Advice From A Previous Forex Trading Novice
Having been an inexperienced forex trader before, I can say that the road to becoming an experienced and profitable trader is a very hard one. Much harder than most new traders think, but learning how to profit in this market can be a very rewarding experience. If you think you have what it takes to become a successful trader then here’s some advice for you.
First off is to not trade with your emotions, you need to know exactly how a trade is going to end before it is placed. Once a trade is placed you must stick with your initial rules of the trade, which is mainly your exit strategy for where you’re going to be exiting the trade. No matter what “feeling” you get about where the market is going to be going, once a trade is placed, a stop loss and profit take level should be set and they should not be changed.
Here’s something that you probably don’t hear from experience forex traders, get yourself a forex robot. I don’t mean get one to try and profit for you, get one to learn from it. A lot can be learned from watching a forex robot execute trades in the market. It can teach you how to trade emotionless, and it can also be used as a great tool to test out new strategies in a demo account. These programs are highly taken for granted, or deemed by a lot of experienced traders as something that will steal your money. All of these misconceptions simply aren’t true.