Top 10 Trading Tips for Beginner Traders.

1.Tread Softly into Unknown Territory!

Don’t make the mistake of most beginners. For example, they hear some rumors and invest all they have in the hopes of profiting quickly and effortlessly. As a beginning trader start small. Humbly learn all you can about a few instruments before you dive in.

2.Hold on to your Capital!

Quick profits are out there for the taking, but real success at trading comes with time and experience.  Remember: staying cool in this line of work is achieved by discipline and knowledge, by entering and exiting the market confidently.

3.Respect Your Stop Loss!

Do you know what the number one reason is that causes traders to quit trading? They incur heavy losses because they don’t incorporate Stop Loss into their strategies. It’s that simple. If you are not familiar with Stop Loss, make sure you understand it thoroughly before it’s too late.

4.Create a System of Trading

Just like each person has their own fingerprint, so each trader has their own style. You must nurture and develop your own style by reading widely and studying carefully. Study success and you may achieve it!

5.Watch your Profits Grow!

Among  the most important things to remember as a beginning trader is to not to close your winning trades too early.  Avoid making decisions based on fear and impatience.

6.Know when to Adjust!

When your trades prove profitable, watch them closely. If need be, more your stop loss forward to your entry point to guarantee profit. Then, watch the trend and adjust your stop loss. And most importantly, watch the trend to prevent your investment from slipping into a loss.


7.Plan Forward

Trading takes finesse and planning. If the price of a stock or currency suddenly rises or falls, don’t take that as an indication that it’s a good time to enter. Knowing your entry point well in advance takes study and planning.  You must know your Take Profit and Stop Loss rates before you trade, so then you only have to wait for the right opportunity to come up.

8.Trend Basics

One more thing that new traders should be aware about is that as a new trend starts to grow, it gains momentum. So, imagine that what you see as a great opportunity, so do thousands of others thereby strengthening the trend. This could push your trade into the right direction, increasing your profits sooner than you might forecast.

9.Taking a Loss? Get out!

Remember the old saying, “Don’t put all your eggs in one basket”? So it goes with trading. If one of your trades is taking a loss, pull out! You can always reassess it from the sidelines.

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Essential Forex Trading Tips to Help you Succeed Right From the Start

It is true that there are some people who make a lot of money in forex trading but there are also a lot of people who lose large amounts. To make at least a reasonable profit, you must know these five forex trading tricks.

Forex trading is all about risk management. Even though every venture is risky, forex trading is essentially so. Therefore you need to assess the amount of money that you want to put in the market so that you do not get devastated if you lose in the market. Even though forex trading is a great place to earn large sums of money in the shortest possible time, it is also a place where you can lose out on a lot of money equally quickly too. It is therefore important to be able to assess and manage risk appropriately.

Do not set the take profit order higher than the stop loss order. Do not fall prey to the greed factor hoping to maximize the profits from a sale everytime. Get the money coming in faster by opting for a lower take profit option.

It is a good strategy to stay away from high leverages if you can. This will help you in reducing the amount of risk and help you take advantage of the forex markets. This does not mean that leveages are not good but you need to be careful.

Many trading platforms allow the opportunity of social trading. Social trading involves the practice of seeing what the top rated traders are doing so that you can copy them and benefit from their knowledge. This is also a great place to actually check out whether the thought process that you had was right or not. It is definitely a great thing to adopt if you are too busy to analyze the charts and graphs. No doubt that social trading is the smartest way to enter the forex trading world.

Confidence is a great asset for all forex traders. It is confidence that keeps you afloat when you are anxious about what the markets will be like after a major fall. While absolute success with each trade is not possible, it is possible to win with confidence, perseverance and analysis skills. There is no reason why you should not be able to succeed in forex trading when others can.

Source : forexarticlecollection

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Forex Trading - Should You Invest?

Forex trading was not available to the average person up until recently when technological advancements made trading currencies possible even with small amounts of capital. In the past, this was the monopoly of large financial houses, governments, central banks and multinational corporations that were in trading Forex to facilitate international trade. Now the market has changed allowing retail traders to take part even with a few hundred dollars and this has made this market the largest on earth with more than four trillion dollars in daily turnover.

The Forex market can be highly profitable if handled carefully with proper money management as well as risk management. Regular currency trading can be nerve racking and trading with a true picture of the potential of trading is the best. This can be achieved by studying the market (using the charts and the useful information they can provide) from as many angles as possible.

Another advantage with Forex trading that novices have is the ability to do a test run with a virtual currency account. Here, you can practice all that you have learned about Forex trading systems without having to risk any real money although all other aspects from trading signals to placing of orders can be real. After starting off with a demo account you can graduate onto a micro and then to a mini account which gives you the best opportunity to handling your money and optimizing investing even with a few hundred dollars. This is the training ground for many traders and by this time you will find out whether currency trading is actually your cup of tea.

After a mini account it is a matter of risk analysis, market analysis combined with the best investment opportunities to be found. The psychological aspect of trading is also important for traders as it determines how risk is handled by a trader and how much trading pressure he is able to handle. Patience is certainly a trait that will pay handsomely in the long run

A trader who is able to enjoy trading will definitely be more successful at it. The secret of being successful also depends on how much work goes into studying the market, trends and entry and exit points. Trading currencies has to be treated as a business where you are in it for the profits rather than a lottery or a get-rich-quick scheme.

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Handling a Liquidating Market

A liquidating market is defined as a market that is experiencing a pattern of broad selling in the face of declining prices. It can take place in all kinds of market and is not just limited to the financial markets. Nevertheless, the issue of liquidating market is important for an online trader as it will affect his trading strategy. Lately, it is even more critically important as the recent financial meltdown that happened in the sub-prime mortgage market in the U.S. has caused the liquidating market to dominate the scene longer than usual.

Thus, in the face of this kind of volatile market that you might be facing, you need to be on your toes and be aware of exactly what kind of markets that you are trading in and adjust your trading strategy accordingly. A market which is consolidating, Ranging or trending all requires different types of trading strategies to deal with them. Liquidating markets are especially difficult to deal with for day traders because the fluctuation of prices tends to move in ‘bursts’. One will see a sharp drop in prices when a large liquidating order comes into the market with limited follow through after that. Because a sharp drop in prices can trigger stops or break through an important technical level, these can and is likely to spark off another round of liquidation. When the above vicious cycle occurs, we often find false bottoms or tops.

Usually, the span of a liquidating market position is relatively short and stops will also get exhausted. The next phase of the market reaction after a liquidating run has flatten out is either to continue the trend as the next cycle or reverse the trend. On the other hand, the current market situation is far from ordinary. Since the beginning of 2008 and driven by a heighten level of risk aversion, the global financial market has been facing extreme volatility.

Just as when we thought the market is due for a correction and trend reversal, the liquidating market continues its vicious cycle. The unending waves of selling orders will put a strain for those traders who are used to trading in a typical market by looking for paltering bottoms or tops. The end result will cause everybody to be running for cover. Nevertheless, avoiding the temptation to go bottom fishing for profitable situations is not easy in a liquidating market. The illusion of the market bottoming out can really pull one into loss making spiral. This is where iron clad discipline in trading will pay off.

he herd like mentality that we all possess needs to be restrained. Financial experts have suggested the liquidating markets are driven by factors other than fundamental economic theories or technical analysis. Hence, relying on technical analysis for reliable forex signals can be extremely difficult for a liquidating market. Regardless, the best way to avoid getting sucked into a liquidating market is to have proper money management and discipline in controlling oneself from running after false bottoms or tops.

ForexMarket4you

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Multiple Time Frame Analysis

Multiple time frame analysis is a form of technical analysis which requires the traders to look at the different price changes of the same currency pair. Typically the charts are in different time frames and will allow the trader to better understand how the currency options moves with changing market conditions. Through multiple time frame analysis, traders can effectively enter positions.

In most cases, only 3 time frames are used , weekly, daily and 4-hour charts but traders may also decide to utilize shorter time frames (4-hour, 1-hour and 15 minutes). Generally, the longer time framed charts are used to get an overview of how the market is behaving while the shorter time frames are utilized to fine tune the entry and exit points. It is important for the traders to capture the big movements in the market in order to make a huge sum of profit. In this case, the traders will need to know which direction they should take and what kinds of shorter term movement can they take advantage of. Multiple time frame analysis is more than just picking out the tops and bottoms; instead, it is about looking for buying opportunities in an uptrend and selling opportunities in a downtrend which enables the trader to profit more.

Traders in the spot market typically use daily charts to identify the general trend while hourly charts determine the exact entry points. In the AUD/USD currency pair which has been trending up since the early 2002, range traders will find it difficult to trade, and will probably experience losses if they stick to the same strategies they use in normal situations. Even when certain dips in the market, the pair remained strong for the last couple of years, hence presenting very little opportunities even for medium term range traders.

In this case, it is best to adopt a position which follows the trends and to look for buying opportunities when the prices are lowest. In this case, the trader can use a level of the Fibonacci retracement as the main support level then use the daily charts to get a general idea of the direction of the trade and then hourly charts to pinpoint entry points.
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Why Investors Fail [ Must Read ]

According to research more than 92% of traders close their accounts within 9 months and never come back trading again. This essentially means one thing – trading is not a get rich quick scheme. Yet, this should not be misinterpreted to mean that it is not a profession for newbies. Even the best traders lose money in their first months in the investment industry, and they made it big because they strived to overcome the challenges and went on to learn from their mistakes. Why then do so many investors fail? Here are a number of reasons:

1.    They trade for a quick buck. While traders can easily make money in the forex market, it can easily disappear. Many traders earn quick money but very few make it big because they do not fully understand how the market works. On the other hand, there are many others who end up broke because they failed to realize that forex trading is all about an properly timed trading strategy.

2.    They don’t have a plan. In any financial market, a trading plan (or strategy) is essential. Before an investor decides to trade real money, they must set specific amounts on capital they want to invest, and how much they are prepared to lose. Unfortunately, so many new traders do not realize the importance of this or they simply couldn’t be bothered.

3.    They don’t use stop losses. Not all trades will go well, and in this case, a trader must know when they can call it quits. By setting up stop losses, traders can prevent additional risk to their account and can limit their losses to a few hundred dollars.

4.    They do not test for entry and exit points. Trading works a lot like firing a missile – you have to test it so you can minimize the casualty. Random buying and selling just wont work.

5.    They get emotional. Most traders who profit in an uptrend will tend to keep their bets on that same position hoping to get a few more dollars. Unfortunately, at a time when information can be transmitted so fast, prices can change in just a few minutes and will cause a $1,000 portfolio to drop in value without notice.

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What Is Hedging

Hedging denotes safety and security. Hedging is protection of client's funds from unfavorable currency rate fluctuations. Account funds are fixed at their current price through conducting trades on Forex. Thus, hedging helps to ease exposure to currency rate change risks, which helps to achieve result not influenced by fluctuations.

In fact, hedging presupposes using one instrument in order to lower the risk related to unfavorable market factors impact on the price of another one directly associated with it. More often, the notion ‘hedging’ means insurance from the currency price fluctuations, assets etc. Hedging can also be considered as a type of investment allowing to minimize the price movements risk in the market. The hedging cost should be valued with regard to possible losses in the event of refusal from it.

Hedging types on Forex

The first type is hedging the buyer’s money to lower the risk of possible increase of an instrument price. Another type is hedging the seller’s money in order to lower a price drop risk.

Hedging example

A trader, who imports foreign currency, opens buy trade with a currency on his trading account in advance, and when the real time of currency purchase comes in his bank, he closes the position. And a trader, who exports foreign currency, opens a sell trade with a currency on his trading account beforehand, and at a real moment of this currency purchase in his bank, he closes it.

There is a so-called hedging mechanism, which implies obligations balancing in the currency market (or securities market etc.) and the opposite futures market. To hedge capital losses from a particular instrument, the position is opened with another instrument, which can compensate financial losses.

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Trade Arrangment - Every Trader Must Know

Any trader either a newbie or a professional should develop the most convenient and profitable trading system for himself. Trading strategy is one of the basic elements of the trading system. Undoubtedly, there are many trading strategies on the international currency exchange Forex market, but it does not mean that each of them can be applied by all traders. Before developing a trading system the trader should define which strategy will be the most appropriate. It should save trader’s time searching for the most applicable trading system. In order to decide on the trading strategy you have to take into account two factors:

- personality and internal constitution;
- financial capacities.

Most traders make a great mistake by following an unnatural trading strategy for them. The problem is that the major part of traders, regardless of their trade experience, does not think about that. The second reason is lack of financial resources in order to choose the most relevant trading strategy. Consequently, a trader does not have any other way except for choosing a strategy which meets the requirements of small capital, not taking account of the first component.

We consider all trading strategies as follows:

Intraday trade

Adherents of this type of trade are mostly beginners, it is connected with currency market dynamics which attracts novices. Intraday trade has the following peculiarities:

• Positions can be opened during one trading day and by the end of the day they should be closed or, in case of urgency, carried over the next trading day with setting protecting orders;
• All trades are short-term and meant for taking just a part of profit;
• Within a day the number of trades can be more than one;
• Intraday trading does not require huge financial investments;
• The work time interval is minute charts.

Intraweek trade

As a rule, traders, disappointed in intraday trade, try this strategy. Intraweek trade has no such furious market movement as in intraday trade. It may seem that market is motionless. But it is just at first sight. Intraweek trade has some peculiarities as follows:

• A trade can remain opened for ten days;
• All trades are counted on taking the most part of profit on market movement;
• As a rule, not more than 2 positions are opened during a week;
• Requirements for invested funds are much higher than for intraday trading;
• The work time time is multi-hour charts.

Positional trade in the direction of positive swaps

As a rule, positional trade is used only by patient traders. Positional trade is distinguished from the previous two by a pressure put on trader, and moreover, a trader has more free time. Positional trade has the following characteristics:

• The work time interval is daily and weekly charts;
• A trade can remain open during months;
• Requirements for invested capital are the highest, compared to the intraday and intraweek trades;
• An option of being outside the market during correction periods is available.

Probably, every trader can find additional definitions of the strategies, but the basis is one of these strategies to become ideal for you. In order every trader to be able to choose the most appropriate strategy for him/her, let us consider which strategies are applicable to different characteristics of a trader. However, strategy choosing is a responsibility of traders.

First, let us look through advantages and disadvantages of the intraday trade:

Advantages:

• Huge capital is not necessary;
• Trader may stop trading any time;
• Minimal risk;

Disadvantages:
• High emotional pressure;
• It is required much time for refreshment;
• Lack of time during a trading session.

This strategy is suitable for traders with a great endurance and virile character, quick reaction and strong nerves.

Intraweek strategy:

Pros:

• Insignificant pressure;
• High profitability;
• Less time is required for refreshment;
• There is free time during a trading session.

Cons:

• Significant volume of funds is required;
• Trader can be outside the market during the trend correction;
• Impossibility to stop trading at any moment;
• Necessity to hold opened position for 24 hours.

This strategy suits traders who combine such qualities as working capacity, deliberation and thoughtfulness, because first time trader will need to monitor positions 24 hours a day, analyzing all market changes. It is really timely at the moment of market trend formation. Meanwhile, usage of multi-hours charts will be uncomfortable for you due to signals which are shaped on the night bars.

Positional trade:

Pros:

• A lot of free time;
• No emotional pressure;
• No necessity in refreshment.

Cons:

• Periods of absolute inactivity;
• Impossibility to stop trade at any moment;
• Limited number of currency pairs for trading;
• Necessity in huge capital for trade.

This strategy suitrs traders who have a great patience, purposefulness and big funds.

In case you have achieved absolute coincidence of a trading strategy, your character and financial capacities, it would be a perfect variant for you.

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Strategy 20 pips a day - Make Atleast 400 pips per week

Forex scalping strategy “20 pips a day” enables a trader to gain 20 pips daily, i.e. at least 400 pips a weak.
According to this strategy the given currency pair must move actively during the day and also be as volatile as possible. The GBP/USD and USD/CAD pairs are considered as the best. Trading should begin no earlier than 12.30 GMT due to the volatile movements of American session, provided that this day no breaking news on economy is expected. But in case there is, it is necessary to enter the market after the news release.
A trader is recommended to choose a 30 minute interval setting a standard average Momentum 5 indicator in the trading terminal and 20 SMA moving average.

 Click here to zoom

A close candle located above the 20 SMA and Momentum indicator fixed above the average level indicate the point of the market entry for further purchase. When the price drops below the moving average and Momentum Indicator is located lower than the average level, it is necessary to open a sell deal. When a deal is open and the price is ready to cross the 20 SMA line, the position should be closed.
Stop loss and Take profit are set on the level of 20 pips. As the interval is quite small, it is possible to use Trailing stop (from 1 pip). As another option, the order can be placed to the zero are when the price has passed 10 pips.
The creators of the strategy believe that the strategy 20 pips a day can be profitable only if each recommendation listed above is observed.
 

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Sell Nzd/Usd

Sell Nzd/Usd @0.8270

S.l - 0.8370
t.p - 40pips nd 70 pips

Trade on ur risk

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Risk Management Methods

When trading, a Forex investor can multiply capital, and the risks to loose not only potential earnings, but the invested money as well. The deviation from an average expected yield determines the investor’s risk in the financial market.

This kind of deviation can bring high profit as well as great loss.

Financial risk management does not guarantee a successful trading, but assembles important parts of it. Every currency operation is a risk. That is why usage of general management methods decreases potential losses.

1. Stop order setting;
2. Capital share investment;
3. Trend trading;
4. Emotion control.

Risk management methods are used after positions are opened. The main risk management method is an order setting that restrains losses.

Stop loss (literally means to stop losses) – is a point where trader goes off the market to avoid a disastrous situation. You have to set a stop loss when opening positions for preventing losses.
There are several types of stop signals:   

Initial stop signal – determines the deposit amount or interest rate that the trader is ready to lose. When the price moves toward this position and reaches it, the trader’s fixed level position closes, not exceeding the loss preset by the trader.

Trailing stop signal – is when price moves towards a position and stop signal is set right after it, according to trader preferences. In case the direction changes, the price reaches that signal and the trader goes off the market, potentially having earned profit (depending on when the price started moving).

Profit raising – is when a net profit has been earned and position is closed.
Stop signals at times – is when the market is not able to provide the necessary yield rate in the course of time and the position closes.

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No Deposit Bonus

No Deposit Bonus Etoro

Use This Coupon Codes And Get $20 Free to Trade

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The Prime Time For Daily Forex Trading

Investors and traders can trade currencies worldwide, in any trading zone, 24 hours a day, in today's foreign exchange market. London, Japan and New York top the top three currency traders among the currency dealers. These currencies are being traded 24 hours a day. The only time that currencies stop trading is on Friday when the Japanese market shuts its doors. There is a one day window after Japan closes before Europe steps in on Monday morning to open for business.

The majority of trading comes from banks, brokerages and investment companies. Companies that sell and buy foreign currencies as part of their business, like independent brokers and currency dealers, make up only a small part of the foreign exchange currency trading. The Forex market will continue to develop and grow at a steady pace as more currency traders become aware of the foreign exchange markets potential for earning and raising capital. The Forex market reaches an average daily turnover 30 times higher than any other U.S. market.

Added to the drive for supply and demand, the Forex market presses on as the enormous scope for profit potential among the currency dealers is steadily rising. The Forex market also uses the free floating system that is considered more practical for today's foreign exchange market which can experience a change in the currency rates at an estimated 4.8 seconds. The Forex market is taking on a prodigious role in the country's economy, after developing from connective financial centers to one unified market. Having expanded worldwide, the Forex market is reflecting the constant growth of all international trades and their countries. When you consider the size of the foreign exchange market, it would be important to understand that any transactions that are made with a future trading broker or an independent broker, can lead to more transactions. This can be due to the brokerage businesses as they work to readjust their positions.

Understanding your overall portfolio and its sensitivity to market unpredictability is necessary in order to be an effective day trader. This is especially important when trading foreign exchange currencies, because these currencies are priced in pairs and no single pair will trade completely independently of the others. Gaining an understanding of these correlations and how they can change will help you use them to your advantage to control your portfolio's exposure.

Correlations Defined

There is a reason for the interdependence of foreign currency pairs. For instance, if you were trading the British pound (GBP) against the Japanese yen (JPY) or GBP/JPY pair, then you're trading a type of derivative of the USD/JPY and GBP/USD pairs. Therefore, the GBP/JPY must be slightly correlated to one or both of the other currency pairs. Even so, the interdependence amongst these currencies will stem from more than the fact that they are in pairs. While there are some currencies that will move one right behind the other, the other currency pairs can move in different directions often resulting in a more complex force. In the financial world, correlation is the statistical measure of a relationship between two securities.

Then there is the correlation coefficient that ranges between -1 and +1. The correlation of +1 indicates that two currency pairs can move in the same direction nearly 100% of the time. While the correlations of -1 indicates that two currency pairs are likely to move in the opposite direction 100% of the time. If the correlation is zero, this indicates that the relationships between the currency pairs will be completely at random.

Correlations are not always stable. Correlations change, just as the global economic system and other various factors can change on a daily basis, making the ability to follow the shift in correlations very important. The correlations of today may not be in line with the long-term correlations between any two-currency pairs. This is why it's suggested to take a look at the past six months trailing correlation to provide a more clear perspective on the average relationship between the two currency pairs. This change is the result of a variety of reasons — the most common reasons being a currency pair's predisposition to commodity prices, the diverging monetary policies and unique political and economic circumstances.

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Tips For beginners

Tip 1. Develop a trading strategy or adopt an existing one and make sure it works on historical FOREX data. Then make sure it works on a demo account, and finally make sure it works on your life account with mini-lots. Then you can trade using regular FOREX lot sizes. Trading without a proven strategy cannot be profitable over a long period of time.

Tip 2. When you trade, always consider the current trend. Depending on the timeframe you trade in, it can be daily, monthly or global trend. It can also be flat, especially during the summer months. If the market is in a trend, open positions in the direction of the trend only. If it is flat, you can trade in both directions within the channel.

Tip 3. Before opening your position, take into consideration the larger timeframe. Check all the important levels, previous extremums and the direction the market is moving towards on the global scale. Very often volatility is extremely high at important levels, where certainty is low. If you trade intraday, check the daily timeframe to make sure you do not trade against the monthly trend.

Tip 4. Use a smaller timeframe to find the best entry and exit points. If you trade on H1 charts, use M15 charts to find the best entry and exit points. If you trade on daily charts, use H1 charts to find best entry and exit points.

Tip 5. Learn how to manage your risks. Your deposit is your workhorse, and if you lose it, you are out of business. This is the reason why you should not risk more than 5% of your deposit per trade under any circumstances. In my FOREX tips, I recommend to risk even less. 2-3% is the safest way to go.

Tip 6. Learn to control your emotions. Watch for fear and greed and follow your trading system no matter what. When you start opening and closing positions based on what you feel and not based on what your system tells you, you start to lose your money. The more money you lose, the more chaotic your trading becomes and the more money you lose as a result. The same happens if you win too many trades in a single row. You start feeling yourself like a “God”, lose your mind, and start ignoring your system, which usually leads to big losses. Always stay calm no matter whether you win or lose. It’s ok to lose a single trade or a number of trades in a row. After losing trades you usually get winning trades, which compensate your losses, and the opposite is also true.

Tip 7. Your trading strategy must complement your lifestyle and personality. If you can trade only a few hours a day, choose a strategy that is based on delayed orders, and use larger timeframes such as daily and monthly timeframes. If you cannot wait for big market movements, use a smaller timeframe, such as M5 or M15. Perhaps, a scalping strategy will best suit you. If you need hours or days to make a decision, use larger timeframes and trade long-term.

Tip 8. If you are in doubt, or when the markets are uncertain, refrain from trading. Staying away and not trading is also a position, often called “neutral position”. By not trading you avoid losses, and prepare to take a big win when uncertainty is over and a new trend emerges.

Tip 9. Limit your losses by using protective stop-loss orders or hedging. If you open a position in a wrong direction, stop-loss or hedging order will kick in saving your deposit. You will lose this single trade, and your deposit will shrink a bit which is fine. But if you don’t use preventive stop-losses, your stop-loss in your entire deposit. Are you sure you want to risk your workhorse for the sake of a single transaction?

Tip 10. Before accepting a trade signal, check if Profit/Loss ratio of the trade is at least 2:1. When you forecast a price movement, you forecast profit and loss targets. Divide projected profit in pips by projected loss in pips, and you will get this ratio. Do not enter the market if you come up with a number less than 2. History has proven the fact that traders cannot forecast price movements with greater probability than 60%. This is the reason why choosing P/L ration of at least 2:1 is the only way to stay profitable over the long term.

Tip 11. Never add positions to a losing trade. If you think that market is about to turn around and desperately want to add positions to your losing trade at a “better price”, it means you are trading on emotions. Market will not turn around and you will lose more money than you have originally planned. Some people even remove stop-loss orders if market starts to move against an open position to “prevent” losses, and increase this position at a “better price” at the same time. Guess what happens to these people in a little while? In my FOREX tips I recommend you to add positions to a trade ONLY if it is a winning trade, and ONLY if you know that the market still has some momentum and will probably reach your target.

Tip 12. Cut your losses and allow your profits to grow. Close losing positions without a hesitation and let winning positions to accumulate more profit. Do not be afraid that the market will turn around and you will lose those 20 pips you’ve made for a couple of hours. Set stop-loss order to zero, and allow the profit to grow. Once you get a good profit, you can protect it by moving your stop-loss order higher to let’s say +80 pips to allow more profits to be generated.

Tip 13. Know active market hours for the currency pairs you are trading. The greatest movements happen with GBPUSD and EURUSD when London and New York sessions overlap (between 8:00am and 11:00am EST). The same happens with AUDJPY pair when Sydney and Tokyo sessions overlap (between 7:00pm and 12:00am EST). It’s easier and safer to initiate a trade when market takes of, and quickly moves towards your target, than to sit for hours near terminal waiting for the price to move some 20 pips.

Tip 14. Trading day of week matters. You do not want to be on the market when the trading volume is extremely low, or when the majority of traders close their positions. This is the reason why you should avoid Mondays and Fridays. Mondays tend to be flatty and shaky, and Fridays way too volatile because on Fridays many traders close their weekly positions.

Tip 15. Avoid highly leveraged FOREX accounts unless you know what you are doing. The more your account is leveraged, the greater your risk is, and the more careful you should be as a result. For a novice trader any account with leverage more than 100:1 can be disastrous. Leverage stands for multiplication. 100:1 means that for every dollar you have on your account, you can trade $100 dollars. But if you open a position and market moves against you, you loose your money 100x times faster than without a leverage.

Tip 16. Evaluate your trading skills by the end of a month or year. Do not judge about your trading success or failure on a single trade. You need to prove yourself over a long period of time. Do not think about the end result every time you close your positions. Make a number of trades, then analyze the end result. A winning strategy may give you 10 loosing trades in a row with -15 pips loss, and one successful trade with +300 pips profit per month, and over the period of a year this strategy can yield +2000 pips net profit. But if you judge it within the bad days, you may give up too early.

Tip 17. No one is born a successful trader. People become successful traders by learning how to stay successful over a long period of time. You may need a couple of burned deposits until you get it right. This is the reason why your first live account should be a FOREX mini account not greater than $1,000 USD. Once your prove you can stay profitable for a long period of time, you can deposit more and start using regular lot sizes.

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Buy Oil

Crude Oil: buy at 86.65, tp 87.30,88.00
stop:86.00

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Sell Aud/Jpy

Sell Aud/Jpy @83.40
T.p 83.00 ,82.77
S.l - 84.50

Trade on ur risk

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