2 01 Traders often fail because they don t learn from mistakes. Keep a diary of trades to discover what works and what doesn t. 02 Don t set a stop loss order too close to the opening position price. Normal market volatility can trigger it if you do. 03 Setting limit orders and stop/loss orders takes emotion out of the equation and ensures trading discipline. 04 Trade small amounts when you are a beginner. Grow your account balance through profits, not deposits.
3 05 after Don t chase a losing position out of emotion. Stick to your trading plan and don t throw good money bad. 06 Don t reinvent the wheel. Study other forex traders strategies to see what works and what doesn t. 07 High leverage isn t free money. Manage your money wisely and stick to low leverage. That s what the successful pros do. 08 Forex trading isn t gambling. Look for steady profits rather than hunting a few big wins.
4 09 Plan all your trades in detail before you make them, otherwise emotions can lead to bad decisions later on. 10 Don t hold too many open positions at the same time. Unless you automate them all, you will end up being overwhelmed. 11 There isn t a single perfect trading strategy. The most important thing is to pick one that suits your personality. 12 When you are following a trend, use a trailing stop to lock in your profits.
5 Some currency pairs are volatile and others are relatively stable. Choose the pairs that best suit your risk 13 profile. 14 Technical analysis is well-suited to short-term analysis, while fundamental analysis may be useful in the longer term Weekends are a good time to learn from your past week s trading and to plan for the week ahead. If you find yourself getting tired, angry or frustrated when trading, take a break to get yourself back under control.
6 If you keep positions open for a long time, be aware of rollover charges. Some accounts charge these each day at 5 PM EST Pay attention to economic calendars. Surprises in GDP and other data can move the market quickly.
7 Make market analysis part of your daily routine. It s better to make a few informed trades than many random ones Successful traders study their craft. If you are a beginner, consider taking an online course to master the basics. 21 When starting out, study a single currency pair. Don t spread yourself too thin by trading multiple pairs.
8 Don t let greed turn a profit into a loss. Stick to your trading plan and don t let emotions get in the way Remember that your goal is to make long-term profits. Don t let a single good or bad day change the way you trade. 24 Not all forex trading advice is good advice. Filter your inputs carefully based on the reputation of the source.
9 25 You can learn from other traders, so share your experiences. However, make your own decisions since it s your money. 26 Set stop/loss and limit orders to reflect your tolerance for risk. The further apart they are, the more risk there is. 27 If someone has a way of doubling their money each week, then why would they tell you? Stick to proven strategies. 28 Automate your trading whenever you can. This will stop your emotions from doing damage when you have an open position.
10 29 There is no such thing as a guaranteed profit. Remember that small losses that you planned for are wins as well. 30 Choose a reputable forex broker that offers you trading conditions and currency pairs that match your trading strategy. 31 Boredom is no reason to open a position. Be patient and look for real trading opportunities. 32 Volatility is an opportunity for both profit and loss. Converging Bollinger Bands often indicate volatility ahead.
11 READY TO TRADE? OPEN AN ACCOUNT NOW
12 Don t get overconfident when you have a big win. Stick to your trading strategy and don t take reckless risks Interest rates, employment and geopolitical events are the main factors to consider in fundamental analysis.
13 Don t go against trends unless you have the financial and mental strength to survive a long string of losses You make the best trading decisions when you are healthy and rested. Get plenty of sleep and exercise. 37 If you over-leverage your trades, there is a real risk that you will be forced to exit a position at the wrong time.
14 38 Pay attention to the spread between the bid and ask. This can change and make the difference between profit and loss. 39 If you start out by making simulated forex trades, remember that real trading is very different because of emotions. 40 You will often find the highest trading volumes when New York opens in the morning and Europeans come back from lunch. 41 Always plan your exit strategy up front. At what rate will you cash out winners, and when will you cut your losses?
15 42 Always look at the potential downside of any trade and plan to limit your losses if the worst happens. 43 When manufacturing economies such as China grow, commodity-based currencies such as CAD and AUD often rise. 44 Don t just rely on technical or fundamental analysis. Successful traders take both into account before they trade. 45 Study horizontal support and resistance levels. Look for price action at these to find high-probability opportunities.
16 Remember that forex trends can continue for a long time, even if fundamentals start to change A good broker will always offer a variety of Deposit & Withdrawal methods, including localized solutions. 48 Complex trading strategies cause confusion and frustration. You will make less mistakes if you stick to a simple one.
17 49 Forex trading isn t a get rich scheme. If someone promises you huge profits overnight, turn around and walk away. 50 Volatility increases as markets overlap. 8AM GMT and 15PM GMT are the busiest periods to trade. 51 The timeframe you use determines how long to hold a trade. If you use an hourly chart you must hold for at least an hour. 52 When volatility sinks below its average, an explosive move is not far away. Watch out for the turns.
18 If you want to make money in the markets you need to face your fears and you need to pull the trigger If emotions get in the way of your trading, try back-testing a system to improve your confidence.
19 Trading in the zone requires nothing but the three P s: preparation, practice and perseverance You should trade small enough so that you won t go broke but large enough to make it worthwhile. 57 Beware of EAs and black box systems that claim to beat the markets. They won t continue to win forever.
20 58 Don t go full time until you can consistently pay yourself a wage and you have 3 months wages saved up. 59 The market has no personality and doesn t need to change, the way you approach the market needs to change Beware of anyone who tries to sell you a system. If the system was that good they wouldn t be selling it. Don t chase unrealistic returns. 1% a day is unsustainable on so many levels. 1% a month is more realistic.
21 READY TO TRADE? OPEN AN ACCOUNT NOW
22 62 Whether your goal is to make a living wage, start a fund or get hired, the important thing is to have one. 63 Forex markets only trend 40% of the time so you must have a strategy for whatever the market is doing. 64 Always know when central bankers are meeting and what traders are expecting them to announce 65 Demo trading is useful but it doesn t prepare you for live trading. Emotions become stretched when money is on the line.
23 If you re not in the zone, trading can be torturous. If you have balance in your life, trading becomes fun again Before you get into a trade, know where you want to get out. Have a stop in your mind or a stop in the market. 68 If you hear yourself wishing or hoping a trade goes your way, it s time to get out and rethink your strategy.
24 69 to If you ve been trading forex and you haven t learnt good money management, it s time to go back the start. 70 Forex trading should be treated with the upmost professionalism. 71 The key to successful trading is defense, defense, defense. And when you re in position, the occasional offense. 72 Trading requires consistency and discipline. Don t fret the numbers until you ve learnt those two things.
25 Pivot points are important levels watched by forex traders all over the world. They should always be considered Moving averages can be used in a variety of ways, such as smoothing volume or other technical indicators. 75 Simple indicators can work just as well as complicated ones so conquer those first before you move on.
26 76 RSI above 70 signals the market is overbought, below 30 the market is oversold. Learn to trade the extremes. 77 Don t dwell on the past. Forget about your losses and missed opportunities and look forward to your next trade The most important is the long term trend, closely followed by the recent price action and picking your entry. Don t let trading consume you. You can lose just as much money by trying too hard as trying too little.
27 Hard work is key but quality work is even more 80 so. You need to identify your weaknesses and work on improving them. On the whole, rising interest rates are bullish for a currency. Falling interest rates are bearish Beware of countries with a current account deficit worse than -5%. They may not be far away from a full blown crisis.
28 83 Don t just study interest rates and yields, study the market and how it reacts to news. Know what other traders expect. 84 Markets can stay irrational for long periods. It makes sense to go with the flow and don t get stuck to just one idea. 85 A strong economy should be bullish for a currency but not if inflation gets out of control. 86 In the long term, current account deficits lead to currency depreciation, surpluses lead to appreciation.
29 87 The carry trade allows traders to profit from interest rate differentials which should narrow as time goes by. 88 Don t hold a position across a news release unless you know what you re doing, especially when it s a big event. 89 If you don t know what non-farm payrolls are, start learning about economics and how to trade the news. 90 Central bank announcements and non-farm payrolls can have big effects on forex markets. Always be prepared.
30 READY TO TRADE? OPEN AN ACCOUNT NOW
31 If market stress is coming along, head for safe haven currencies; the Japanese yen, US dollar or Swiss franc Cut losses short and don t be afraid to lose. It s how much you make when you win that s important. 93 Learn one forex market inside out. Become an expert in your craft and keep it simple. That s all you need to do.
32 Be careful using pivots after an explosive trading day. The market will likely be quiet so look for smaller profits Find your trading personality through study, practice and hard work. Not through trial and error. 96 Technical indicators are watched by many. Price action patterns can offer unique setups for sharp traders.
33 Don t get overconfident when you have a big win. Stick to your trading strategy and don t take reckless risks Interest rates, employment and geopolitical events are the main factors to consider in fundamental analysis.
34 In order to be comfortable in forex you need to be comfortable making money. There is no place for greed or fear Trade with a broker that is regulated by a local/international authority. There are too many unregulated brokers out there check reviews online to help you make your choice. Please note that the above should not be taken or misunderstood as investment advice. Trading is Risky. There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose, it is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. It is the responsibility of the Client to ensure that the Client can accept the Services and/or enter into the Transactions in the country in which the Client is resident. If the risks involved seem unclear to you, please seek independent advice.
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