1.FOREX TRADING TIPS : Evaluate your risk and reward properly before entering each trade. You need to understand how much it will cost you if it’s a losing trade, and how much you are able to ride it if it’s a winning trade.
2. Don’t trade when you are not sure. When you aren’t sure, that means there are no signs that you will be making profit. So it’s better to take no action and wait for the market to move.
3. Practice zen trading. What this means is after you have entered a trade, try to think back about when you haven’t made the trade. Imagine how will you act if the market moves when you did not make that trade. This removes emotions from your decisions and can enable you to profit more.
4. You have to be persistent. If you have entered a trade, let it follow the points you have set in place. If it will be triggering a stop loss, let it be. If your trade si on its way up, don’t stop it in the middle as you are robbing yourself of more profits.
5. Focus on one pair at a time. If you see that the EURUSD has not much movements in the market and got bored of waiting for it, don’t even think about trading another pair of currency. Chances are you don’t quite understand the market mindset of other pairs and will fail badly in your trades. It’s much wiser to stick to your own mastered pair and wait for the market to move.
6. Get the right broker. Lots of broker are in it to rob you lots of commissions. If you pay them lots of commissions, how are you going to bring home a ton of profits? It’s hard to earn when your spreads are high. So, take some time and review a reputable broker. They have lower commissions and work with you, helping you make more money.
7. Understand the news on your own terms. Don’t rely on what other experts has to say about the news. You are trading it for yourself with your own strategy, if you interpret the news yourself, you will have a better chance of winning a trade using your own strategy.