10 Forex Trading Essentials Part 2

10.03.2017 / 08:45

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Here is part 2 (continuation of Part 1) of the rules that you must follow for successful trading on the markets.

6) If your trading account is less than $50,000 have your broker enable mini-lots for your account. This will allow you to average in and out of your trades. A great way to add more flexibility to your account. If this applies to you and your broker doesn't offer mini lots, find a new broker.

7. Keep track of what news are coming. The volatility rises during a news. To prevent, it is advisable to get out of your trades before important news. So do many of the major players. News can affect and reverse the trend. Watch them.

8. Determine the trend and get aboard. Most - safest way is to determine the trend and trade with him. You do not need anything more, Simple moving average will help you do it. Be sure that you see the entire chart. Compare where the price is now, and where it was located before a certain period of time (a month). Be careful if the price is close to the highest or lowest levels because there may be a change in trend.

9. Know when to take your profits. Winning position can quickly turn to a loosing one. Do not be afraid to collect the win or at least part of it. Waves in Forex prices make it easier to get in and out of position, using multiple entry and exit points.

10. Stop listening to the gurus. Do not believe everything you hear. The world of trading is full of gurus who try to predict the future, but it's just opinion nothing more. Trust yourself. It is necessary to measure the economic data from countries of your currency pairs. You have the same database as any other. In time, your own instincts will bring you to your goal, and they need to have confidence.

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10 Forex Trading Essentials Part 2

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