
Rule 1 : choose correctly your forex broker (regulated, in EU...).
Rule 2: the forex market is not created for you. So, be more malignant and stronger .
Rule 3: Establish a plan for the next week.
- Step 1: Identify entry points, stop loss and profit levels once you have completed your technical or fundamental analysis, you are able identify your input and output levels. Your input levels and profit need not be set in stone because it is essential to adapt to market developments but on your stop loss , you must be firm. You can use a chart to stop on time or volatility to determine the trade invalidation points. Once you have your input and output levels, check your risk / reward ratio and decide if the trade is worth passing.
- Step 2: Use a size appropriate position correctly Size the size of a position is one of the most important skills of currency trading. Without it, we always ended up taking positions that are either too big or too small. In the first case quickly loses his money, in the second we miss interesting profit opportunities. In general, it is advisable to risk a maximum of 1% of the balance of trade by its trading account. Friends beginners, operating well, you probably avoid bankruptcy and also improve your skills. To help you, there are now tools like the calculator of position size.
- Step 3: Determine the type of order you need the term "order" refers to how you will enter / exit a position. Make sure you know what type of order you spent your broker. There are several, the market order or at any price, the limit order, stop order, the OCO (One Cancels the Other), the trailing stop, etc.
- Step 4: Check your position the involvement of a trader in a position is not just limited to placing orders. If you are a swing trader or a trader's position, it is imperative to keep an eye on your screens to monitor the price action and market and check the validity of your position. Consult a forex economic calendar and keep you abreast of latest news to detect the general atmosphere and the market sentiment is changing. With time and experience, you will learn to distinguish the reports that are just noise from those involving trading adjustments. What is important is to find the right balance between flexibility in response to changing market conditions and respect for your original trading plan. By following these four steps, you will ensure you are not necessarily success , but you will develop habits and skills that will, perhaps, eventually you there.

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