First, we hold that there is no simple general rule that leads to success in Forex trading. In practice, completely opposite Forex trading strategies lead to success. A solid foundation but the 22 Trading Tips of successful foreign exchange trader.
1. Risk Management
One or more trades should not destroy your entire Forex trading capital. This is best achieved by reacting in advance to hedge its position (eg stop rates).
The risk Top trader maximum 1-3% of its capital in a trade.
2. Discretion to deal with losses
Even the best traders have losing days. Do not attempt to use double the loss of balance.
The Top trader reserves on bad days, his forex trading strategy, rather it goes back to the use or paused for the day, if it does not work out.
3. No trade without a trading strategy
Organize the entry exactly. Simply no reason to gamble on a rising dollar is how to put the casino on black or red.
The Top trader increases such as a result of a good technical base and makes a stop price, to avoid being exposed to unlimited risk. The Top trader holds no ifs and buts to his trading plan.
4. Learning by doing
Unfortunately, in theory, in Forex trading is often much better than in practice, so you start with small stakes. The more experience you have, the better you can assess how you approach the Forex trades.
The Top trader uses stable phases (with strong trends) off by stakes are raised, in volatile markets operations are reduced.
5. Volatility use
In quiet market phases can be obtained from Forex Trading reason alone will lose money because the currency swing only at the current rate. The courses should stop here, be close, since a breakout then often violently runs. The closer stops can be triggered easily and so it keeps losing money if you will be terminated.
The Top trader waiting for volatile prices, since the movement of thrust is much greater.
6. Stops actively use
You should not only set at the beginning of Forex trades a stop, but you should also adjust this.
The Top trader moves his stop running after, so already secured scored gains.
7. Balanced action
Durable, one can only successfully trade foreign exchange when one is fully concentrated.
The Top trader is 100% for the cause, rather than pause acted distracted, this also applies to diseases, stress, and (personal) problems.
8. Learning from mistakes
Be grateful for any error, but you learn from it.
The Top trader analyzes his bad trades (trades or loss in foreign exchange trades, in which he got out too late or too early) and the same error trying to not commit.
9. The currency market is always right
In Forex trading, any private dealer is just a small fish. Accept that determine the foreign exchange markets, the direction and not we ourselves
The Top trader always adjusts flexibly to current market conditions. There are just times quiet days since then, we sometimes use the forex trading back down.
10. Take time
Even the most successful foreign exchange traders have to start small. Like all activities in the world that require training or experience required, it is also time to be a successful trader. One can not be an overnight skier or accountant, you think about this.
The Top trader works daily discipline in itself learns from its mistakes and is expanding its strengths.
11. Losses realized
Do not wait for that currency goes back to the "right" direction that has been thrown so many young dealers from trading on the.
The Top trader accepted and realized losses and therefore has a clear head for other trades.
12. Profits thanks to lower losses
Mistakes must be corrected immediately. There are Forex traders who generate large profits despite a profit rate of 40% or lower.
The Top trader can gain positions (with trailing stops) to run and limits his potential losses to a minimum.
13. Forex trading is work
For a successful forex trading is more in demand as a WLAN access in the cafe, where you would like to quickly make a few successful trades.
The Top trader avoid distractions and attempts to completely focus on the trade, although he perhaps would like to trade in the football stadium, he does it but in a quiet environment.
14. Right equipment
The forex brokers provide in today's everything you need such as foreign exchange should Charts technical analysis, yet one to be aware of how to use the offers.
The Top trader often has additional Forex trading tools and arranges the charts often on multiple screens to identify trends and turning points better.
15. Technical Analysis
Technical analysis is the most common form of analysis of exchange rates in the short-term trading. It includes hundreds of indicators.
The Top trader uses technical analysis for entry and exit points identified. The indicators are often adjusted to your needs.
16. Attitude
Only he who believes in himself and is willing to do this also will be able to trade successfully.
The Top trader believes in its success without over-estimate themselves in the process and enjoys the foreign exchange trading.
17. Emotions
Emotions have no place in trading on the Forex nothing.
The Top trader is guided not by emotions and begin to take its decisions in repose.
18. Weaknesses in
Every athlete has certain shortcomings (eg, fitness or technique), as each trader has something to work on the can.
The Top trader constantly works on his weaknesses, even if these are only minimal. A little training goes (for example, to test Forex Strategies) forever.
19. Performance review
Successful Forex Trading also requires a good control.
The Top trader analyzed its daily forex trades to take advantage of the experience gained profitably.
20. Concentrate on the essential
Specialize in first on a currency pair that is simpler than many currency pairs at the same time keep in mind.
The Top trader has no problems to trade multiple currency pairs at the same time, he places his attention more on what trades could have the best risk / reward ratio.
21. Exchange rate changes are not accidental
The currency markets do not move randomly, but be moved by market participants. That is where the opportunity for anyone with some knowledge, skill and sensitivity is to generate a profit.
The Top trader feels like to move the currency markets and always adjusts its foreign exchange policies in the market to increase its profit potential.
22. Cost control
Always use foreign exchange broker with low spreads. Even small differences can add up over time when trading on the Forex to considerable sums.