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Fx Trading Secrets: No Magic, Follow The Basics

By Total Trader | Published: 17 December 2009

Why there are hundreds of people trading forex market daily. How they are making money out of it? This particular article tells you the essential tricks for making money in forex market. But trader must keep in mind those whole essential criteria for the profitable trade is consistency when it comes to decision making.

1. Trades Consist of Two Currencies, Not One – You should never undertake a forex trade without considerable knowledge of the both currencies involved. Take the time to research any currencies you are considering prior to pulling the trigger on your trade.

2. Do Your Homework! (FX Trading History) – Before you begin trading, make sure to learn the basics of the forex market. Forex trading is heavily affected by global news, both real and perceived. Knowing how to discern between the two only reinforces your success.

3. Trading for small profits, 10 pips or less: Many a times new traders place very tight orders in order to take small profits. This is not a good approach as one may get profits in the short term but he is surely risking his earning for the long term. Because with tight trades it is not possible for you to recover the difference between the bid and ask price.

4. Plan your strategy: Planning one’s strategy is one of the important aspects of FX trading secrets. One needs to follow whichever strategy he decides. There is hundreds of different profit making strategies so one must choose any one of them whichever suits to your nature and try to stick to it.

5. Business, Never Personal! (Stay Level Headed) – Forex trading, as with most business ventures, is a rational endeavour. If you are experiencing outside stresses or pressures unrelated to forex trading, you should consider taking that day off. Your pockets will thank you.

6.Read Your Technical Analysis – A well prepared analysis can contain key information on when to buy and sell the market. You can determine whether the market is long, short or over extended by paying attention to a technical analysis. Keep abreast of them.

7. Believe in Yourself! (Confidence) – Forex trading is not a “get rich quick” scheme. It takes studying, planning, and most importantly, confidence. When your software says you are up, but your bank account says otherwise, its easy to get discouraged. Make sure to study the basics and master your skills before entering the market. A steady approach can take all of the magic out of “forex trading”, steel your confidence, and earn your the profits you desire!

Source: John Eather

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  3. Fibonacci Basics in Forex Trading
  4. Forex Basics: A Tutorial Guide For Forex Trading Beginners
  5. Basics For Every Forex Trading Beginner
  6. The Basics of Forex Trading
  7. Moving Average Trading Secrets

This entry was posted in Forex Trading and tagged Forex, Forex Trader, Forex Trading, Fx, Fx Trader, FX Trading. Bookmark the permalink. Both comments and trackbacks are currently closed.
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