10 Tips for your success in Forex trading

**traderkenny** · 12-17-2008, 09:12

1. Implement a trading plan.
“If you fail to plan, you plan to fail”. A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

2. Trade within your means
If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

3. Avoid emotion trading
If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

4. Ride on a win and cut your losses
Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

5. Love the trends
Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.

6. Stop looking for leading indicators
There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secret away.

7. Avoid trading in a thin market
Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

8. Avoid trading in too many markets
Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

9. Implement a proper trading system
There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

10. Keep learning
The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

source: golearnforex.net

Geting more forex trading secrets, just go to Secrets of forex traders

**mk3fx** · 12-18-2008, 17:24

"And what about sending a soldier into battle without boot camp simulation? Sounds like a recipe for disaster to me. "

Dude, you are so wise!

**Soeloie31o** · 12-25-2008, 14:39

The world is a ladder for some to go up and others to go down.-------------------------Buy wow gold, cheap wow gold, wow gold

**acidburn03** · 01-07-2009, 03:29

what's with the WOW boo**** my man?

**Jones** · 01-11-2009, 11:29

this is a good list, thanks for sharing, some really good advice there

**rozal** · 02-11-2009, 11:57

Avoid emotion trading
this is important

**safeandsimple** · 03-15-2009, 00:21

All excellent advice, but I think trade volume is one of the most important factors, as well. Professionals use a rule of thumb trading 1 standard lot for every $50,000 in account balance, which works out as 1 mini lot for every $5,000. If you have less than that, then you want a broker who will let you trade as low as .01, like IBFX.com. They have superb customer service, as well.

Also, always go back to the demo account when trying any new strategy. Don't practice with real money. A free and easy strategy is available at forexsafeandsimple.com.

**Derek** · 04-26-2009, 00:04

Thanks for the great tips

**georgeharrison** · 04-27-2009, 08:19

Hi,good advice! but must have education and much experience in this area because the market is very dynamic and poses many risks.

**VanForex** · 07-29-2009, 06:19

Thanks for having this list of tips...
"Trade on popular currency pairs and avoid thin market" --- this is actually one of the best thing to consider..

View Profile · 08-03-2009, 19:24

Stay organized in your trades and fully utilized stop-loss or limit functions in your trades. 9 is very true too, if you don’t have a trading plan then you are lost.
Great list btw!

**Brian Campbell** · 09-10-2009, 12:33

Yeah, "the trend is your friend" is a cliche, but definitely true. I've been burned more than once by not following the trend.

**sean41** · 09-14-2009, 18:02

THANKS ...I'll make it my 10 commandments..ha ha ha .MORE POWER!!!

**sean41** · 09-16-2009, 16:55

that's great advise there but i need to add : practise at demo accnts so you can a look and feel on how to trade.

**leah0024** · 09-18-2009, 18:08

hi there!

demo accounts would actually look hard to understand but it's not as hard as what you see it. it helps a lot actaually especially for the newbies who wanted to know more on this.

**tiki** · 09-19-2009, 19:19

Originally Posted by traderkenny

1. Implement a trading plan.
“If you fail to plan, you plan to fail”. A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

2. Trade within your means
If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

3. Avoid emotion trading
If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

4. Ride on a win and cut your losses
Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

5. Love the trends
Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.

6. Stop looking for leading indicators
There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secret away.

7. Avoid trading in a thin market
Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

8. Avoid trading in too many markets
Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

9. Implement a proper trading system
There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

10. Keep learning
The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

source: golearnforex.net

Geting more forex trading secrets, just go to Secrets of forex traders[/URL]

all excellent points you maker here

**TheRumpledOne** · 09-23-2009, 23:32

#5 is misleading... THERE IS NO TREND!

TREND IS A CONCEPT.

TREND EXISTS ONLY IN YOUR MIND.

TREND IS RELATIVE TO THE OBSERVER.

DO NOT BE FOOLED.

**leah0024** · 09-25-2009, 13:34

Originally Posted by TheRumpledOne

#5 is misleading... THERE IS NO TREND!

TREND IS A CONCEPT.

TREND EXISTS ONLY IN YOUR MIND.

TREND IS RELATIVE TO THE OBSERVER.

DO NOT BE FOOLED.

exactly! haha COOL!

**lhar_ff** · 09-30-2009, 05:26

Well, if there is 10 Tips to success in Forex trading, there is also a Top 10 mistakes traders make
and these are the top ten:

1. trading with emotions
2. not having discipline
3. not having a trade plan
4. changing the trade plan mid-trade
5. improper money management
6. increasing commimtent with success
7. adding to a losing trade
8. setting a stop loss based on risk tolerance
9. using a mental stops vs. stop loss orders
10. overtrading your account