Forex - 10 Tips

ICMCapital

Newbie
1 0
1.Do not overtrade
◦Trade within your means
◦Use 1/3 of your total margin only

2.Always use protective stops to limit losses
◦Go in with a plan
◦Don't trade impulsively
◦Have predetermined risk as well as profit
◦Don't move stops higher or lower and say "It'll come back."

3.Diversify your portfolio
◦Try to avoid "Loading up" in any one commodity or product

4.Keep emotions in tact
◦Don't make trading decisions based on "Fear and Greed", as hard as this may be
◦Make decisions away from the market - "Don't be a screen watcher"
◦Don't let ego get in the way

5.Trade in the direction of the immediate trend
◦Don't try to pick bottoms or tops

6.Don't add to losing positions - get out!
◦Don't Average "Down" or "Up"

7.Keep it simple, more complicated is not always better
◦Trade within your understanding of the markets

8.Employ approximately a 3:1 reward to risk ratio
◦Don't ever risk $2 to make $1

9.Always be a student and keep learning

10.Above all, be disciplined
 

Ivan88

Junior member
35 4
11.Minimise trading costs.

Unfortunately your advertised spreads look to be a bit too wide.

By the way - shouldn't you be identified as a vendor?
 

BigRabbitz

Newbie
2 0
I hope to start Forex trading in the next month, therefore these tips are valuable for me to understand about it and do it well.
 

bigmistake

Well-known member
264 1
Hi Bigrabbitz,

Theories are always theories, you should follow those tips by a smart-way. Don't do it without deeply understanding.

Hope you get well with Forex. Good luck!
 

Patricia12

Active member
247 4
Thanks ICMCapital to share top 10 forex tips with us. Even I liked "7.Keep it simple, more complicated is not always better" and "9.Always be a student and keep learning".
 

rsh01

Experienced member
1,184 299
11. never listen to a vendor, esp one who is incapable of following forum rules.
 

angelnish

Active member
145 1
HiICMCapital, you've made some very good points. I think these tips will be very useful for new traders.
 

NVP

Legendary member
37,711 2,066
Disagree on #3

we are traders not pension fund managers
N
 

NVP

Legendary member
37,711 2,066
and everyone this is a Vendor thread - not a beginner seeking help
 

Jack Francisco

Member
85 1
Great tips and indeed very useful to all. Another tips I will add-
Always do manual trading- don't use robots- Manual trading is the best way for traders to develop their trading skill more. By trading manually you will be updated with how the market moves. What qualities it is trying to show to the traders. With market movements you will discover hidden secrets while it moves. So keep your eyes open...
 

ChattiFX

Member
66 4
I like #5... Lost count of the amount of money I've lost money trying to pick tops/bottoms and getting stopped out... and despite knowing this... I still do it sometimes which is slightly irritating lol!!
 

michael45

Junior member
34 0
1.Do not overtrade
◦Trade within your means
◦Use 1/3 of your total margin only

2.Always use protective stops to limit losses
◦Go in with a plan
◦Don't trade impulsively
◦Have predetermined risk as well as profit
◦Don't move stops higher or lower and say "It'll come back."

3.Diversify your portfolio
◦Try to avoid "Loading up" in any one commodity or product

4.Keep emotions in tact
◦Don't make trading decisions based on "Fear and Greed", as hard as this may be
◦Make decisions away from the market - "Don't be a screen watcher"
◦Don't let ego get in the way

5.Trade in the direction of the immediate trend
◦Don't try to pick bottoms or tops

6.Don't add to losing positions - get out!
◦Don't Average "Down" or "Up"

7.Keep it simple, more complicated is not always better
◦Trade within your understanding of the markets

8.Employ approximately a 3:1 reward to risk ratio
◦Don't ever risk $2 to make $1

9.Always be a student and keep learning

10.Above all, be disciplined

Thanks for description. This is essential to new forex traders.
 
 
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