1. Demo Account
Some say it is not important demo account and a waste of time, this is not entirely true. In forex trading takes your ability to read where the direction of price movement which is usually referred to as technical analysis (using graphs) and fundamentals. To be able to perform technical analysis well, of course you need a lot of exercises on how to read charts, the characteristics of the indicators used, and so on. Well, this is where the role of a demo account. To be a consistent and profitable trader, you might not be enough to just do a demo account for one month only, it may take 2 months, 3 months or even more to finalize method / system and your trading plan. Remember, in the forex trading can not be used in ways that instant. Everything takes time and experience to be successful.
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2. Develop a plan or a trading plan, do and stick to it.
Trading forex is the same as any other business, if you do not have a plan or a trading plan then you are doomed to fail in getting profit on the money market. Having a trading plan is a must because without it then I can say that you simply and gambling. A good trading plan will set rules that can tell you: when to take or open position, how much risk are budgeted, and when to exit the trade. It is important for you to develop a trading plan and comply with the rules made if you wish to become a successful trader.
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3. Learning To Accept Losses.
Losses are part of the business and you can not run away from this reality. As humans, we would have to seek perfection. We have to believe that if we had found the right method then we should be able to do a good deal. Losses that may be suffered only slight or even perhaps have never experienced a loss. Unfortunately, never experienced a loss to say impossible, because even the best traders in the world must have felt the loss which became part of trading. The key is to not be afraid of the loss but just enough to manage the risks in accordance with the conditions and the financial markets.
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4. Use Money Management the right.
The key to you can trade in forex trading with a long time is to control and manage the risks that you Milki. You must choose to resist the temptation to maximize profits, instead of minimizing losses. You should treat the capital you have or use because you feel responsible for loved ones who are around you. You will not be risking the lives of family members right? So never take unnecessary risks because your capital is the life line of your trading career. Keep your maximum risk, by allocating risk between 2-3% per transaction and you will ensure that even if you are suffering from a series of losses then you will still be alive for transactions on other occasions.
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5. Do not be Greedy
When you perform a transaction and the market goes according to what you want, then usually you will be tempted to do the transaction again because you think that the price will continue to move in the same direction so that your profits will double. But be careful, because it can actually backfire because markets can quickly turn and remove all your profits. To avoid this, you should close the transaction after the market has provided a number of advantages for you. Of course, this number should be planned in advance in your trading plan and must be strictly adhered to.
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Forex trading may seem like an impossible thing to learn but with these tips you will be on the right track to become a successful forex trader.
Ok dude Trading Gold To train and test the ability of trading skills Trading Plan you please use the DEMO ACCOUNT before really using real account
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