Forex Tricks And Tips

skantthen sesilan By skantthen sesilan, 27th Apr 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/z1eo8bdx/
Posted in Wikinut>Money>Forex Trading

This article is going reveal you the simple tricks and tips in forex trading.New traders should refer this article for a success trade.

Forex Tricks and Tips

trick 1.Make More Money By Trading Smaller-Okay,nowadays most of us are trading using the normal lot and sometimes we will change the lot become more bigger depends on the money we have...Did anyone can 100% guarantee that the market will inflate for a certain while or goes up dramatically?Can you be a astrologer to predict the future exactly?No......The market will not be the same daily....So,you have to think of it and start secure your money from flowing out by the technique make more money by trading smaller.The technique has been one of the important concepts not only for profitability but also for survival in the market.so,for example:-you have a 7000 usd normal trading account and your trading 20 times in a month using lot 1.so,let's say you have a 100 pips stop loss,that's a 17% risk exposure.If you loss 100 pips,that means your lossing 17% of your 7000 usd...Many traders said that it's not worth it but it will be supportive when your going to unlimited stop loss.For instance,If you trade 7000usd in 5 lots and had loss about 17%,your balance will be 5000usd and if you trade 5000usd in 1 lot and gained profit about 17%,your balance will be 9600usd....You can't believe it but it's true..because every currencies have their own pip calculation according to the exchange rate between the currency pairs and it varies everytime.So,try this on important currencies such as EUR/USD,AUD/JPY,EUR/GBP,USD/JPY and GBP/NZD..



TAKE NOTE THAT TV PEOPLE ARE WRONG!!!!
Trick 2. Watch out from the news.Beware of commentators on CNBC or Bloomberg saying things like "the trend on the USD certainly is up","seems like today would be the buying day for most traders...buy now!!"or"traders would be wise to scale back their long positions because the trend is going to be down".Actually,think a second...these people don't trade your account.They have no idea on what chart time frame your watching or what trading system you follow.For your knowledge,most of the successful traders sometimes were scared out of a really good trade because they heard something on television,received an email or were influenced by a friend.
If you watch TV and seeing some windbag get fanatical about one trade or another,then run away from your television or even better to smash your television than it is to base your trade ideas on what you learn there.Keep in mind that I didn't say that you should not watch business news.Business news sometimes would be a kit or tool for you to keep an eye on the market.I just said that we need to be careful about what we allow ourselves to listen to.

Tags

Forex, Forex Tricks, Make More Money, Technique, Trading

Meet the author

author avatar skantthen sesilan
i'm a bit money-minded...and love to give more business ideas to others...tat's all..

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Comments

author avatar Denise O
28th Jul 2012 (#)

I agree with you, you should be in charge of your own investments. Thank you for sharing.:)

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