Global Forex Trading: 4 Secrets of Forex Trading That Will Make You a Master If You Know It

in Trading

If you want to be master in forex trading, you must understand the market very well/how the market works. I believe you should sit down and read every word in this article, as I will show you how to make profit even when you are sleeping in forex market. Alright, let's look at all these points because they are very important.

1. Learn one trading method and follow the rules of that specific method: I know some people will be asking themselves now one question; do I have any method of trading? You must master one method of trading for you to excel in forex trading, for example, if you are a swing trader or a day trader it is better to study that method of trading very well and stop trading the method you don't know very well because it can make you lose all the money you have in your account. It would be better for you to analyze the market very well and trade with appropriate time frame. As you practice this method you must also look for a good broker to do business with. You can look for my article on "how to find a good broker" for it will help you choose a good broker. A broker that will give you tight spreads, guaranteed stop losses and good order, also that broker site must be very easy to understand, please run away from broker that offer complex site.

2. Stop putting money to a losing position. In my own reasons, this is one of the biggest mistakes that many traders are making when trading forex; it is not good to stay in that market at that time. Instead, some people will stay in there and begin to adjust their stop loss and keep adding money to their losing position. Some traders that use to trade like that are not a professional. I use to ask them questions and the reply I usually get is that, maybe I have set my stop loss too close and I need to adjust it. Look my friend what you are doing is wrong; you are simply adding money to your losing position, if that market continue in that direction for a while that means you will lose all your money in a trade.

3. Take your Profit little by little: "little drop of water make a mighty ocean" says the wise one, the temptation can be coming especially when you are in the right position to make as many profits before your set target is reached. So many traders will now open two or three trades at a time, NO, it is wrong. You should learn how to be patience with your profit targets and stop opening many trades because of profit. If you keep trading like that one day the market will turn against you and you lose more than what you have gained. Using that wrong method can jeopardize your account completely and will finally judge the difference between success and failure. I think you should go and read my article on "money management".

4. You must be disciplined: so many people out there are not disciplined in their trading career and that is why we have a lot of traders with very small success. I mean, so many people are trading but few are really making profit from forex market. So I will advise you to be among of the discipline traders and have success story to tell.

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Idowu Samuel has 1 articles online

If you can follow all that I've said, you will be outstanding traders with many profits! Go to http://www.forextradinglead.blogspot.com for more information.

 

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Global Forex Trading: 4 Secrets of Forex Trading That Will Make You a Master If You Know It

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Global Forex Trading: 4 Secrets of Forex Trading That Will Make You a Master If You Know It

This article was published on 2011/01/11