Previously, ayoforex.com has review 5 Trading Tips for Forex Traders (Part 1). After reading the 5 tips in the previous article, You will certainly already understand what is important to note by forex trader beginners.
Below are the 5 trading tips for forex trader beginners. Hopefully, by knowing what should be done by a forex trader beginner, You can minimize the losses incurred from forex.
Being realistic is probably the most difficult thing for the novice trader. Most of the forex trader beginners is still an idealist with the thought that trading is definitely profit if you apply all the analysis correctly. In fact, in addition to the analysis, there are still external factors such as market conditions fluctuate. Indeed, there is no profession in this world that se-potential of the forex trading, but it was certainly there’s a requirement, that is not easy or it can be said, is mentally hard to accept. Never inedible spiel that states that you can profit by sitting on a sandy beach. You must remain humble and realistic.
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2. Do not trade too much
Slowly but surely and keep patience for win trading, it sounds corny, but it is true. Trading with high frequency will make you too emotional with the mistakes made, and it will destroy your trading account, and trust yourself.
3. Focus on the daily chart
A novice Trader, you should focus on daily chart and trade on daily chart time frame before doing other things. Why should the daily chart? To be able to focus on the daily chart, it takes patience mentally, it also requires intelligence and way of thinking to the future. You should be able to control the ego and a realistic attitude. Different with the chart the lower the time frame (under 1 hour), where you have to continue to focus on the time and less able to learn patterns that may be formed on the market. Instead, you will focus more on take profit as quickly as possible and ignore the other.
4. Do not put the stop loss too close
Tips this one is very valuable and takes a long time and also, a wide variety of defeat to be able to figure it out. This is because you should be able to put your stop loss at a safe distance from the price at entry. If you put a stop loss too close, you will stop before the market actually moves in the opposite direction. In other words, it may be strategy or your idea is correct, but because you put the stop loss too close, you already stopped before the movement you anticipate occurs.
5. Trading without education
Plunge in trading without acquiring enough education just the same by going into the lion’s den. Don’t ever invest your money to something that you haven’t know him that well. Get to know and learn first the forex trading on the whole, new start play. It would be better if you ‘invest’ your money for the education of forex trading, before investing your money in a ‘field’ forex trading actually is.
Remember, work smart better than work hard. Forex trading could be a challenging loh, so, you forex novice trader, never tired to learn yes.Look forward to the article-article options ayoforex.com other yes :).