Six steps to improve your currency trading - Step 1

Evegreen2012

Newbie
8 0
Successful professional traders do three things that fans often forget. They plan a negotiating strategy, follow the markets, and diarize, track and analyze each of its offices.

1.Plan how you will trade
You may have heard the adage, "If you fail to plan, you plan to fail." This is particularly true in currency speculation.

Successful traders start with a good strategy and stick to it at all times.

Choose the currency pairs that are right for you
Some currency pairs are volatile and move much intra-day. Some currency pairs are constant and make slow movements over longer periods of time. Based on your risk parameters, they decide that the currency pairs are most suitable for your trading strategy.

Decide how long you plan to stay in one position.
Based on your selection currency pair, think how long you hold your positions: minutes, hours or days. Remember that depending on your account type, you have open at 5:00 pm Eastern Time positions may incur charges rollover.

Set your goals for the post
Before taking a position in which you must set its exit strategy. If the position is a winner, how fast it will charge? If the position is a loser, what percentage will cut their losses? Then place stops and limits accordingly.

2.Follow the Forex Market
Using Forex Charts and Forex news to monitor market information and technical levels affecting their positions.

Using Forex Charts
The graphics are an essential tool to improve business performance. You can easily recover the money spent on a graphics package from a single well-placed trade based on the analysis of professional graphics. View Charts XE. Please note that Forex trading involves a high risk of loss, and no guarantee that the investment in graphics applications will be made ​​recovered.
Follow Forex News
XE Forex News provides forex news breaking on the economic reports and political events that influence the currency market. You can access detailed trading strategies and market commentary from experienced Forex traders.

3.Keep a journal of Forex
Most traders fail because they make the same mistakes over and over again. A journal can help you keep track of what works for you and what does not. It is constantly used, well kept a diary is your best friend. By keeping your journal, make sure it contains at least the following:
  1. The date and time you took office.
  2. The speed at which you took the position.
  3. The reason I took the position.
  4. His strategy for the post.
  5. The date and time you left the position.
  6. The speed at which you left the position.
  7. Your profit / loss position.
  8. Why you left the office. Did you follow the strategy?

Once you learn to recognize the patterns of trade successfully, you will be able to detect when they return.

Please note that trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money you can not afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any questions.
 

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