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Forex Trading Tips for Today's Market

Discussion in 'General Trading Forum' started by khan, Oct 11, 2012.

  1. khan

    khan

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    Forex trading tips are the fuel for the engine of success in currency exchange trading. Mastering important features of the currency exchange market equips all players in this market with important skills to succeed in this venture.

    Mastering the most important Forex trading tips:

    (a) Studying the technical factors and other market fundamentals: This enables traders to analyze the forces of demand and supply in the market and gain first hand experience in currency exchange. This also equips beginners with skills to control their emotions and money management. The Forex traders also learn how to make decisions and take risks.

    (b) Learning profit management skills: It is vital for all players in this trade to learn how to utilize their profits wisely. The main goal of this study is learning how to maximize profits and minimize losses.

    (c) Sharing experiences with other experienced traders: This involves considering the opinions of others in order to make informed decisions. This minimizes the chances of incurring losses.

    (d) Being patient and humble: It is important to learn how to accommodate failures at times. This enables the trader to learn from failures and improve experience.

    (e) Understanding that Forex trading rest on probabilities: Currency exchange trading is about probability and risk analysis. It is important to have a mentality that profits can be multiplied while losses can be recovered.

    (f) Never go against the market tends: Beginners are advised never to trade against market trends. It is dangerous to go against the market forces of demand and supply. Experienced traders can at time take this risk if they have financial resilience to stick to a long term plan.

    (g) Ensuring that the trade plans and analysis are easy to explain and understand: It is important to focus on well defined practices and goals in order to succeed in currency trading. The plans and market analysis should not be over explained or over analyzed. It is advisable to rationalize failures.
     
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  3. martyn

    martyn

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    to tip trading on Monday, later, when the pair eur / jpy moving up and is showing a very high volume and it has lasted about 2 days. most likely the pair will decline but you must be careful to shocks has increased very sharply that often occur in this pair.
     
  4. Daisy

    Daisy

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    Those are good tips. One would always have full knowledge before trading since its the backbone of success. From there that you will either make profit or lose miserably. Now, the lack of knowledge will cause you to lose miserably so learn all you can about fundamentals, technical, basics and then practice as much as you can until you can learn to take profit. Practicing is everything since without it you will also lose miserably.
     
  5. radex78

    radex78

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    Beware today will there are some news that included on high impact for usd, news ppi or producer price index is included one economy indicator on certain country that measure change in the price of finished goods and services sold by producers and might can influenced on currency
     
  6. sininfinity

    sininfinity

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    Hmm. I am interested to details about this story. Is there a detailed version of your story? I would like to read.
     
  7. Tom Latham

    Tom Latham

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    I appreciate your trading tips! By the way; success is very costly here because; there is no enough number of trainers! On the other hand, scammers are available here and there, so new traders don’t get proper guideline here!
     
  8. Lee Mark

    Lee Mark

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    Manual trading process is the best way! I have never seen any successful trader is trained by any mentor! Yes, I know it’s challenging but remember, if you can learn manually then you are the king!
     
  9. lioneld

    lioneld

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    But I think a professional mentor can produces so many successful traders! Although, they are not available here & there.
     
  10. Svetlana Loboda

    Svetlana Loboda

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    Today I am interested to buy EUR/USD trading pair from the swing point of H1. Here my initial target is 145 pips and SL is only 35 pips.
     
  11. lioneld

    lioneld

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    What’s your intention on right now? I am looking for a sell point here according to the intraday resistant level.
     
  12. Gerald Davydov

    Gerald Davydov

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    Here are some more tips for beginners. You have to learn as much as you can with respect to forex. Apply your insight to the best of your ability. See your unsettling impacts meanwhile, don't sit tight for the trade to turn channel for after more money. Continue ahead quickly and see how to see dissatisfactions. People submit messes up and its human drive you can't cover each and every one of the issues meticulously. The choice of your broker can break your succeeding. They are the most certifiable individuals and they do give qualified tips, so consider them before getting into it.
     
  13. lioneld

    lioneld

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    I agree with you, really learning is the key! Because, it’s a knowledge based profession, I see all of successful Forex traders have huge knowledge on technical & fundamental. So, new traders should focus on only learning rather than earning.