18 Forex Day Trading Tips
Here are 18 Forex Day Trading Tips or tools that can help you achieve your goals in forex day trading.
- Understand Why You Want To Trade Forex – a successful trader has a goal and that is to make profits in Forex Day Trading.
- Most Traders Are Losers – a lot of day traders lose money trading and some destroy their trading accounts.
- The Forex Trader – you have to earn success in Forex Day Trading.
- Focus on your trade – know why you got in and where you will get out. Remember your stop loss.
- Develop a trading strategy that works – learn to read your chart. Study the indicators and see which one fits your trading style.
- Be Consistent – make sure you have a trading plan in place. If you aim for 20 pips per day, stick with your goal and after you hit your target, turn the computer off and take a break.
- Trade with money you can afford to lose – DO NOT TRADE WITH MONEY YOU CANNOT AFFORD TO LOSE!!! Be sure that the money you use is truly risk capital and not funds which you count on in the future. Trading with “scared money” will lead you to losses.
- Have A Trading Goal – It's really simple. You can't reach a goal unless you have one, if you want to be good at Forex Day Trading
- Have A Trading Plan – don't gamble. Set your stop loss and targets.
- Make a commitment to trading
- Do not hesitate – as soon as your system or signals says to act – you must act!
- Assume responsibility for your trading actions
- Emotions are out – there is no fear and hope in trading.
- Have a Trading Journal - monitor your performance and results.
- Have positive relationships – as a trader you have to keep a positive outlook and winning attitude. Negative people will eventually make you negative. Avoid those people at all cost!
- When you make money in the markets- withdraw some from your trading account – your profits will accumulate. If you do not, you will look at how much money you have in your account and be tempted to trade larger positions.
- Don't trade many currencies at the same time.
- Don't bring a trade home – at the end of the day you are flat. You have no trade.Read these Forex Day Trading Tips as often as you can!
These are some Forex Day Trading Tips we teach in our Forex Trading Room.
- Posted by fx_Trader
- On August 4, 2012
- 0 Comments