Forex recommendations that will help make your trading profitable

Currently, working on Forex has become extremely popular; every day there are new people who want to engage in online trading, but they have no idea that in practice it turns out that not everything is as simple as in the advertising booklets of brokerage companies.

forex recommendations

This is why most novice players are left without money on the first day of trading, and the main reason for this phenomenon is lack of experience.

Forex recommendations are nothing more than a short list of the most necessary tips for trading in the foreign exchange market, they will be especially useful for novice traders.

In this article I will give some simple Forex recommendations that will not allow you to lose your deposit at the initial stage of trading.

If you follow these recommendations, the risk of losing your initial capital is reduced several times.

It is quite possible to conduct profitable trading, the main thing is to understand the essence of the process and take into account other people’s experience in your work, and now let’s move on to the question itself.

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Ten trading recommendations that will help you in Forex

1. Trade only with trusted brokers - the idea that brokerage companies deliberately prevent their own clients from making a profit has no basis. Most troubles happen due to technical failures and hidden terms of service, so it is better to immediately open an account with an already reputable dealing center .

Why experiment with newly-minted companies that lure traders with fabulous working conditions.

2. Trading volumes – the main mistake of beginners is that they want to earn a lot at once. In this case, they simply choose a huge leverage in relation to their deposit and, as a result of the very first fluctuations in the exchange rate, they safely lose it.

The best recommendation for Forex is to use a leverage of no more than 1:10, only after a month of work begin to gradually increase its size depending on the chosen strategy.

The longer the duration of the trades, the lower the leverage.

3. Trade during the day - on medium and short time periods, while constantly monitoring the status of open orders; the most attractive option in this case is an hourly time period.

4. Don’t forget about the stop loss - only it will protect the deposit from being completely drained, set it immediately after opening a transaction, never neglect this advice, it was this Forex recommendation that saved the majority of deposits from being drained.

5. Trade only with the trend - to determine it, use trend detection indicators, do not open trades during rollbacks against the main movement, it is not always possible to guess the beginning of the rollback, tested from my own experience.

6. Test the developed strategies on a demo account - only then start real trading. A very valuable recommendation because at first everything seems as simple as possible in Forex, but if you try to work on a demo account, or even better, a cent account , your opinion will immediately change.

7. Take a break - after three unsuccessful trades, always take a break from trading, during which you analyze your mistakes. Or maybe luck has simply turned away from you and you need to give it time to come to its senses, sometimes it helps.

8. Rest - after working for several hours on the foreign exchange market, always give yourself a rest, do not forget about weekends and holidays. It is rest that allows you to evaluate the results of trading and draw the right conclusions regarding further work.

9. Remember - all the important points, at what time you opened a successful or unsuccessful transaction, on what day luck smiled, as a rule, any luck in Forex is justified and as a result you will discover interesting patterns.

10. Well, the main recommendation for Forex is – don’t hesitate to open a real account right away, trade on a demo, and study at least the basic patterns of the Forex market . Haste in this matter is very expensive.

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