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Tips for trader beginners: Remember that hope and fear are the mortal enemies for a speculator In common life hope helps us to move further even when there are no objective facts which help us to do it. Fear is a natural defensive mechanism that helps us to avoid dangerous situations. For a trader these feelings are enemies. A hope that the market will turn towards your position will not let you close a losing position and the fear to get a loss in a further order will not let you participate in a significant market movement. Make decisions only on the base of objective facts; do not allow the feelings to interfere into your trading.

Tips for traders-beginners: Get rid of psychological attachment to the positions. Evaluate the transaction according to its potential and current result. Sometimes novice traders adhere to their orders if such positions opened in similar positions brought good profit in the past. You have to remember that at first signs of adherence to a certain position and internal refusal to consider it impersonally you should leave the market. Positions are just a tool for getting profit. You shouldn’t feel an emotional involvement when opening and managing positions.

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Tips for traders: Try to get big profits and not a big number of small ones. Many traders say that like in any business a significant part of profit in Forex comes from an insignificant number of transactions. Human nature doesn’t maximize profit itself but the probability to get it. It helps us to feel safer. But it doesn’t allow you to get profit in a long-term prospective. Your aim at Forex is not only to reach a good risk/profit ratio but also to earn money at these profitable transactions.

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Tips for traders-beginners: Don’t try to capture the movement in the whole No doubt there is nothing more pleasant than to open a short position on the top of the market. However, if you lose a good moment to enter the market, it doesn’t mean you will not have a chance to participate in the market movement. On the contrary, many traders believe that entrance in the middle of the trend is the best possibility to get profit as the trend is more stable in this phase. Besides, the start of the trend is usually followed by sharp price fluctuations which will either push you out of the market or make you break the risk/profit ratio on the transaction.

Tips for traders-beginners: Admit your mistakes quickly If you understand that your forecast is not proved by the market, don’t cling to it. It is better to look stupid than try finding the facts confirming the forecast in which you already don’t believe yourself. An individual trader can admit his/her mistakes as often as he/she likes in comparison with institutional traders whose mistakes challenge their careers. Take your advantage – change your opinion about the market due to the current situation.

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Tips for traders: Learn entering and leaving the market gradually The method of partial opening of a position is rather useful as it allows leaving a part of profitable positions longer with lower risks for the position in the whole. It also lets you be more flexible and reduce or increase your total position depending on the real terms and be independent from the initial point of view.

Remember, at 14:00 ( UTC +0:00 ) freeroll tournament will start for Forex traders. Register for the tournament and win its share of the prize pool $ 2000! http://forexstars.com/

Tips for traders-beginners: Practice low-risk techniques In other words, use in your trading such systems and methods which require opening positions where a small price change is needed to prove an error. Good trading strategies with the right risk-income ratio are grown from such methods.

Tips for traders: Learn to be patient The largest profits are obtained not from the action but from waiting. The ability to wait for a good opportunity to trade and not to rush to every fluctuation of the market is an integral part of success in Forex. Make demands to the market and wait until it fulfils them exactly as you planned. Also, patience will be useful for saving profitable positions. The desire to take profits is a part of our nature but in the market it can destroy you. Taking a small profit from the market you do not let the position to fulfill its potential. And besides: can you imagine a trader who lost his/her capital because of holding a profitable position? If you make profit - just wait and let the profits grow.

Remember, at 14:00 ( UTC +0:00 ) freeroll tournament will start for Forex traders. Register for the tournament and win its share of the prize pool $ 2000! http://forexstars.com/

Tips for traders: Don’t come under influence The capability to think independently and take independent decisions is a necessary part of successful trading. Never come under the pressure of masses. Even if you manage to earn a few times on a popular belief, in result you will lose much more because of losing the ability to think independently. At any market two groups of professionals will always have two absolutely different points of view: one will say that the market is already ready to rocket and surely will give you a dozen of proofs of that theory; and the others will advise you to sell as the market is ready to slump as they think. Both of them are sure of what they are saying. However, professionals differ from amateurs in their ability to easily change their opinion if the market gives them a hint they are wrong. Amateurs keep to someone’s opinion till the end. So, always have our own opinion and don’t be afraid of changing it if you feel it is wrong.

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Tips for beginners: Place all the responsibility for the result of transactions on yourself You and only you are responsible for the results of all transactions on your account. It doesn’t matter what made you to open a position - the responsibility for the result of this action will always lie on you. There are no successful traders who reproach other traders or brokers with their failures.

Tips for traders beginners: Be disciplined Discipline in the trade is very often the only thing that tells a successful trader from a loser. Without self-discipline, you will not be able to control the risk effectively and to follow your trading system. As a rule, in Forex trading traders make decisions that are comfortable for them and that eventually cause damage to their account. Discipline makes you to take the right decisions even when you are, for whatever reasons, not ready to enter the market.

Remember, at 08:00 ( UTC +0:00 ) freeroll tournament will start for Forex traders. Register for the tournament and win its share of the prize pool $ 2000! http://forexstars.com/

Tips for traders: Manage your capital and control your risks. Most successful traders say that capital and risk management sometimes is more important than trading method itself. Even a profitable trading system or trading method may lead to losses if a trader hasn’t used basic rules of capital management and risk control. To master these basic principles you don’t need to be a mathematician, you just have to follow three simple rules: 1. A risk for one transaction mustn’t be more than two per cent from your capital. Even if you understand that a deal has a good outlook, you shouldn’t risk more than 5%. 2. Always determine Stop-loss and Take-profit levels before opening a position. 3. Make a break in trading if you understand that you have entered a series of losing transactions. If your deposit allows it, you can sharply decrease a volume of each new position.

Remember, at 14:00 and 21:00 ( UTC +0:00 ) freeroll tournament will start for Forex traders. Register for the tournament and win its share of the prize pool $ 2000! http://forexstars.com/

Tips for traders beginners: Use your own trading method Using your own method gives you unquestionable advantages in comparison with using somebody’s methods and systems. Nobody will understand the logic of your trading system better than you. Moreover, the foundation of the system itself doesn’t matter: you may “read the tape”, use a graphical analysis, count Elliot waves, use Gann methods or practice fundamental analysis. The main thing is to strictly follow the rules of your trading method and to make a really profitable method.

Tips for traders beginners: Your trading method must be statistically profitable You will never be able to get profit at Forex if you don’t use profitable strategies in trading. Neither masterly capital management, not thorough following the system will save you from losses if your trading system is unprofitable. In the same way roulette ruins players: risk control and capital management can only slow down the process of ruin. If you want to earn at Forex, you need a profitable trading system or statistically profitable method.

Remember, at 14:00 and 21:00 ( UTC +0:00 ) freeroll tournament will start for Forex traders. Register for the tournament and win its share of the prize pool $ 2000! http://forexstars.com/

Tips for traders: Trade according to the method that suits you Trading method that determines your trading decisions every day must not contradict your individuality. If you feel that you are not able to lose a considerable part of your current position then following trend strategies are not for you because you just won’t be able to follow it. In case you don’t have a possibility to spend the whole day in front of your computer, don’t try to use intraday trading strategies. If you cannot stand a psychological pressure when making trading decisions, automate trading process – develop a mechanical trading system. This trading aspect is very important because if your trading methods are profitable, you won’t be able to use their potential because of third-party factors: psychological pressure, lack of time, etc.

Remember, at 14:00 ( UTC +0:00 ) freeroll tournament will start for Forex traders. Register for the tournament and win its share of the prize pool $ 2000! http://forexstars.com/