Top 12 Forex Trading Tips And Tricks For A Successful Trader

By Steven Hatzakis Tuesday, January 9, 2018
Want to turn yourself from a beginner to a successful Forex trader? Try of making mistakes over and over again. Our Forex trading tips and tricks can help!

Introduction

Almost everyone in this world has a dream to become rich overnight, regardless of being unrealistic. Success cannot be got just one night’s work; it is a long process. It is really complicated for beginners to gain success in today’s competitive Forex market. So, if you want to trade Forex prosperously, you need to make preparations in advance before diving into.


Don’t be confused! We’re here to help you achieve your big dream! Here are the top Forex trading tips and tricks for you!

Top 12 Forex Trading Tips and Tricks for a Successful Trader

1. Choose a Broker Wisely

If you want to win half the battle, you should choose your broker wisely. Spend as much time as you can on searching and finding out popular brokers on the internet. You can check reviews or recommendations from other traders who already have experiences in Forex trading. Ensure that your broker is reliable and suitable for your personal trading strategies.

Always remember that there are many fake brokers out there. You are secured when choosing a broker who is regulated.

2. Build Your Own Strategy – Plan in Advance

It would be a mistake not to mention strategies when talking about Forex trading tips and tricks.
Determine and orientate your trading goal. What you want to achieve and what you want to get it out of trading. Remember that you need to keep a clear mindset of your end goal because it will help you strictly follow your discipline.

"A trader can use one or a combination of strategies in his trading portfolio, depending on his personality. There is no "one" strategy that is better than the other."MARIO SINGH
"You have no business trading without a trading plan."KATHY LIEN

3. Learn Step-by-Step

“Haste makes waste”, as the saying goes. Whether you are a beginner or not, you also need to learn the basics first and slowly move till you comprehend the playing field. If you don’t want to lose all of your investments, start with a small sum of money and gradually win this game step by step.
Never forget “practice makes perfect.” Relying on only learning the basics and then start trading live, you will lose your money. Every beginner needs a demo account to practice first, and you need, too.

4. Control Your Emotions

Emotion - something that everyone in the world knows, feel and has experienced many and many times.

However, you should not let your emotions stick with trading activities. Let imagine that you cannot control your feelings after suffering loses. What would you do? Most people want to try and try to do it again with the hope that they can win such battle to get returns. Nevertheless, sometimes, life is not a dream. They may experience more losing streaks.

Avoid getting unnecessary risks you should separate your emotions from Forex trading.

5. Stress Less

Do you know that trading under stress can lead you to irrational decisions? It also costs you money if you trade live.

Thus, think about what cause you stress then immediately eliminate or somewhat limit its influences. Taking a deep breath and concentrating on anything else are also necessary.

Everyone has their own method of overcoming stress. Some people like to listen to classical music, while some prefer exercising. Find your own ways to control stress.

"For the last 14 years, before I do anything in my day, I practice yoga/meditation. So before I traded each day, I always made sure my mindset and brain were in an optimal state."CHRIS CAPRE

6. Take Risk

Keep in mind whenever you decide to become a true trader, you must prepare to face the possibility of failure sometimes. No one can succeed all the time, and nothing is perfect.

You can’t decline the failure, but a way to avoid it is being realistic about your trading strategies and goals.

"Never trade money that you can't afford to lose because then the pressure of losing it won't allow you to have the patience to profit."VLADIMIR RIBAKOV

7. Patience is a Strong Point

Patience to trade Forex. That’s easier said than done.

Beginners often want to be successful, so they tend to find the quickest and easiest way to make profits. But do you think slowing down will be better? I do!
All you need to start trading Forex are planning, developing skills, waiting for the right opportunities and learning from your mistakes. Being a trader requires patience!

"I never had the attitude of ‘when will I become successful’. My mentality was ‘however long it takes is however long it takes'." - CHRIS CAPRE

8. Continuous Education

Every day you trade in FX market, there are also new lessons you could learn. Learning the basics is never complete. To become a successful trader, you need to analyze news, financial processes and market trends.

Devote time to learn to trade every day. As I mentioned above, trading equals patience, and studying is the same. You study, then practice and study more. It takes a lot of time but doesn’t worry studying always pays off.

9. Take Breaks

A great Forex tip to follow daily is to take time away from your computer, especially during stressful trading sessions. When you have several computer windows open and multiple data streams to analyze, you can naturally feel pressured.

In this case, it's better to take a break and walk away for a while. Give yourself some time to collect your thoughts. When you return to your desk, you'll be calmer and focus.

10. Trends are Good for You

Following the trends is one of Forex trading tips and tricks you should learn. Trends which show you what is coming next will give you an opportunity to pro-actively prepare and adjust your trading activities beforehand.

11. Know the Charts

Chart is one of the most useful tools can help you to trade easier and more time-efficient.
 
For Forex traders, charts give them fast access to numerous, heavy data in a simple, visual way. Learning and knowing the chart help you a lot if you want to trade efficiently.

12. Use Stop-Losses

As you all know, stop order gives you a hand to control your entry and exit decisions whenever you don’t have enough time to trade manually.

Use stop-losses wisely and don’t put it too close to your entry price. A recommendation for you is to keep the stop losses at a safe place far from the opening price.

Placing stop-loss right plays an important role in eliminating risks of losing your investments in a bad trade.

Conclusion

Forex trading is not too difficult for beginners to win this battle. If you keep in your mind and acquire the feel of using Forex trading tips and tricks, the chance to become one of the most successful traders is not impossible. Always prepare yourself first, learn the basics, find out more information connected to Forex, create your own strategies then strictly follow the rules.

You can win this kind of “game”. Good luck!