Click me
Transcribed

How To Master Forex Trading

HOW TO MASTER HOW TO MASTER FOREX TRADING Even though the process of forex trading is easy, it has caused huge losses to many inexperienced traders over the years. To become a successful forex trader, one has to follow a simple set of rules. This infographic helps to master forex trading with its challenges and risks. 9 TIPS TO CONQUER FOREX TRADING 1. Have clear goals in mind and choose a trading style that is compatible with those goals. 2. Good trading involves expecting small losses. 3. Do not waste time on a losing trade, hoping it will turn around. 5. Study weekly charts on weekends to look for patterns that can affect forex trading. 4. Choose a broker who offers a trading platform that is suitable for the trading style. 6. Focus on a single currency pair at first, as it is difficult to master the world of currency trading. 7. Plan trades in advance and never trade only because of the sudden price movement. 8. Stay calm and avoid getting over excited when trading, which can lead to overtrading or trading with poor reward-to-risk ratio. 9. Don't cut the profits short by closing the winning trades too early-stick by your rules. TECHNICAL ANALYSIS USED BY FOREX TRADING EXPERTS 3 $ 3 * Minimum rate inconsistency between different currency pairs. CHF Moving average lines show whether a trend is bullish, bearish, or non-existent. A W uly Aug Se Bollinger bands show volatility of price, and the points where a price movement may reverse. Average directional index shows the strength of the trend, a strong trend is likely to continue and a weak one is likely to reverse. Determine whether a given pair is trending or range-bound. AVOID THESE MISTAKES TO BECOME A SUCCESSFUL TRADER 1. TRADING WITH AN UNDERFUNDED ACCOUNT 2. POOR RISK MANAGEMENT 3. TRYING TO SQUEEZE EVERY LAST PIP FROM THE TREND 4. DOUBTFUL AND INDECISIVE TRADING 5. EXCESSIVE PICKING OF TOPS AND BOTTOMS 6. FAILURE TO CAREFULLY SELECT A GOOD TRADING EDUCATION FOREX TRADING AND RISK MANAGEMENT 1. 2. 3. Choose a highly regulated broker who upholds the highest trading standards. Use smaller lot sizes to stay flexible and reduce level of risk. Limit the use of leverage to avoid huge losses. Use a hard stop to control losses on a trade. 5. b. Exit the market strictly according to your rules, without regret. Look for opportunities where reward exceeds risk. HOW TO STAY INFORMED AND KEEP UP TO DATE TO BE A SUCCESSFUL TRADER NEWS 1.Attend conferences, seminars and events held locally or online. 2. Network with other traders. 3.Discuss in forums & blogs. 4.Read financial & business news. 6.Teach a friend -- it is great 7. Test new strategies to see which generates the best results. 5.Watch the latest market videos and headlines. way to stay up to date. Designed by Infographics Zone The Max Trading System Sources: www.maxtradingsystem.com www.investopedia.com www.about.com

How To Master Forex Trading

shared by infographicszone on Sep 08
774 views
2 shares
0 comments
Even though the process of forex trading is easy, it has caused huge losses to many inexperienced traders over the years. To become a successful forex trader, one has to follow a simple set of rules. ...

Category

Business
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size