10 Forex tips for a successful start

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1.Start gradually

Don’t open many positions at the same time. It’s better to choose fewer positions, but weigh each of them carefully.

2. Stop-Loss order

People often forget to limit their loss and therefore have to step out of the game very soon. With the Stop-Loss Order, you will be able to control the situation if the rates change unexpectedly.

3. Rule of 1/6

Specialists advise against risking more than 1/6 of your free capital when you aren’t completely confident.

4. Stick to the plan

Each good trader has their own plan, and the best make an efort to hold on to it. Those who have the time, make daily transactions, others choose long-term strategies. Keep it steady!

5. Multiple time frames

Differentiate the time frames of analysis: weekly graphs are used to observe trends, daily and hourly graphs – to observe the best time to open and close positions.

6. Don’t stop the profit

An essential mistake beginners make is closing the transaction too soon and thus not using the full profit potential. Trends last longer than they might seem at first!

7. Don’t play against the trend

Transactions against a trend usually result in loss. Wait for a beneficial tendency and then make your move!

8. If in doubt, follow the leader

If you still aren’t confident about your decisions, choose a platform that lets you follow leaders and copy their transactions.

9. Trends have momentum

Beginners often don’t know that when trends start, they develop quickly because they are increased by traders following them. Use trends in your favour!

10. Close the unsuccessful

Don’t hold unsuccessful positions open for a long time. Experience shows that it’s best to close them early and move on to others.

 

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