We often hear that 95% of Traders fail in forex business. It does have a point. But as the number of training and knowledge about forex business, you also can be successful from this forex trading for more details please click fxtrade777. Here are some 5 simple tips you can do before actually plunge into the world of forex trading.
Experiment with Account Demo
All beginner traders know this, but there are so many who are reluctant to do it. When you are new to forex, or when you are trying some trading strategies, you should always use the account demo. And while some of these experiments produce something positive to the demo account, then you can start trying it in real account.
Invest in Small Funds First
Investing in forex trading is very difficult, most traders end up after they lose and lose a large amount. therefore you should learn more about forex in trade gbp
You have to acknowledge that fact. So when you start to open and try trading using a real account, start investing from a small fund where you are ready if the fund is a loss. Never use savings funds such as funding for children’s education, health funding, principal need fund let alone loan funds.
Always Use Stop Loss
The Forex market is always moving fast and high volatility. When the price moves according to your analysis, it will certainly be very profitable. But what if the opposite? Certainly can make the funds in your account lose and reduce a lot. In forex trading, there is a feature where you can minimize any risk. Stop Loss. Yes, always use stop loss every time you open position.
Never Trading More Than 5% Of Total Margin
Any open position in forex certainly brings the potential benefits doubled, but what if it turns out the position is losing money? Every trader has a different trading history.
Sometimes 2 or 3 entry he loss in a row, and sometimes more than 10 positions he loses. One way to keep your margin funds safe is to always set the risk of each entry position to be opened.
Creating a Trading Journal
The good thing about trading is not to stop learning from mistakes. That’s why you should create a trading journal in the portfolio.
You can find out where the error that made you lose, the potentials that have the opportunity to generate profit. In this way, you can review your trading performance at least every weekend. Creating a trading plan or trading plan for the next week will make you a better trading person.