Forex Advice Top 5 Strategies
5 strategies which form the best advice and that are key to your success in forex and that can turn your forex around within no time, and if you want to start making good profits in forex you can start by following this advice.
If as a trader you have spent a long time learning trade, how to trade and other forex strategies & methods, then you might already know some of these tips, these forex advice tips if you stick to them they can improve your forex but most traders will lack the discipline to follow this advice.
This advice comprises of the rules that you must master before opening your account & placing any trade. These rules below when combined with a good Forex system will yield good trading results.
Money Management Rules - One of the best advice is to use good money management rules and method. Forex Money management is about controlling your risk, so that after several trades you are making profits because you have applied the correct money trading management rules. As a trader the first money management rule is to have enough forex capital to trade. Anything below $1,000 dollars will be hard to apply good equity management. The more capital you've combined with good money management the better your trading will be and the more profits you will make.
Forex Equity Management Tutorial
Good Risk Reward Ratio - a good risk reward in forex is about 3:1 or 2:1, if your risk reward isn't higher than this then the money management rules of statistics will put you at low odds of ever making money in forex, to stack the odds more in your favor for every dollar you risk in forex make sure you have the potential of making three times this amount so that your net overall is a profit and not a loss.
Risk Reward Ratio Forex Trading
Capital - Begin with enough forex capital, if you are going to be trading forex mini lots make sure you have at least $5,000 dollars in your trading account to start with, but don’t start with 5K dollars and trade 1 standard contract the math will not add to your favor and to give the best advice like this you'll not make any money. If you are going to trade standard lots then open a trading account with $50,000 & trade only 1 or 2 lots at maximum.
Discipline - Have the discipline to wait for your system to generate the trade signals, don’t open a trade because you see that the currency chart is going up or down, you must wait for a signal from your trading system. Even if it is tough to wait around for a good set upto day trade or long term trade, but not having the discipline to wait for a signal will eventually wipe out your trading account, so learn to sit patiently and wait for signals from your trading system
Forex Trading Planning - You must plan for your trades in advance, this the time when the most objective analysis in forex is done. What most traders get wrong is the fact that they planned the trade so they are ready to take the trade when the set up matches, but when trading in the market these trader don’t follow their rules . This one Forex advice tip alone can change your trading.
As a trader get a good forex plan that will plan out everything of how you will trade the currencies.
Forex advice forex business plan for starting forex trading
