Forex trading tips for successful investor

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Forex trading tips for successful investor

Postby vishal23 » Mon Dec 12, 2011 2:41 am

1. Know yourself. Define your risk tolerance carefully. Understand your needs.
2. Plan your goals. Stick to your plan.
3. Choose your broker carefully.
4. Pick your account type, and leverage ratio in accordance with your needs and expectations
5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits.
6. Focus on a single currency pair, expand as you better your skills.
7. Do what you understand.
8. Do not add to a losing position.
9. Restrain your emotions.
10. Take notes. Study your success and failure.
11. Automate your trading as much as possible.
12. Do not rely on forex robots, wonder methods, and other snake oil products.
13. Keep it simple. Both your trade plans and analysis should be easily understood and explained.
14. Don’t go against the markets, unless you have enough patience and financial resilience to stick to a long term plan.
15. Understand that forex is about probabilities.
16. Be humble and patient. Do not fight the markets.
17. Share your experiences. Follow your own judgment.
18. Study money management.
19. Study the markets, fundamentals, and technical factors leading the price action.
20. Don’t give up.
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