Our Preferred Forex Broker
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Chapter 11: A Few Trading Tips for Dessert
1. Before implementing any strategy you must check for any related news events. why? because news events may interfere with your strategy and distort the outcome that you are expecting. Bad news may cause an uptrend to swing down and good news may cause a downtrend to swing up. Before implementing any trade simply run an online search to make sure there are no adverse news events expected.
2. Different parts of the day coincide with different amounts of volatility in the market. For example, the afternoon, when no major announcements are expected, will be associated with less volatility than the morning hours. Thus, trade volatility (Range Out) before noon and stability (Range In) afternoon.
3. You can expect the market to get volatile and make large swings right after major market announcements such as interest rate announcements by the fed and job reports.
4. Have a trading plan and a strategy and always stick to them.
5. Take time to improve your technical analysis knowledge, this will help you to sharpen your strategies.
6. Control your emotions and never trade when you are tired or drunk, this may lead to irrational behavior and losses. Always trade while you are relaxed and focused.
7. While trading, your main concern should be limiting risk and protecting your capital. Develop a money management plan and stick to it, always!
8. Define your entry and exit points. This is a part of developing and following your trading plan. Don't trade without having a trading plan.
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