To Become A Forex Master, These 11 Trading Tips Are Worthy!
We always learn from the success of others!
Do you know which are the Best Traders in History?
When it comes to the best traders in the world, a few names appear at the top of the list, among which we highlight:
- George Soros
- Paul Tudor Jones
- Jesse Livermore
What do they all have in common?
The expected points of these traders:
- Large capital under management
- huge profits
- sometimes big losses
- Self-control and sound risk management
Want to know more about who is the best trader of all time?
George Soros and Forex it's a fantastic story! The best Forex trader in the world is arguably George Soros. He is the only trader to earn £1bn after several short positions on the GBP in 1992.
Are the wealthiest traders always winners?
As surprising as it may seem, most of the world's best, highly wealthy traders lose more than they gain from Forex, but the secret lies in the profits made. Here, we use risk and reward to know the amount risked compared to the expected gains. Also, following a good forex broker might help because you can use a practice account (demo account). And that's for, AssetsFX is one of the primary choices for the beginners, I guess. Because they provide you with a reliable trading platform with a 0.0 spread facility and a high leverage trading system, also, they are providing two promotions right now. So, overall it's a good package.
To become a master in forex trading, follow these master's guide:
- The most successful traders in trading are typically traders who only hold good positions 40% of the time but with a win rate greater than two times the amount invested!
- Don't be in a hurry. Inexperienced traders often open several positions simultaneously and only later realize that they cannot keep up with them all. Forex allows you to make a profit on the exchange rate's rise and fall. One can only work well with only one currency pair. Therefore, focus on a single currency pair and discover the other pairs little by little.
- Don't forget to place Stop orders. One of the common causes of money loss is mismanagement. To avoid significant losses, you must use Stop orders.
- Trading system. Every trader has a trading system that he adapts specifically for himself. Some traders prefer one-day trading systems; others opt for more extended periods. The main thing is not to deviate from the initially drawn plan and to pay attention to traders' advice. A few losing trades are not enough to prove your system's failure.
- Profit fixing. A common mistake made by inexperienced traders is the early closing of profitable positions. Do not deviate from the predetermined trading plan. This will allow you not to lose any profits.
- Do not turn profitable positions into losses. Closely follow the market movement. As soon as positive values are reached, set Stop at the market exit level. This will protect your money. Then move the Stop along with the trend to maintain your profitable position.
- Frequent entries. There is nothing wrong with entering the market too often, however, if this frequency is used inexperienced, there will be no advice or tip to help you, and Forex will bankrupt you. The essence of this strategy is based on the fact that the trader often believes that in case of negative values of an open position, he has more to increase its value since the market will eventually return to the previous state. All his positions will be closed at a profit. However, if the exchange rate strays far from its previous level, the losses will be huge, so it is best to "buy and hold."
- Turn to pre-planning. Plan how you will trade. Do not enter the Forex market because there is a sharp rise or fall in prices. Keep in mind the Moment to enter, the quotations for the order, the fixation of the profit, and the Moment to close the position.
- Do not lose capital. You have to know how to save the money gained. Quickly close losing positions and hold profitable ones.
- Moment and trend. Inexperienced traders often do not even suspect that the emergence of a new trend leads to the rise of Momentum. New traders will build up strong Momentum as, as the trend strengthens, they join the general mass in the market. Trade when the Moment is in your favor. It will push your trades in the right direction, and you will reach a profit point even faster than you expected. Whatever technical analysis is the most vital part of learning forex trading.
- Don't waste too much time on losing positions. The forex market is full of profitable trades, so wasting time on positions that only bring you a loss is inappropriate. When you realize that an open position is getting losses and that none of the traders' advice says that it may change, the most appropriate solution is to close the position and move to a new one, thus minimizing losses.
These are the best guides to being a master in FX trading. So, remember these or write them down in your notepad. And be double sure before choosing a broker. Remember, professional traders always tied up their trading journey with top-tier liquidity and market-leading platform.
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