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12 Clever Ways to Succeed in Forex Trading

2023/2/24 14:19:49  Classification:   Participation: 9  

You May Make Big P best forex rebateofits bestforexrebate Forex Trading 12 Useful Tips to Bring You Closer to Th rebateinforextrading Goal A solid cashback forex rebatemeaninginforex a clear understanding of typical mistakes play an important role in your success The following list shows you these basic tips 1. I think EUR/USD will hit $1.3000. At which price should I buy? And my answer is - what is your risk in this trade? In other words, if you are wrong, at which price will you leave? Usually a trader is surprised by this answer because he/she has never thought that he/she might be wrong or that he/she should place a stop loss at any price. The point is to refine your trading plan before you enter the rebatesinforex. This plan should specify the following: know how and where to enter the market know the amount of money you can risk know how and when to leave the market if you are wrong know how and when to leave the market if you are right know how much profit you will make if you are right use a stop loss to protect your trade know roughly You should have a profit target and know the chances of being right or wrong and control your risk with a stop loss. This is a broad topic, but the point is that you must know the odds of making a profit and the proper profit/loss ratio. After you enter the market, place stop orders - these stops must be real and not imaginary Traders too often use imaginary stops simply because they have worked in the past, so they see the market moving in the expected direction If you place stops in the wrong place, it means that your technical analysis is not sound 4. This is a normal result of not having a trading plan. After 1-2 losing trades, you may close the next trade with only a small profit even though the order may bring you a huge profit to cover past losses. If a trader fails to take a profit at a previously determined price, it is a common mistake to allow the market to take a profit before bringing back more. If the market reaches your target and you are still stuck in the market, you are just over holding your position and thats it! The only exception is when the market moves sharply in your direction Move your stop loss to the target price or use a trailing stop 6. If the market moves in the opposite direction, then you will suffer double the losses - this is usually what happens if the market moves in the opposite direction, never average your losses, a strict and sound plan does not require averaging 7. It is not surprising that this mistake kills more traders than losing trades. Overtrading with a reasonable amount of money means that when the percentage of risk in your account remaining is too high or when you trade too high a number of hands/trading currencies in one trade to prevent this mistake, never risk more than a certain percentage of the remaining amount, no matter how tempting the result is. It is almost inevitable that at some point Forex will make you a huge profit, and later you will start paying it back again. You tend to have more fear and greed during active trading periods than during quiet periods Have you ever noticed that you can figure out a plan better during the slow-volatility Asian session than during the violent London session? But when the London session starts, you often do the exact opposite of your plan If there is no strong force majeure event, you better not change your strategy even during the main trading session, with few exceptions To counter this mistake, set your plan before the price comes back up and follow strict discipline Do not change your plan again 11. be patient Usually, traders forex behavior varies from 5 minutes to 9 months Not all trading is just about making money. Many traders want market behavior. Think about it: do you really need to trade every day or can you be patient enough to wait even if it means staying away from the market for weeks? After they have completed their training and deposited money into their accounts, a quick way to promote self-discipline is to watch the market all day but not make any trades even if you are faced with a good opportunity to stay calm. You will surely approach the dream profit!

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