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Tips For Trading Forex Profitably

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  #1  
Old 07-03-2012, 02:35
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Default Tips For Trading Forex Profitably

Trading Forex can make you a lot of money if you know what you are doing. However, it can also lose you a lot of money if you are not careful. Here are 3 tips for becoming more profitable in Forex:

Be cautious when using software

There are plenty of Forex trading software programs out there, and most of them claim they can get you huge returns on your investments. However, you need to be cautious about which programs-if any-you use. There is a reason that 95% of human investors fail to make money with Forex trading-it is difficult. There is no program that will get you rich, and you are usually better served to invest yourself.

If you do plan on using software, make sure to research it thoroughly beforehand. There is nothing wrong with using a robot, and for some traders it is a necessity. After all, it can take a long time to analyze the market, and if you have a day job this might not be practical. However, not all software packages are created equal. Just be sure that you have read a number of reviews before committing to any program.

Have stop losses in place

Many investors believe that all their trades are going to make money, and they jump in with reckless abandon. However, even expert traders lose money on a huge percentage of their trades, and you will do the same. Make sure you always have a set point you will see the investment at no matter what, and stick with that at all costs. Just remember: the key to successful Forex trading is limiting your losses and riding your winners. This is true of any investment opportunity, and Forex trading is no different.

Use low leverage feature

Many times you will find brokers giving high leverages of up to 150:1, but these are very dangerous, particularly if you are new. If you are a beginner, do not go any higher than 10:1 to limit the risk. There is still significant profit potential with low leverage positions, but the loss potential is significantly less.









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  #2  
Old 13-03-2012, 11:57
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Default Re: Tips For Trading Forex Profitably

Useful tips fmfx! This can help the beginners to get the profitable trade result.... Nice job:)
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  #3  
Old 14-03-2012, 06:10
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Default Re: Tips For Trading Forex Profitably

Thanks fmfx to share such good tips for profitable forex trading. I also follow your first two tips during forex trading.
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  #4  
Old 23-03-2012, 13:14
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Default Re: Tips For Trading Forex Profitably

Quote:
Originally Posted by henryduncan12 View Post
Thanks fmfx to share such good tips for profitable forex trading. I also follow your first two tips during forex trading.
What are the tips you have followed henryduncan12? Share something to learn a more about trading ideas!
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  #5  
Old 27-03-2012, 13:32
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Default Re: Tips For Trading Forex Profitably

Yes, the tips are reasonable and useful, esp. the low leverage part. many people who are seeking very high leverage are facing huge risks which they even don't realize.
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  #6  
Old 28-04-2012, 22:44
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Default Re: Tips For Trading Forex Profitably

Where can I get filtered historical data? Please...
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  #7  
Old 22-12-2014, 09:44
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Default Re: Tips For Trading Forex Profitably

A lot of people venture into online forex trading in order to make profits. If you are a trading newbie and you have just entered the world of online forex trading, making a decent profit during your first few trades may not be as easy as it looks. Perhaps you find the market movements to be too complex and fast, or you tend to overestimate the volatility of a certain currency pair. Although there are various online tools found on the web nowadays, a clear understanding of the important aspects of foreign exchange is just as important as choosing the right trading system.

my broker
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  #8  
Old 17-02-2015, 09:26
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Default Re: Tips For Trading Forex Profitably

Great tips! I would add - control your emotions, they are never your friend when it comes to trading!
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