User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday July 29, 2020 - 11:20:23 GMT -

Share This Story:
| | Email

5 Tips to Help you Succeed in Forex Trading

Succeeding in forex isn't magic, and it certainly isn't luck. It's a series of patience, preparedness and practice. Most beginners have it rough with the markets because of poor planning and lack of knowledge in the market.

But that doesn’t have to be you.

With a few changes to your trading strategies, you can quickly join the winning team, and enjoy profits from trading. Here are five tips that can help you do this.

1.    Read the markets

This is the most crucial point for any trader who wants to succeed in forex. Before starting your day, make it your aim to analyse the markets and see what’s happening.

If you are trading currencies, get to know what moves the market, and learn to predict what will happen during the day. Make use of the analysis tools on your online trading platform, i.e. trend lines, horizontal lines, and timeframes to get a clear understanding of the market.

Once you have a clear picture of the market’s trends, you’ll be ready to place your orders.

2.    Have a goal, and stick to it!

When you don't have a goal or plan, your emotions rule, and once your emotions rule, your accounts take the hit. So, ensure that you have clearly outlined goals for forex trading before entering the market.

A good goal may be setting an earning-cap for yourself. Based on how much you want to earn at the end of the month, set a daily earning target. Once you hit this target, leave the markets.

Goals will help you stick to your strategy, and they’ll help you avoid greed, which is the reason why most traders lose.

3.    Know when to enter and exit the market

Knowing when to enter and leave the markets is one of the biggest challenges for traders. But once you master it, you’ll unlock the door to exponential profits. So, why not take the time to learn it?

There are different ways that experts use to determine when to enter and leave the market. Some study candlestick patterns and shapes; others use the Fibonacci retracement tool, and others the Relative strength index (RSI) and moving average.

Try out different strategies on a demo account to find out which of them works best for you. Once you find once that's successful, implement it on your plan.

Remember, what works for someone else may not always work for you, so come up with something that suits you.

4.    Good risk management practices

Risk management is the next key feature of a successful trader. If you want to maintain your online trading account, you need to know how to manage your risks.

Start by calculating how much you’re willing to risk, based on the capital in your account. As a rule, don’t risk more than 20% of your account, even if the potential profits are higher. Instead, embrace slow yet steady growth.

Furthermore, learn to cut down your losses. If you’re on a losing trade, count your losses and get out. The more you hope for a reversal, the more you’ll lose. Make use of the stop loss and take profit features on your online forex trading platform as well to control your earnings.

5.    Practise, practise, practise

There's no shortcut to making money in the forex market; you have to practise your strategies. Luckily, most brokers offer a risk-free online trading account where you can practise new strategies and tactics.

Use the account to learn how to control your emotions when trading, how to develop a limit to your trading times, and more importantly, how to spot entry and exit points.

Like any other thing, the more you practise, the better you become and eventually, the more profits you’ll get.

Final thoughts

There are numerous other tips you can employ to your strategy to become successful in forex. These are just but a tip of the iceberg on what you can do. Follow other successful traders, watch their strategies and practise them on a demo.

Soon enough, you’ll be hitting jackpots with your forex account – but it all starts with your patience and hard work!




Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

Actionable trading levels delivered LIVE to YOUR charts

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 27 May 2019
AAGB/US- Holiday
Tue 28 May 2019
A 14:00 US- Consumer Confidence
C 13:00 US- Case-Shiller
Wed 29 May 2019
A 08:55 DE- Employment
AA 18:00 US- BOC Decision
A 18:30 US- EIA Crude
Thu 30 Mar 2019
AAEZ/CH- Holiday
A 12:30 US- Weekly Jobless
Fri 31 Mar 2019
AA 10:00 EZ- Flash HICP
A 12:30 US- Personal Income, Spending, Deflator
AA 14:00 US- Final Univ of Michigan

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube


Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
The Amazing Trader
Forex Opportunities
Forex Affiliates
Forex CopyTrading
GVI Forex