ForexStars

[forexstars]

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.

[bskdsdlitr]

forexstars It really is a star ？

[forexstars]

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.

[forexstars]

forexstars It really is a star ？

You can check it yourself as soon as we launch new tournaments! Register and become a star among other traders)

[forexstars]

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.

[forexstars]

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.

[forexstars]

Tips for traders beginners

Momentum and a trend

Novice traders often don’t even realize that with an appearance of a new trend, the momentum is growing. New traders make a strong momentum when join the others at the market with the trend rising. Trade when the momentum is in your favor. It will push your trade in the right direction and you will reach the point of profit even faster than expected.

[forexstars]

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.

[forexstars]

Tips for traders-beginners:

You shouldn’t be afraid of the currency market. Many traders-beginners have too many fears of Forex market’s uncertainty and risks. Those who can overcome themselves will be awarded with a substantial capital increase.

[forexstars]

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.

[forexstars]

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.

[forexstars]

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.

[forexstars]

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.

[forexstars]

Tips for trader:
Discipline is a key to success
Many traders fail even having a “dangerous weapon” – their own trading system. The secret of success is in trader’s self discipline and his ability to follow the signals of the system not losing the moments of opening and closing positions. “If you break a discipline once, the next transgression becomes much easier”, – Gill Blake, fund manager.

[forexstars]

Tips for traders beginners:
Don’t believe trade analysts and Forex forecasts. Most analysts have never tried being a trader and the main source of their earnings is paid forecasts. Learn to take responsibilities for all trade decisions only on yourself. Remember, analysts will not return you a loss in case of failure.

[forexstars]

Tips for traders-beginners:

Don’t overtime loss positions. Practice shows that novice traders are ready to keep a loss position just until the balance comes to zero. But profitable positions are closed just a few points in plus. Learn to close loss positions easily as well as to wait easily for profitable positions to reach high. Always use Stop- and Limit- orders; it will help you to avoid losses at short-term spikes.

[forexstars]

Tips for traders:
Move from simple to complex
Choose a market (for example, USD/JPY) and study its history for at least past 10 years (the more history you study, the better). Mark trends, levels of support and resistance on a price chart, look at the prices approaching the levels. Find familiar and unfamiliar technical analysis patterns and make a thorough examine of the price behavior in these patterns. Try «to hear a melody» of currency exchange rate shown on the chart. Having made such exercises on different scale charts (monthly, weekly, daily and hourly), you can find a lot of useful regularities.

[forexstars]

Tips for traders:
Keep a trading record. Describe your positions in a special trade diary. Besides factual information about the transactions write your thoughts into it. It will help you to correct your mistakes. If you know exactly the cause of your mistake, such mistake turns into an invaluable experience.

[forexstars]

Tips for traders:

Make decisions yourself:

Trader is a person who is 100% responsible for the results of his work. That’s why a trader always has his own trading plan and makes decisions HIMSELF. Only if you refuse from the majority opinion, you can understand whether your actions are right or false and this is the clue to your profitable trading!

[forexstars]

Tips for traders beginners:

Don’t use a significant part of your capital in trading. If money is great, you will be very afraid of losing it. And as it is known, those who are afraid of losing, loses. At first, a more important thing is not the amount you will manage to earn but the development of trade efficiency.

[forexstars]

Tips for traders beginners

Don’t give loose to your emotions. An experienced trader treats losses and winnings equally. Remember that one-time gain or loss change nothing; the result by the end of the month, quarter, year is more important.

[forexstars]

Tips for traders

Learn the psychology of traders

Traders, it is them who form the currency market, are, first of all, people with their emotions and psychology. What is the exchange rate chart? This is nothing else but a graphical representation of opinions, hopes, desires, and fears of the global community of traders. For a successful trade the study of human psychology and its impact on the trading decisions is necessary. Analyzing the price chart, try to understand the feelings and thoughts of traders in each moment. This approach will allow you to leave the ranks of cowards and the weak and to join the ranks of aggressive and bold "bulls" or "bears".

[forexstars]

Tips for traders:

Constantly develop three areas of knowledge: fundamental analysis, technical analysis and market psychology. These three components arm a trader to conduct operations at the battlefield of financial markets. Constantly develop yourself, read as much information as possible and don’t forget about practice.

[forexstars]

Tips for traders:

Build your trading pyramid properly

Don’t forget to increase your opened position if the market moves in your favor and your feel you’re right. The trick of building a trading pyramid is in making each new addition to a position less than the previous one. Only with such pyramid an average rate of your opened position will allow you to withstand short-term rate movements against you without losses. "You can be far more aggressive when you're making good profits"- Stanley Druckenmiller.

[forexstars]

Tips for trader beginners:

Accept the possibility of losing your money as an inevitable fact. Every novice trader should understand that no one is impervious to losses at the foreign exchange market. The main rule of currency trading is that the profit must be much greater than losses.