion to share good ideas and help many others to achieve financial freedom. Just contact the Forex Trader George ONG at George@ForexCourseMalaysia.com.