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Guest Kittyraj

Forex Trading Tricks

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Guest Kittyraj

Friends share your forex trading experiences and tricks here......

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I am not a profitable trader so far but trying to become a good as well as profitable trader. I am following some basic trading rules, experienced traders' suggestion and be updated with latest market news. I am happy with my trading so far including some profit and some loss. Forex forum and forex Q&A sites much helped me to learn about forex trading.

 

My favorite forum: Traders Laboratory - Active Trading Community

Best Q&A website: Ask-FX: Forex Trading Questions and Answers Community

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The best forex traders hone their skills through practice and discipline. Here are eight tricks that can help the novice and seasoned professional alike develop their craft.
Number 1, define your goals. To know what you want to achieve, you have to know if your trading methods are conducive to your goal. Make sure your trading style fits your risk profile.
Number 2, choose a broker who offers a trading platform with the analysis you want. Spend the time needed to research a broker’s practices and policies.
Number 3, choose a methodology, and be consistent. Whether you choose fundamental or technical analysis, remember to stick with it, and be ready to adapt to market changes.
Number 4, keep your timing in sync. Synchronize charts to avoid the confusion of different time frames. If the weekly chart gives you a buy signal, confirm it with the daily chart.
Number 5, calculate your expectancy, which is the formula that shows the reliability of your system

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