TIPS FOR GAURANTEED SUCCESS IN FOREX TRADING
Here are a few tips on how to be surely successful in Forex trading business. These very basic and easy to follow steps will definitely help you in achieving your goals.
1. Understand your capabilities and limitations, and calculate risk tolerance for yourself.
2. Set your goals very carefully and devise strategies to achieve them, and then follow the strategies.
3. Carefully pick your broker.
4. Choose your account type and leverage ratio based on your requirements and expectations.
5. Start up with little amounts and expand through profits not through deposits.
6. Try to concentrate on one or two currency pairs only, plan expansion when you gain experience.
7. Only take actions when you are sure of what you are doing.
8. Never keep investing, if you are making losses.
9. Think with your mind; do not follow your heart.
10. Learn from your experience and keep a track of your profit and loss.
11. Make full use of the latest technology and gadgets.
12. Forex robots and other such methods are not very reliable in many situations so do not depend on them.
13. Make simple business plans.
14. Follow the market trends and do not attempt to make your own roads against the flow.
15. You should realize that Forex trading is a game of probabilities.
16. Do not hasten to take quick decisions. Take your time to correctly analyze the situation.
17. Take the best advice available but make decisions based on your own judgment and experience.
18. Get training and learn about managing the resources.
19. Learn the basics first, keep an eye on the markets and master the factors controlling price movement.
20. Keep trying and never give up hope.
I hope this is helpful and I invite everyone to contribute additions.