Top 10 Forex Trading Tips for Beginners – The Road to Success

A lot of people who want to enter the forex trading business, however, stuck to the constraints of what must be done so that the chance of succeeding is wide open, the following 10 phases should do the beginner;

The following tips will put you well on the road to success.

1. Learn the Basics First
Being hasty in this business can cause you a lot of problems. Be patient and learn about all the jargon associated with Forex trading first and then proceed to the next step. You should be well aware of the basics of the whole business and then progress on to learning about a Forex trading strategy. In my Introduction course I have given guidelines for beginners which might be of great help to you.

2. Learn one Trading Strategy, Stick to it
If you don’t want to lose money and sail your ship on false hopes then be consistent and stop changing trading tactics all the time.  If you’ve faced a terrible loss while trying out some strategy then don’t bail on it. It is a quite common thing to have few losses before you begin to make some serious money. You need to be steadfast to excel in this kind of business.

3. Don’t get Overwhelmed
The prolific amount of information can lead you to wrong places. It is better to take the help of someone who knows the business well, a mentor, who could teach the ways and show you the right path before you set foot into the practical world.

- See more at: https://goo.gl/t7Ap8v

What I Learned About Forex Trading from Professional Poker Players

If you observe a poker game you would realise that there are plenty similarities in poker and trading. One can actually learn a lot from poker players about the trading world. It is a well-known fact that most of the best candidates for trading jobs at Wall Street are professional poker players. And this fact has been justified by the Department of Economics in Harvard University.

In poker, it’s all about managing your risk properly and executing your play with consistency, this won’t be gambling, this will be basically playing the odds. It’s the emotions that throw a player off his game and he starts to gamble with his money.

So what are the important things a trader can learn from poker?

The strategic approach
First off, it’s the strategic approach. For example, if a player has an above average expectancy over a series of hands, he’ll know that he’ll have to execute his strategy over a large enough series of hands to see it play out in his favour. Similarly in trading, if you have entered a perfectly good looking setup, you’ll have to make a plan first and then let the trade play out for you.

Know when to ‘hold’ and ‘fold’
The next thing, quite famous with those poker players, is that they know when to ‘hold’ and when to ‘fold’. One simply cannot escape losses in trading, so a trader must know when to fold and when to keep on playing. Then comes the risk management. Poker and trading are all about taking risks. Management of chip stack is a great tactic in poker. Like any poker professional, one can neither bet all the chips on a weaker player, nor play very easy on a stronger one. That’s how one can play steady while being on the edge too. An expert places the trade when he comes across a low risk chance.

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How to Improve Your Forex Trading Routine

If your trading routine is plagued by lack of sleep and a gallon of espresso shots to down its after affects, then these tips given below should be considered nothing less than a holy grail, to make your eye bags finally disappear along with granting you an active mindset for efficient trading.

Sufficient sleep is the number one prerequisite for a sound mind. Get at least 7 hours of sleep a night as nothing can ‘compensate’ for the lack of sleep. Your body will ultimately give up on you and your reasoning abilities will be impaired. So hence, if it is not already, then it is finally the time for your sleep cycle to fall in to the cleft of the maxim "early to bed, early to rise makes a man HEALTHY, WEALTHY and WISE."

After proper sleep comes a proper diet and specifically a proper breakfast.

After a 7 to 8 hour sleep your body requires a complete fuel refill to operate properly and drinking plenty of water throughout the day along with a proper diet also keeps you hydrated and helps manage the cycle of your appetite. Also try and keep a consistent routine of physical exertion.

How to get started
Getting started is often the biggest activation barrier but once you get over it you will definitely notice a breakthrough in your mental and physical capacity. After you've made sure that you are physically there, remember to not forget having a life. Yes, trading is a necessary part of your system and yes, you need it, but it shouldn't be all that you have.

A social life saves you the ditch of turning into the trade paranoid underwear guy. So have hobbies. And remember not to be boring. Have a prepared mind. Keep tabs on the flow of the market and prepare your trade from a week before as, luck favors the pre-planned.

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Live Vs. Demo Trading Accounts

There are numerous forex trading platforms that allow you trading through them and in order to start trading you have to create an account. Now there are different types of accounts that can be categorized as live and demo accounts. Demo accounts are basically for beginners to learn about trading without risking any money.

Now obviously it is good to practice one’s trading strategy with a demo account but the problem is that people stay on their demo accounts too long. A time comes when the trader has mastered the screen time and has all the relevant knowledge but when he/she starts trading with a real account, they start to lose their money.

It is good to know all the ins and outs of trading, understanding the market and charts and other relevant knowledge about trading before entering the real trading world. But if you don’t jump in and get your feet wet, you’re never going to develop the skills to succeed in the market. They are good to educate you but they are only simulations, not the real thing. Also, you are never going to get those ‘perfect’ scenarios in the real world, for example, order fills, stop out levels, prices and etc. are different in demo accounts. The reason why traders do much better on demo accounts is because there is no risk involved and no emotions clouding their judgment either.

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The Forex Industry – Uncut Version

Industri Forex – Versi Tanpa Jeda

Artikel ini mungkin bisa mengejutkan Anda dan membuat Anda mempertanyakan segala sesuatu yang Anda pernah diberitahu secara pribadi oleh seorang trader 'profesional', serta berpotensi menyinggung banyak (jika tidak semua) dari pedagang forex yang berpengalaman. Tujuan dari artikel ini adalah untuk 'mengekspos' orang dalam kehidupan Anda yang menceritakan segalanya terhadap artikel ini.

Saya cukup yakin bahwa apa yang awalnya menginspirasi banyak orang untuk mengejar perdagangan adalah semua kehebohan bahwa media dibuat mengenai kesederhanaan dan kemewahan yang datang dengan berada di industri ini. Pedagang yang Anda kenal secara pribadi mungkin telah menunjukkan mobil baru mereka atau rumah besar dalam upaya untuk 'mendorong' Anda untuk memulai perdagangan. Yang benar adalah bahwa semua itu bohong.

Sekarang jangan salah, secara bertahap Anda dapat memiliki mobil baru atau gaya hidup mewah tapi apa yang orang gagal untuk sebutkan adalah bahwa hal itu tidak hanya hadir sendiri untuk Anda dalam keranjang tangan. Anda harus bekerja selama bertahun-tahun dan satu perdagangan yang baik tidak akan melakukan apapun yang mengenakkan jika Anda tidak tahu apa yang Anda lakukan.
- Selengkapnya di: https://goo.gl/II1e3v

Take your Forex Losses Like a Man

Only a fool would believe that you can enter the competitive Forex arena without taking a few blows. An even bigger fool would also believe that all the blows he or she might endure are shallow. Accepting loss is one of the key elements any trader or investor has to master even before they go ahead with their first trade. It’s an inevitable part of the daily forex circle of life, some will rise and others will fall instantly and it can’t be any simpler than that.

Although you cannot avoid losses altogether there are ways which an aware trader can take advantage of in order to always be the one holding the reins regarding how hard he or she is to fall if they do.

Traders are probably tired of hearing this but actually it’s the most important and basic rule of any venture in the trading world, that is to never stray from your strategy. Forex trading is part lack and part intuition among others but one of the biggest mistakes both novice and experienced traders make is overestimating their own reach. There might be a day where the wins seem to be flowing in but this confidence should never hypnotise the trader and trick them into trading and investing more than they originally planned to.

- See more at: https://www.hiwayfx.com/forex-articles/take-your-forex-losses-man#sthash.W4y0jabV.dpuf

Learning Currency Trading – Part 7: EUR/JPY

Introduction:

The symbol EUR/JPY stands for Euro/Japanese Yen. It tells the reader about the number of Japanese Yen that is needed to buy one Euro. In the EUR/JPY currency pair, EUR is the base currency while JPY is the counter currency.

EUR/JPY is one of the most heavily traded currency pairs. However, many forex traders find this pair to be highly volatile with a very large loss risk associated with its exchange. Depending on the market conditions, this particular exchange could either help the trader earn big profits overnight or cause him great losses.

General facts and importance:

Japan and the EU are two successful giants in the global market. With Japanese Yen serving as a proxy currency for Asia and EUR being the representative of the entire Euro zone, the significance of the currency pair can hardly be undermined.
– See more at: https://goo.gl/zAL29u