Eight tips to improve your Forex experience

It is well known that the vast majority of forex traders are not able to make a profit. However, we believe that many people can significantly increase their chances of succeeding by following these simple tips.

Start from a demo account

If you are a new trader, do not risk losing your money by starting trading fast, because in most cases you will lose that money. So you have to start training through a pilot account and even spend a few months there or at least if you want to start faster, this training period should last at least several weeks. The longer this period is, the better. And if you know that I still have the curiosity to start trading Forex immediately!

Take your time to choose the broker

Choosing a forex broker is never a task that needs to be accelerated. Especially since there are a large number of currency brokers and each of them has its strengths and weaknesses. And then you can play the role of the person who is difficult to satisfy.

Spread prices and how to run are often the main factors for short-term traders. Term traders pay more attention to the "swap" prices paid by brokers. Especially if you want to make money with interest rate differentials between different currencies, for example by taking long positions on the AUD / JPY pair.

Make sure you know the complete platform you are using

It may sound simple, no? But reading different forex forums may seem surprising to see a lot of traders talking about some fundamental mistakes, such as configuring volumes for their incorrect transaction orders, stop-loss orders, and profits.

Your trading platform is what you will always use to place your orders. It is therefore essential that you know exactly how to use it from all sides. You can manage the demo account until you know the trading platform perfectly and keep the execution method in mind.

Be a strategy and stick to it

Doing hasty trades that are not part of a consistent business strategy often ends in the crying of the trader. It is therefore imperative that you have a clear strategy to stick to it after being well tested. Therefore, you should never deviate from your strategy, even if it sometimes seems tempting.

Test your strategy in the past and the future first

Many forex traders prefer to do what is called a callback strategy for trading. This process simply involves trying the strategy on the historical price of a currency pair. In order to show the trader if his strategy would have worked well if it had been used in the past. There may be nothing wrong with that, quite the opposite. But the success of your strategy thanks to its price history is not a sure guarantee of its success during its future use. The reason for the success of the bin test is perhaps that you often take a "proper curve" to some extent.

Just make sure your bac exam is successful, but you should also test it on a demo account for a few months before using it on your real account.

Use sound risk management rules

You must always follow a sound risk management strategy associated with Forex trading and never move away from it. For example, you have decided not to risk more than 2% of your account balance in a transaction. You might also prefer to move the stop to the break, even if your transaction is a 1% winner. Whatever you decide, you will always stick with it.

Never chase the market

I know that sometimes it is tempting to trade just to stay "in the market", but you have to be patient enough to determine the best entry points. This will help you to significantly reduce the risk of your business and will then increase your chances of ending it positively.

Do not be arrogant or arrogant

Sometimes you can become an arrogant person, especially if you are able to earn profits consecutively and in a large number of malls, as this can lead you to believe that you are the invincible person. This can lead to reckless decisions. That's why you should always remember, when trading Forex, that you are a small fish in a big pond. You must always