Here are some tips that I have learned along the way. I hope it helps you as it did me.
- Learn one thing first and do not move on until you have mastered it.
- You cannot learn to trade until you know what the market is. So before you learn to read charts, indicators, or trading strategies, you must fully understand what is the Foreign Exchange (aka Forex).
- Do not trade real money that you cannot afford to loose.
- You will lose money in this game, get use to it, if you can’t, this ain’t for you.
- Trading is very risky and not for everyone.
- Take your time to learn the market, it is your money you are messing with. So take all the time in the world and protect it.
- You should learn risk management before you start to learn to trade.
- Never stop learning, If you think you’ve master a set-up, learn something else.
- Never let signals from indicators tell you how to trade, but use indicator signals to confirm your trade plan.
- Lagging/leading indicators do not work well alone, you must pair it with other indicators, and confirm it with price action.
- Remember, indicators tell you where prices have been, it cannot tell you where it is going next.
- Do not let fear control your trade
- Plan your trade, trade your plan.
- Fears let you enter/exit trades too early, or too late. Trust your analysis.
- The sooner you let the fear of losing go, the better trader you will become.
- If you go through a set of losses right after the other, stop, breathe, take a break and come back tomorrow.
If you have some tips that you would like to share, please share it in the comment section below, or send it to me using my contact page.