Forex trading

Tip 1. Gamblers: go to the casino. All spontaneous and impulsive purchases on the Forex market are a pure gamble.
Every attempt to trade on the Forex market without analysis and study is similar to a casino game; It can be fun – you can win money easily, but the chances are much higher that you will lose money.

Tip 2. Never trade with real money on Forex until you have practiced with a Demo account.
We advise to take 2 months practice with a demo account. 90% of new traders lose money because they haven’t had enough practice and discipline. The 10% that have practiced with a demo account make more profit because they are more experienced.

Tip 3. Follow the trends
Follow the trading trends to increase your success rate. Trading against the trend is also an option for those with nerves of steel. This method of trading can turn against you within seconds and lead to great losses, so be careful! If you trade according to the popular trends you reduce the risk of losing money and increase the possibility of a good return on your investment.

Tip 4. Always take a look at the weekly and monthly rate statistics. 
This gives you a good insight on the whole picture of price changes and you can easily see the trend that has the value of a specific rate. If you are trading and only look at the statistics of the last hour, you are taking large risks because there can be huge fluctuations in one day or week. If you are having trouble discovering a trend in the charts, then choose a week chart or a month chart. In this way, there are always trends to be uncovered in a rate. 

Make sure that you know the trend well. Unless you are a Forex scalper, who does not look at trends for one day or one week, or that looks at the trend during the last 5 or 10 minutes. There are obviously great risks involved here, but also huge profits. 

Tip 5. Never deposit a large percentage of your account balance. 
The big difference between success and loss is that you must be able to survive in poor circumstances. It may be tempting to deposit your entire balance; however that will mean that if you lose more money you are out of the game. We advise you to not deposit too much and ensure that you always have money in your account. 

Tip 6. Put your emotions aside and remain calm.
After a loss don’t try and make it better by gambling with large amounts. If you do not stay calm in these moments then you are taking large risks, which will result in larger losses. 

Tip 7. Choose the correct time frame to trade in.
Choose a time frame that you feel comfortable with and that will give you enough time to analyze the Foreign Exchange markets. Some people like more action and do not want to wait to see what the market does. They opt for a short time frame, which makes it more difficult to predict what the market is going to do.

Tip 8. Do not trade if you have doubts..
If you are not sure about a purchase then do not do it. If it is not clear what the market is going to do: do not do anything. That is a lot safer than to gamble with the risk of losing your money.

Tip 9. Use the "Stop Loss"
If you have a trade which is currently losing value but you have a feeling that it will improve, you might be inclined to adjust the limit of your stop loss. Try to learn not to rely on feelings. The chances are that your losses will be higher than they already are. Try to accept your loss. In addition it is vital that you do not put more money into a losing trade. Our advice is to set a stop loss and not adjust this value.

Tip 10. Keep it simple.
An excessive amount of information such as charts, news, trends and other sources can give a distorted and more difficult picture of what a trade is going to do. To avoid too much confusion, develop your own simple information system that suits you.

Bonus tip Tip 11. Choose the right day.
Despite the fact that you trading on the Forex market can be done whenever you want, it is still wise to choose the right day. Trading on a Monday is not advised as it is the first day of the week and the trends are yet to be set. Rates can fluctuate unexpectedly. Trading on a Friday afternoon also brings a higher risk due to the amount of trade closures. The best trading days on the Forex market are Tuesday, Wednesday and Thursday.

It not advised as the market has just started and it is still busy forming a new trend, rates can fluctuate unexpectedly. Friday afternoon is also higher risk due to the amount of trade closures. The best days to trade on the forex are Tuesday, Wednesday and Thursday.