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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!

 

 

 

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