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Best Forex Trading Tips
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2. Trade with the Trend
If the market is going up, place a 'buy' trade at Demand area on H4 or H1 timeframe and if it's going down, place a 'sell' trade at Supply area. This is how the professional traders trade the market. You must have a risk-management strategy, with pre-defined stop-loss and take-profit levels. Don't trade all the time. You will get best trading condition two three times per day. Wait for the best time to trade and enjoy your life.
3. Trade Your Favorite pair
You should trade only one or two pairs. It will help you to focus on the charts more effectively and decrease distractions. You can track down the movement of the pair easily. You can choose your own favorite pair or trade Gold (XAUUSD), Volatility 75 Index & Nasdaq 100 Index as these are the most volatile pairs.
4. Use small Lot Size According to your equity
Most new traders use big lot size to make quick money but they don't consider their trading equity or balance. As a result they are stopped out by brokers. New traders should use minimum lot size as they have no much experiences about market volatility that can blow their accounts. Besides, you can't just open a trade and make profits immediately most of the time. You must be patient to make money in forex trading. Increase lot size after building confidence & experiences. Minimum two or three years trading experiences required to use bigger lot size.
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5. Keep Your chart Clean
Do not use too many technical indicators which may provide contradictory signals.to trade successfully, find the main trend, wait for the supply & demand areas to form. Then following the trend, open buy or sell trades. Never sell at demand/support areas and buy at supply/resistance areas if you want to make profits. Most of the new traders do this mistake frequently. So focus on this issue if you are losing trades continuously. Use trendlines in your chart analysis.
6. Evaluate the past
One of the key tenets of the technical approach is to evaluate the past – the Dow theory works on the premise that 'history repeats itself’. Looking at past price action on an asset can give clues as to how the price will behave in the future, based on previous experience. Human behavior can be predictable to a degree, given a certain set of circumstances, and this is how the technical approach can work. Market forces dictate price and price is driven by people just like you and me who succumb to the same human emotions of hope, greed and fear as anyone else. Seeing where previous highs and lows have occurred in the past and how the market has behaved previously when at these levels can give clues as to what might happen next, so enabling traders to formulate a number of strategies using 'what if' scenarios.
7. Manage your money
Money management is a key element to a traders' overall profitability. The urge to take a profit as soon as you see one can lead to many losing money. This can be because traders often tend to run stop-loss orders until they're executed, but don't do the same thing when making a profit. If you work on the 50/50 basis that you make a profit on 50% of trades executed, then you're unlikely to make an overall profit.
Before placing a trade, think about how much money you're prepared to lose. If it's £100, then you should be aiming to make at least £300 profit. This way, based on a 50/50 success rate, you would be making an overall profit. For every element of risk, you should be looking to make at least double that on the profit side. Discipline is crucial when things are going well, as well as when they are going badly.
Another common mistake is setting unrealistic stop-loss and take-profit levels on unsuitable markets. A 100-point stop-loss on EUR/USD for example is quite realistic, but might not be very suitable for shares. Use the price ranges over the last few days and months as a benchmark when setting stop-loss levels.
8. Know your own statistics
Analyse where you've been making profits and losses by keeping track of all your transactions. Tracking the performance of your trading history allows you to spot patterns where your failures and successes are occurring, so you can cut out the poorer trades and place more of the trades that lead to a profit.
9. If you're losing money, take a break
When you start to lose money consistently and nothing seems to be going right, take time out. A monthly float to use as your trading capital is a good idea, because if that float runs out, you should stop trading for the month. Take the time to clear your head and start afresh the following month. Resist the temptation to try and make back lost money by ‘chasing the market’.
10. Concentrate on one trade at a time
Do not overburden yourself with multiple trades – the simplest trades are usually the best ones.
11. Be aware of trading costs
Always be aware of carry costs when running positions overnight, or over multiple days. Selling a high yield currency incurs higher costs than a lower yielding one.
12. Don't focus on just one technical indicator alone
A common trading mistake is to look at an oscillator, decide the product is overbought and trade against the prevailing trend, but this is usually a mistake. Oscillators and moving averages should be used to complement trends and used in conjunction with other indicators, such as support and resistance levels and Bollinger Bands.
13. Understand how to use leverage in forex trading
Trading forex requires you to use leverage in order to gain better exposure to the markets. This can be good because you only have to deposit a percentage of the full value of the trade, but while this can increase profits, it can equally increase losses. Make sure you use appropriate risk-management tools, such as stop-loss orders.
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