Beginner traders often lose their first trades due to lack of experience. In order to gain more wins, thus more profit, I have listed ten tips to get the maximum out of the positions you take.
1 Upfront, you have to decide how to actively manage the open positions. Each movement of price must be carefully respected, and it must be acted according to the short-term fluctuations. You must read the newspaper and understand what you need to know.
2. Trading plans and strategies developed should be trusted rather than books and news. In this way, you have more time to act, while looking at the charts.
3. Learning new things is fundamental to a trader. The Forex market changes quickly and you must listen carefully to what is being said, attempting to collect events and words, which can improve your performance.
4. In case of difficulties when you have just started trading, giving up is not what you should do. Keep on practicing, maybe open a demo trading account first.
5. Learning to keep your own opinion, also against other people, is something that could pay back because everyone is after a precise strategy. Ten million traders means ten million trading strategies.
6. After you started to see the actions as an any other successful professional, average profits will rise and fall losses.
7. In addition the own daily output must be controlled and evaluated, so you remember when your services do not meet the standards and objectives. Some times of the day are particularly dangerous for your trading style, you had better write such notes on a day book.
8. It is important to take time to look at the results of the day, exploring information of your own actions is what you should keep in mind for the next session.
9. Don’t focus on one market. Every market, from the United States to Japan and every single one in between have trading and profit opportunities.
10 Daily record our own positions and operations. To improve, it is essential to look at profits and losses and to develop an expert eye.