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1- Traders often fail because they don’t learn from mistakes. Keep a diary of trades to discover what works and what doesn’t.
2- Don’t set a stop loss order too close to the opening position price. Normal market volatility can trigger it if you do.
3- Setting limit orders and stop/loss orders takes emotion out of the equation and ensures trading discipline.
4- Trade small amounts when you are a beginner. Grow your account balance through profits, not deposits.
5- Don’t chase a losing position out of emotion. Stick to your trading plan and don’t throw good money after bad.
6- Don’t reinvent the wheel. Study other forex traders’ strategies to see what works and what doesn’t.
7- High leverage isn’t free money. Manage your money wisely and stick to low leverage. That’s what the successful pros do.
8- Forex trading isn’t gambling. Look for steady profits rather than hunting a few big wins.
9- Plan all your trades in detail before you make them, otherwise emotions can lead to bad decisions later on.
10- Don’t hold too many open positions at the same time. Unless you automate them all, you will end up being overwhelmed.
11- There isn’t a single perfect trading strategy. The most important thing is to pick one that suits your personality.
12- When you are following a trend, use a trailing stop to lock in your profits.
13- Some currency pairs are volatile and others are relatively stable. Choose the pairs that best suit your risk profile.
14- Weekends are a good time to learn from your past week’s trading and to plan for the week ahead.
15- Technical analysis is well-suited to short-term analysis, while fundamental analysis may be useful in the longer term.
16- If you find yourself getting tired, angry or frustrated when trading, take a break to get yourself back under control.
17- If you keep positions open for a long time, be aware of rollover charges, Some account charge these each day at 5 PM EST.
18- Pay attention to economic calendars. Surprises in GDP and other data can move the market quickly.
19- Make market analysis part of your daily routine. It’s better to make a few informed trades than many random ones.
20-Successful traders study their craft. If you are a beginner, consider taking an online course to master the basics.
21- When starting out, study a single currency pair. Don’t spread yourself too thin by trading multiple pairs.
22- Don’t let greed turn a profit into a loss. Stick toyour trading plan and don’t let emotions get in the way.
23- Remember that your goal is to make long-term profits. Don’t let a single good or bad day change the way you trade.
24- Not all forex trading advice is good advice. Filter your inputs carefully based on the reputation of the source.
26- Set stop/loss and limit orders to reflect your tolerance for risk. The further apart they are, the more risk there is.
25- You can learn from other traders, so share your experiences. However, make your own decisions since it’s your money.
27- If someone has a way of doubling their money each week, then why would they tell you? Stick to proven strategies.
28- Automate your trading whenever you can. This will stop your emotions from doing damage when you have an open position.
29- There is no such thing as a guaranteed profit. Remember that small losses that you planned for are wins as well.
30- Choose a reputable forex broker that o.ers you trading conditions and currency pairs that match your trading strategy.
31- Boredom is no reason to open a position. Be patient and look for real trading opportunities.
32- Volatility is an opportunity for both profit and loss. Converging Bollinger Bands often indicate volatility ahead.
33- Don’t get overconfident when you have a big win. Stick to your trading strategy and don’t take reckless risks.
34- Interest rates, employment and geopolitical events are the main factors to consider in fundamental analysis.
35- Don’t go against trends unless you have the financial and mental strength to survive a long string of losses.
36- You make the best trading decisions when you are healthy and rested. Get plenty of sleep and exercise.
37- If you over-leverage your trades, there is a real risk that you will be forced to exit a position at the wrong time.
38- Pay attention to the spread between the bid and ask. This can change and make the Difference between profit and loss.
39- If you start out by making simulated forex trades, remember that real trading is very different because of emotions.
40- You will often find the highest trading volumes when New York opens in the morning and Europeans come back from lunch.
41- Always plan your exit strategy up front. At what rate will you cash out winners, and when will you cut your losses?
42- Always look at the potential downside of any trade and plan to limit your losses if the worst happens.
43- When manufacturing economies such as China grow, commodity-based currencies such as CAD and AUD often rise.
44- Don’t just rely on technical or fundamental analysis. Successful traders take both into account before they trade.
45- Study horizontal support and resistance levels. Look for price action at these to find high-probability opportunities.
46- Remember that forex trends can continue for a long time, even if fundamentals start to change.
47- A good broker will always o.er a variety of Deposit & Withdrawal methods, including localized solutions.
48- Complex trading strategies cause confusion and frustration. You will make less mistakes if you stick to a simple one.
49- Forex trading isn’t a get rich scheme. If someone promises you huge profits overnight, turn around and walk away.
50- Volatility increases as markets overlap. 8AM GMT and 15PM GMT are the busiest periods to trade.
51- The timeframe you use determines how long to hold a trade. If you use an hourly chart you must hold for at least an hour.
52- When volatility sinks below its average, an explosive move is not far away. Watch out for the turns.
53- If you want to make money in the markets you need to face your fears and you need to pull the trigger.
54- If emotions get in the way of your trading, try back-testing a system to improve your confidence.
55- Trading in the zone requires nothing but the three P’s: preparation, practice and perseverance.
56- You should trade small enough so that you won’t go broke but large enough to make it worthwhile.
57- Beware of EAs and black box systems that claim to beat the markets. They won’t continue to win forever.
58- Don’t go full time until you can consistently pay yourself a wage and you have 3 months wages saved up.
59- The market has no personality and doesn’t need to change, the way you approach the market needs to change.
60- Beware of anyone who tries to sell you a system. If the system was that good they wouldn’t be selling it.
61- Don’t chase unrealistic returns. 1% a day is unsustainable on so many levels. 1% a month is more realistic.
62- Whether your goal is to make a living wage, start a fund or get hired, the important thing is to have one.
63- Forex markets only trend 40% of the time so you must have a strategy for whatever the market is doing.
64- Always know when central bankers are meeting and what traders are expecting them to announce.
65- Demo trading is useful but it doesn’t prepare you for live trading. Emotions become stretched when money is on the line.
66- If you’re not in the zone, trading can be torturous. If you have balance in your life, trading becomes fun again.
67- Before you get into a trade, know where you want to get out. Have a stop in your mind or a stop in the market.
68- If you hear yourself wishing or hoping a trade goes your way, it’s time to get out and rethink your strategy.
69- If you’ve been trading forex and you haven’t learnt good money management, it’s time to go back to the start.
70- Forex trading should be treated with the upmost professionalism.
71- The key to successful trading is defense, defense, defense. And when you’re in position, the occasional offense.
72- Trading requires consistency and discipline. Don’t fret the numbers until you’ve learnt those two things.
73- Pivot points are important levels watched by forex traders all over the world. They should always be considered.
74- Moving averages can be used in a variety of ways, such as smoothing volume or other technical indicators.
75- Simple indicators can work just as well as complicated ones so conquer those first before you move on.
76- RSI above 70 signals the market is overbought, below 30 the market is oversold. Learn to trade the extremes.
77- Don’t dwell on the past. Forget about your losses and missed opportunities and look forward to your next trade.
78- The most important is the long term trend, closely followed by the recent price action and picking your entry.
79- Don’t let trading consume you. You can lose just as much money by trying too hard as trying too little.
80- Hard work is key but quality work is even more You need to identify your weaknesses and work on improving them.
81- On the whole, rising interest rates are bullish for a currency. Falling interest rates are bearish.
82- Beware of countries with a current account deficit worse than -5%. They may not be far away from a full blown crisis.
83- Don’t just study interest rates and yields, study the market and how it reacts to news. Know what other traders expect.
84- Markets can stay irrational for long periods. It makes sense to go with the flow and don’t get stuck to just one idea.
85- A strong economy should be bullish for a currency but not if inflation gets out of control.
86- In the long term, current account deficits lead to currency depreciation, surpluses lead to appreciation.
87- The carry trade allows traders to profit from interest rate different which should narrow as time goes by.
88- Don’t hold a position across a news release unless you know what you’re doing, especially when it’s a big event.
89- If you don’t know what non-farm payrolls are, start learning about economics and how to trade the news.
90- Central bank announcements and non-farm payrolls can have big elects on forex markets. Always be prepared.
91- If market stress is coming along, head for safe haven currencies; the Japanese yen, US dollar or Swiss franc.
93- Learn one forex market inside out. Become an expert in your craft and keep it simple. That’s all you need to do.
92- Cut losses short and don’t be afraid to lose. It’s how much you make when you win that’s important.
94- Be careful using pivots after an explosive trading day. The market will likely be quiet so look for smaller profits.
95- Find your trading personality through study, practice and hard work. Not through trial and error.
96- Technical indicators are watched by many. Price action patterns can o.er unique setups for sharp traders.
97- Don’t get overconfident when you have a big win. Stick to your trading strategy and don’t take reckless risks.
98- Interest rates, employment and geopolitical events are the main factors to consider in fundamental analysis.
99- In order to be comfortable in forex you need to be comfortable making money. There is no place for greed or fear.
100- Trade with a broker that is regulated by a local/international authority. There are too many unregulated brokers out there – check reviews online to help you make your choice.
Remember that trading involves risks, and there are no guarantees of profits. It’s essential to approach trading with a realistic mindset and a dedication to ongoing improvement.
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