Revealed at last! The best kept secret among successful Forex traders
Our Preferred Forex Broker
We currently trade at eToro platform. After testing several Forex platforms we find this one to be the most suitable for us. What made the difference is a unique feature that allow us to watch and copy the strategies and trades of the best performing traders on the platform. You can actually see each move the "Guru" traders make. This method works nicely for us. Since we started trading at this broker we noticed an increase of our successful trades and profits when compared to our former brokers. You may want to check them out.
Please note that all trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results. This post is for educational purposes and should not be considered as investment advice.
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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