Every beginner’s like to trade in profit but without enough knowledge about Forex that becomes a rare instant. It is said that around 90% to 95% of traders who are beginner’s will blow up the account at starting of the period in their live trading account. It happens because of Inexperience in trading and not having backup of any plan in the first place.
1) The first and foremost thing they can do is Increase their knowledge in Forex trading by reading information regarding Forex market.
2) Always Trade only during a suitable hours of trading when there is high liquidity and lower volatility in the market.
3) Learn technical indicators and fundamental indicators and include both of them before taking any important trading decision.
4) Always play safe by having take profit (TP) and stop loss (SL) for each and every trade.
5) Keep it simple no need to trade with all types of indicators in the same chart window.
6) Always use time frame of not more than two types as it itself will make your trade much risky.
7) Have your own plan and strategy build completely with money management techniques before in hand you enter a live trading.
8) Don’t follow any signal or EA service at the starting period of trading. Leave it as a option once you become a successful trader in the forex market.
9) Always have a well deposited amount maintained for trading as lesser funded account as a very lesser percentage of chances to get successful in forex trading.
10) Trade with your plan and stick to them with due respect and disciplined maintained with physiologically well trained and leaving your full faith in your system.
This is guidelines give to the beginners trader to trade like a successful pro trader exp simplified in the above given points.
source: www.fxbase.com and www.brokeragefactory.com
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