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Tips for traders:
Pull yourself together. Patience is one of the most important qualities of a successful trader. Novices who just opened a trade account want to jump into battle. But a proper moment of entrance the market can appear only in a few days and a random trading will have emptied your deposit by that time. Everyone is attracted by intraday trading but at first it is better to open multi-day positions.
Discipline is no less important than patience. Only discipline lets trader move along a predetermined path. No way change incidentally the rules of your trading strategy otherwise trading will become systemless.

Tips for trader-beginners

Do not let greed overcome you. When trading is in profit, traders often forget about their goals hoping for further successful continuation. The market is very volatile and trends can come to an end. Once the target price is reached, immediately remove the profit and raise the stop price to avoid losses.

Tips for traders beginners:

Any professional trader or Forex analyst will tell you that only your own trading strategy will let you earn money. Try to create your own trading plan, upgrade your strategy constantly testing it on a demo account. As soon as trading system starts bringing profit you can be sure to use it on a real account.

Tips for traders:
Trading should be started from one currency pair. Traditionally the most predictable and stable currency pair is considered EUR/USD. Trading other more volatile currencies allows earning more but the chances to lose also rise.

Tips for traders beginners:

Don’t allot much time to loss positions. If you notice that the position is losing, take a right decision – close it and open another one minimizing your losses. At the currency market there are a great number of profitable deals that’s why it is unreasonable to waste your time on loss positions. Following the recommendations above you will quickly feel an improvement in your work at the currency market. Now you can start real trading.

Tips for traders-beginners:

Join the trade only when you have a definite plan. When you start trading, you should make it clear for yourself what amount of money you’re ready to risk and what profit you expect. This will be your risk-return ratio. Successful traders never join the trade without a clear understanding of their aims.

Tips for traders
Don’t lose your capital
You must be able to save your earned money. Close quickly loss positions and keep profitable ones.

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Tips for traders

Accept the possibility
of losing your money as an inevitable fact. Every beginner has to understand that nobody is impervious to lose at the currency market. The main rule in trading is that the profit must be much bigger than losses.

Tips for traders beginners:
Preliminary planning:
Do not enter the Forex market only because of a sharp rise or fall in price. Plan your way of trading beforehand. You should have a clear understanding of the point of entry, the quotes of the order that fixes the profit and the moment when you should stop.

Tips for traders beginners:

There is nothing bad in frequent entrances to the market but if you use it clumsily, you can go bankrupt quickly. The main point of the strategy is that the trader increases the volume of a negative position assuming that the market would return to its former state and all the positions would be closed in profit. But if the currency rate goes far away from its former state, the losses will be enormous and that’s why it is better just to buy and maintain.

Tips for traders:
Use cycle of results
Many events in the world occur cyclically. Trader’s live also goes through periods of victories and defeats. By increasing the size of your positions during the synchronization with the market and decreasing otherwise, you can achieve a positive result of trade. A skillful money management is used by most successful traders (if not by all). "The idea is to lose as little as possible while you're in a losing streak" - Victor Sperandeo, fund manager.

Tips for traders:
Don’t turn profitable positions into losing ones. Watch the market move. As soon as positive readings are reached, put a stop at the entrance to the market. It will help you to protect your money. Then move the stop after the trend so that the positions remained profitable for you.

Tips for traders:
Understand your motives
Before you start trading, answer the question: why do I want to do this? Are you seeking for a trill? Or do you like to solve tricky puzzles? Or perhaps, you want to become rich at once? Do you wish to master an extremely interesting profession (probably for whole your life) or you try to escape everyday life? Or maybe Soros laurels make you restless? A clear idea of your goals will help you to find the shortest path to reach them.

Tips for traders beginners:

A common mistake made by traders beginners is an early closing of profitable positions. Don’t deviate from your plan. It will help you not to lose your potential profit.

Tips for traders-beginners:
Trading system
Every trader has his own trading system that he adjusts for himself. Some traders prefer a day trading system, others like longer periods. The main thing is not to deviate from the original plan of trading. A few bad operations do not make your system a fail.

Tips for traders:

Your system is your advantage
To win in a stock market game you need to have some advantage over other traders. Such advantage is your own trading system proved on historical data and showing a positive result. Your trading system must not be complicated, it should be easily adjusted to constantly changing market conditions. “The more complicated the system is, the more details it has, the more vulnerable it is”, - Dr. Alexander Elder.

Learn from your mistakes

Make a thorough exam of both your profitable positions and negative ones. The grief of loss is much less if you understand your error and you are sure not to make the same mistake in future. A trader who can make an advantage of his mistakes is bound to succeed. "As long as you learn something from a loss, it's not really a loss" - Tom Basso, stock and futures trader.

Tips for traders beginners:
Take your time!
Traders-beginners often open several positions and then understand that they are not able to keep track of all of them. On Forex you can make profit both on the rise and on the fall of the exchange rate. Only one currency pair can be traded successfully. So, at first, focus on one currency pair and gradually master the rest.

Tips for traders beginners
Trend is your friend
Trade in the direction of the trend and your profit will increase!

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