Recommendations to traders for trading on Forex market

Recommendations to traders for trading on Forex market

Recommendations to traders for trading on Forex market

Those who want to earn money by trading on Forex are becoming more and more every day. But this does not mean that everyone who starts succeeds. Many people simply do not know what they will face in the process of working. So we decided to give some recommendations to traders. Most of them are General in nature. But they are necessary and important for success.

Our recommendations for Forex traders are a list of things to pay attention to first. Of course, the vast majority of novice speculators immediately seek to find some trading strategies and even the Grail. But this way is wrong.

First of all, the recommendations for Forex trading relate to the General aspects of trading. They are designed in such a way that you do not lose your money by following them at the initial stage. After you read this article, you can avoid unnecessary risks.
Choose your broker

This is the first and one of the most important recommendations. Choosing a Forex broker is a key aspect in achieving your trading goals. Such recommendations on Forex trading are given by almost all professionals. However, not all traders follow them.

Why should we even think about this question? The fact is that not all brokers offer services of the same quality. And some of them are not aimed at serious cooperation at all.

There are many companies that lure traders with some cosmic conditions, while their goal is to take money away and not return it at all. Do not think that if you come to a broker and they offer you a trade with a fixed spread and without requotes, then this will happen. Most likely, you are simply being deceived.

There are also companies that offer low-quality service. And there are a lot of them on the market, too. Therefore, there are recommendations for Forex trading on choosing a quality broker. Without this, your future career is simply impossible.
Money management

recommendations for Forex trading

Recommendations for the Forex market related to money management seem banal to many. But in fact, only a few follow them. These are the 8-10 percent who earn steadily.

Others read about money management casually thinking that everything is clear here. Yes, they are aware of the need to manage their capital properly. But no one really adheres to these rules, especially from beginners. Such recommendations for the Forex market are considered by many to be an empty shake of the air, but in vain.

The vast majority of Deposit drains are due not to the fact that a person has incorrectly analyzed the market, but to the fact that they simply do not know how to manage the money they work with.
Risk management

Another seemingly banal rule that everyone knows about. But few people follow such Forex trading recommendations either. The easiest way is to set stop orders. They are put by many. But for some reason, most of them begin to shift or remove them altogether.

Also, some of the newcomers simply do not know how to set Forex stop losses. They get significantly more or less than they should. The bottom line is that a stop order should limit risks, not just put it down to calm your conscience and soul.
Trading by trend

This recommendation is controversial. Many professional traders also work during periods of Forex corrections and consolidations. But for novice traders, such Forex trading recommendations are key. As you take your first steps, try to find the General trend and work towards it.
Don't trade too much

English-speaking traders use the term "overtrading". Literally, it can be translated as "excessive trading". Here we are talking about the fact that many newcomers try to open as many deals as possible, believing that this way they will earn more.

There is some logic in this. We all used to believe that the more we work, the more we will do. But even at a normal job, we get tired. And then our productivity drops. Errors appear, sometimes critical.

All the same applies fully to trading. The more you trade, the more tired you get. Accordingly, you may be waiting for mistakes and the further you go. The more they will be. It is better to immediately determine how many hours a day you can devote to trading and see how this will affect your body.

If you feel that you are tired, it is advisable to take a break and do other things. It is necessary to approach trading only when you are alert and fresh. Otherwise, your fatigue will destroy all that you have been striving for.

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