10 Secrets the Trading Industry Doesn’t Want You to Know About
Until recently, it was believed that only large and special players (so-called smart set) could trade in Forex. But fortunately, the situation has changed. Today, almost anyone can try their hand at speculating on the difference in exchange rates, and for this, it is not necessary to have impressive capital.
What is Needed for Successful Forex Trading?
The main principle of Forex trading is to buy a currency at a lower price and sell it at a higher price, making a profit on the difference. But, despite its speculative colouration, Forex is not a game of luck, but a serious activity.
It seems to many that there is a certain Grail that allows you to make big money in a short time, and only knowing the secret of trading allows you to get a guaranteed profit. Indeed, there are some crucial points, the knowledge of which can help you to conduct practically breakeven Forex trading with the least risk. Some of them relate to money management, and some relate directly to the practical conduct of trading.
10 Secrets of Forex Trading
So, Forex trading is attractive and affordable. So, why is it that only a few manage to hit the jackpot, while the majority are in a state of variable success? What is needed for successful trading? Financial education or knowledge of particular secrets?
1. The grail does not exist:
There are no absolutely break-even strategies in the foreign exchange market, no one will tell you how to trade without losses. The main task of any trader is to bring the final financial result to a plus — per day, week, month, or year.
2. The size of the deposit:
The main thing is that when opening transactions, the ratio of the value of one lot and the amount on the deposit is more than 0.1%. That is if you have $1,000 in your account, trade with a volume of 0.1 lot. In this case, you will be able to survive almost any rollback and keep your deposit from being drained.
3. Don’t complicate your trading:
The more complex your trading system, the less likely you are to make a profit while you analyze the market; the price will go further, and you will make a mistake when entering. This is especially true when you are opening positions within the day; the analysis should not take more than a few minutes.
4. Trade when it is profitable:
As Forextime suggests, it is better to open trades when it is profitable, not when you want to. You should not have a working time — you opened a trading terminal, looked at the chart, discovered specific patterns https://www.forextime.com/education/bearish-candlestick-patterns in the price movement — placed an order. Or vice versa — you launched the terminal, but the situation was not certain, you refused to enter and went to rest.
5. Stop order:
Never close a trade before the stop loss is triggered. At the same time, on the contrary, it is recommended to close the order if the price did not reach the take profit a little and went back.
6. Always learn:
You should not devote all your time only to trading — read books by famous traders, learn theory, and do analysis. You will always find something new for yourself and will be able to apply the knowledge gained in trading. At the same time, do not disdain free seminars held by large Forex dealing centres. It is there that you can get the knowledge that is not described in books.
7. Always have a clear plan:
Only this allows you to avoid psychological pressure. If you close a trade with a loss of no more than 20 points, close it or merge the entire deposit.
8. Forex secret to increasing profit:
Leave a part of the profit to increase the deposit, use a trailing stop to get the maximum profit from one deal. Also, do not forget to participate in contests in parallel; always use bonuses when replenishing your account.
9. The three stages:
Any deal should consist of three stages — market analysis, calculation of the size of stop orders, and determination of the entry point.
10. Final tip:
If you cannot trade on your own, use automatic advisors or a system for copying deals.
Of course, luck, the right strategy, and knowledge are crucial components of success. But do not forget that the Forex market in Nigeria investment is highly volatile, and the possibility of making a big profit is always associated with considerable risks. Therefore, before you start trading, you have to be willing to take risks, not gamble with your last money, have patience, and also know the rules of Forex trading.
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