Forex Strategy Trading Tips 7 Tips To Help You Get Moving In The Forex

Here are a few ideas to get you started. Entire books have already been written about almost all these subjects, no joke. Hopefully this post can get you thinking in the right direction. I’ll try to go into more detail on each subject in the coming weeks. Make sure to come back frequently – we are adding additional information and new Forex strategy trading tips all the time.
Get smart
I can’t overstate the power of educating yourself about the markets. There are literally tens of thousands of different books on markets, methods, basically everything you will need to know to get started in the Currency trading market. Confused where to begin? I recommend Trading for a Living by Dr. Alexander Elder, and also The Disciplined Trader by Mark Douglas. We’ll also do our best to keep up to date and relevant information available here, at your fingertips, ready for you to use.
Be a Student, Always
Just like you wouldn’t commit to buy a car without a test drive – doesn’t start putting your hard earned dollars out there without taking some time to study the ins and outs of the markets. Invest time to study the markets, different strategies, and study the intricacies of trading before risking real capital. Believe me, if you don’t – you are likely to have a really, really bad day.
Practically all brokers offer some sort of demo account that will allow you to practice just as it was a real account. Practice, practice, and practice more. Not only are you going to gain a feel for the markets, but you will also get a feel for the trading platform of that broker, and how to quickly and accurately navigate it. Use these demo accounts as long as you need in an effort to gain confidence before you put your hard earned cash at risk.
Know your limit
Like the saying goes – it’s not possible to have champagne on a beer budget. You have to establish a risk to reward ratio that fits your money situation. Know your limits, and how much you will be willing to risk on each trade. Never risk more than you can afford to lose. And never, ever go “all in”. You will lose some of the battles, but you’ll live to fight another day.
Plan your trade and trade your plan
How can you get to your destination if you veer away from your path? Create a plan to guide your trading. It should incorporate your profit goals, risk-tolerance level, methodology, and evaluation criteria. Once you have a plan in place, ensure that each trade you consider falls within your plan’s parameters because you’re most rational prior to placing your trade and most irrational once your trade is live.
And don’t forget, although consistency is crucial; don’t be afraid to re-evaluate your forex strategy trading plan if it’s no longer working for you. As your experience grows, your needs may change. Your plan should be an expression of your goals. If your goals or finances changes, so should your plan.I’ll be back soon with the more trading tips.
Regards,
Jay Molina
Pro Forex Trader & Educator

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