Forex Trading Tips:
13 You Can Implement Right Now

Venturing into the world of currency trading without the proper education is like attempting to drive a very fast sports car when you haven’t taken your first driving lesson. The odds are against you succeeding. Here are 13 Forex trading tips for new traders:

  1. Make Your Own Trading Decisions

    Avoid taking advice from any one person or any news channel, eventually you and only you are responsible for the profits or losses in your trading account.

  2. Use Multiple Time Frames

    Use multiple time frames in your trading analysis in order to increase the odds of having a winning trade. When analyzing the markets for a swing trade for example, it’s best to ensure that the Supply or Demand level identified on the 120 minutes charts is coherent with the Daily trend and far from a weekly opposing level.

  3. Back-test Your Trading Strategy

    Back-test your strategy, manually or robotically, to ensure that it is a profitable strategy and it has the potential to grow the trading account if applied consistently.

  4. Join a Group of Like-Minded Traders

    Surround yourself with people who are already successful and willing to share their experience and trades. The students’ trade room in the Mastermind Community in OTA is a perfect example of such an arena. The information shared inside these rooms is invaluable.

  5. Choose your Forex Broker Carefully

    The industry is filled with poor quality brokerage companies. It is the trader’s job to identify the good ones based on the fund’s safety measures they apply, the spreads they offer, the commission they charge, and the regulatory bodies they are subject to.

  6. Learn to Let Go

    Once a trade setup is analyzed and planned and the trade is taken, there’s nothing further to be done. “No more bets” as they say, beyond this stage.

  7. Be Aware of Major News Releases Every Day

    The important releases for any currency are scheduled ahead of time and published on many websites (usually under the title “Economic Calendar”). It is the trader’s job to be aware of these releases and take caution around that time.

  8. Never Risk More Than 1% of Your Trading Account in Any Single Trade

    This is especially true for new traders. This is important for both the trader’s psychology in case the trade was stopped out, and for the preservation of capital.

  9. Ensure the Infrastructure is Adequate

    From a reliable internet connection with large enough bandwidth and an uninterruptible electricity source, to a trading PC equipped for seamless performance.

  10. Review Every Trade After It’s Closed

    And not only that, but assess whether the trade plan was followed without any deviations. Take necessary actions accordingly.

  11. Master One Style of Trading (i.e. Day, Swing, Position)

    Trying to utilize all the trading styles, especially for a new trader, can only lead to confusion and inconsistent results. It is best to choose the style that fits your personality and focus on that.

  12. Lead a Healthy Lifestyle

    Nutritious foods and exercises are not only good for the body but they are also good for the mind, and trading is a psychological game. A trader needs to maintain a sharp and relaxed mind to adequately deal with the stress of a losing trade.

  13. Stay Clear of Anyone Trying to Sell You a Forex Robot

    Unless the trader developed and tested the robot himself, the chances are it will not work consistently. Trading is a skill that is acquired by the very few, develop this skill to elevate yourself to the top.

    Acquiring the proper market education is every trader’s responsibility and duty towards himself if the goal is to attain a level of consistent profits. These Forex Trading tips barely scratch the surface of Forex education, but understanding and applying them is of crucial importance.

This content is intended to provide educational information only. This information should not be construed as individual or customized legal, tax, financial or investment services. As each individual's situation is unique, a qualified professional should be consulted before making legal, tax, financial and investment decisions.

The educational information provided in this article does not comprise any course or a part of any course that may be used as an educational credit for any certification purpose and will not prepare any User to be accredited for any licenses in any industry and will not prepare any User to get a job. Past results are not a guaranty of future performance.

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