Here are 10 simple tips you need to enjoy long-term trading success, and if you understand and follow them, you can join the elite 5% of traders who make big profits by trading Forex.
I put the number of tips in order of importance – you have to follow them.
1. Do not use FX robots
When 95% of all traders lose, don’t expect a cheap robot to make you rich effortlessly, these systems cost so little because they don’t make money.
2. Work intelligently, not hard
I always read that it takes years to learn to trade and you have to constantly learn – it’s rubbish. Forex trading is easy to learn as simple systems work best and you can learn all the basics of success in a few weeks. You don’t get paid for harder work in forex trading, you pay for being right, so there’s no need to do extra work for no reason.
3. Understand volatility and decline
I see many traders who think they can trade a day and scalp with 10 to 20 points, but soon lose their money. This is because they have no understanding of volatility and it affects and if you want to win, you have to understand everything about it.
4. Use low leverage
Brokers will give you a leverage of 200: 1, but use this amount and you will lose. For a novice trader, 10: 1 is the maximum you should use, and don’t worry that you can win a triple digit on it and still have strict risk control.
5. Discipline Discipline Discipline
In Forex trading, the world’s best traders make money about 50% of the time, but make huge profits by having the discipline to keep losses small and make profits.
Most novice traders think they will gain most of the time, so they lose losses and this leads to destruction. They refuse to admit their wrong way of life, if you want to win on Forex trading, you forget to be right all the time and focus, reduce losses and make profits.
I hope you enjoyed the above tips and if you understand them, you will understand why you can make big profits on Forex.