FOREX TRADING

10 "Great Forex Trading Tips"

This is a brief outline that I personally use each time I trade in the currency markets. Discipline whilst entering these markets is always first and foremost. Although there is a great deal of money to be made in the "Forex market", there is also a great deal of risk involved, hence one must be very cautious:

1. Determine the current market direction ie: Is the market trending up, down or is it range bound (sideways). This can easily be determined by checking the 1hour timeframe charts and above.
2. Establish your stop loss and take profit before you enter a trade. Never think you can single handily move the market in your chosen direction! It would always be best to take your profit a couple of pips under your target than to risk losing your gained profit and even worse your capital.
3. Once you are in profit, practice "Money Management" by moving your stoploss to risk only your profit. Once you are further in profit move your stoploss to secure some of your profits.
4. Set yourself a strategy that works at least 80% of the time and stick with it. The more often you change your strategy the more difficult it will be to determine what went wrong.
5. Choose a good trading Platform....Ideally you should be able to reach the company by phone, email and fax. The company should also offer a good pip spread, no slippage and of course customer support and account security. My personal favorite and the one I use is: Forex online. Without it, you are wasting your time (and money)..The support you receive in my opinion is second to none. So it is worth a look. They also offer an affiliate program, for each person you sign up, they will pay you $15.00 (your sign up must activate their account) Make Money With Your Traffic Join the Web's leading affiliate program. Registration is free and simple. As an affiliate you can earn up to $10 000 as well as the second tier program of $15.00 Win, win I say! Moving on
6. Remember not every day is a good trading day.
7. Keep track of all your trades in an excel spreadsheet. A loosing trade will generally be the cause of human error; it will be useful to check your trades whether they are winning or loosing trades.
8. Never add to a loosing trade, when you are loosing you are loosing! I'm afraid you can't wish the market back in your desired direction. It is always best to learn from each trade and move on.
9. For each trade you win, give yourself a big pat on the back. Well done!
10. Enjoy every opportunity you have to trade the Trillion Dollar "Forex Market"