Trading foreign exchange markets can be headache for new traders who are trying to achieve profitability level, every forex trader starts their trading career differently, one starts with lose lose, one starts with lose win all that is part of trading process.
In this article you will learn forex trading tips that will save you a lot of money in the markets, whether it is a funded account or personal account.
1.Stick to one style
Most of the trader lose money between changing the strategies, changing the pair or even changing the tradingview charts. it is better to use one style so it can be much easier for to track what is going right or wrong.
It is recommended to test the strategy you are trying to use for 6 to 12 months, and instead of changing the strategies try to use one pair, one session and one style of trading, it can be trend trading it can be reversal trading or both.
Every successful trader uses risk management as first line of defense, in forex markets no trader is 100% successful but the success is fx trading comes from knowing what to risk in that case if markets goes against your analyses you never lose your account.
Now how much is risked per trade can vary, most of the traders use 1% risk per trade, it is recommended to start slow risk something like 0.25% or 0.5%
Keep your risk management one and never increase the risk to avoid losing the gains you have made a long the day, week or month.
Finally trading plan, having trading plan is very crucial for your trading career it contains your entry points, exit points, risk management, trading sessions, trading pair.
it is very important to have a trading plan to succeed in these markets.