Forex trading is becoming more and more popular in the world due to many advantages over other financial markets. Many people and the country have to trade in forex market directly or indirectly. Many traders are being attracted by forex market and forex trading day by day. But, almost 90% of the traders or investors lose money in the forex market. It requires proper knowledge, practice and experience to make money in this market.

To be successful in this market, you have to follow some golden tips without which you can not be able to make money here. These tips are described below,

01 – Plan your trade, trade your plan

The first rule to follow is to develop a trading plan and then stick with the plan. A trading plan should consist of entry, exit, and stop loss rules with sound money management strategy. Without a trading plan, it is almost impossible to be successful in the forex market or forex trading.

02 – Trend is your friend

Trend is your friend and you should be with the trend to be successful in forex trading. Trend is a projection of financial or economic change in the chart. This long lasting one sided direction gives us opportunity to enter and pullout profits in the short term. This major movement is called as trend. To follow the trend, you should go long in the uptrend and go short in the downtrend.

03 – Preserve your trading capital

In forex trading, you cannot win every time, so if you do not have money to invest then you will miss many opportunities to make profits. To protect your trading capital, you should not invest all money in a single pair. If you invest all of your money in one pair, then you will be out of the market very soon. If you use a sound position sizing strategy and sound money management then your investment carries less risk.

04 – Cut your losses in short

Small losses are the best losses. It reduces the risk of getting ruined or getting a margin call. If you do not take a small loss, then you will have to take mother of losses soon. A stop loss strategy should be used to avoid getting large loss or a margin call.

05 – Let your profits run

A large profit can cover up many small losses. A traders’ exit plan should be able to catch or trail large profits so that he can recover his small losses and be on the winning side. An exit strategy is very beneficial due to this reason. Risk to Reward ratio can be helpful to set up the profit target.

06 – Trade your own analysis

In forex trading, you should avoid others suggestions and your trades should be based on your own analysis. Many traders do not have confidence in their own analysis, and thus they often trade the suggestions of other traders. This is not going to bring profit for you in the long run. A trader should have to rely on his own analysis with confidence.

07 – When in doubt, stay aside

Standing aside is the best solution when you are confused to make any decision. It is also one kind of position in trading. When you are confused about the market or pair, then there is no point to increase the risk. In this kind of situation, a trade should stand aside and should wait for next complete entry signal.

These tips mentioned above are the most important tips for beginners to follow among all the trading rules.

Fellow traders, feel free to add if you have got one or two things to tell beginners

Are you a forex trader? how long have you been trading forex?

clementcro:
Are you a forex trader? how long have you been trading forex?

Well, if u want to know, i am.

Moneyb:
Forex trading is becoming more and more popular in the world due to many advantages over other financial markets. Many people and the country have to trade in forex market directly or indirectly. Many traders are being attracted by forex market and forex trading day by day. But, almost 90% of the traders or investors lose money in the forex market. It requires proper knowledge, practice and experience to make money in this market.

To be successful in this market, you have to follow some golden tips without which you can not be able to make money here. These tips are described below,

01 – Plan your trade, trade your plan

The first rule to follow is to develop a trading plan and then stick with the plan. A trading plan should consist of entry, exit, and stop loss rules with sound money management strategy. Without a trading plan, it is almost impossible to be successful in the forex market or forex trading.

02 – Trend is your friend

Trend is your friend and you should be with the trend to be successful in forex trading. Trend is a projection of financial or economic change in the chart. This long lasting one sided direction gives us opportunity to enter and pullout profits in the short term. This major movement is called as trend. To follow the trend, you should go long in the uptrend and go short in the downtrend.

03 – Preserve your trading capital

In forex trading, you cannot win every time, so if you do not have money to invest then you will miss many opportunities to make profits. To protect your trading capital, you should not invest all money in a single pair. If you invest all of your money in one pair, then you will be out of the market very soon. If you use a sound position sizing strategy and sound money management then your investment carries less risk.

04 – Cut your losses in short

Small losses are the best losses. It reduces the risk of getting ruined or getting a margin call. If you do not take a small loss, then you will have to take mother of losses soon. A stop loss strategy should be used to avoid getting large loss or a margin call.

05 – Let your profits run

A large profit can cover up many small losses. A traders’ exit plan should be able to catch or trail large profits so that he can recover his small losses and be on the winning side. An exit strategy is very beneficial due to this reason. Risk to Reward ratio can be helpful to set up the profit target.

06 – Trade your own analysis

In forex trading, you should avoid others suggestions and your trades should be based on your own analysis. Many traders do not have confidence in their own analysis, and thus they often trade the suggestions of other traders. This is not going to bring profit for you in the long run. A trader should have to rely on his own analysis with confidence.

07 – When in doubt, stay aside

Standing aside is the best solution when you are confused to make any decision. It is also one kind of position in trading. When you are confused about the market or pair, then there is no point to increase the risk. In this kind of situation, a trade should stand aside and should wait for next complete entry signal.

These tips mentioned above are the most important tips for beginners to follow among all the trading rules.

Fellow traders, feel free to add if you have got one or two things to tell beginners

pls how soon can one make money in forex trading?

Skrhema:
pls how soon can one make money in forex trading?

U can make money in forex, but it is not a get rich quick scheme except you want to burn your finger.
My piece of advice for you is to get trained through a tested, trusted and experienced forex trading company in Nigeria here such as http://marketsgain.net/training/ where you will get al the support and mentorship u need to make it big in forex trading.

My 2 cent advice.

Moneyb:


U can make money in forex, but it is not a get rich quick scheme except you want to burn your finger.
My piece of advice for you is to get trained through a tested, trusted and experienced forex trading company in Nigeria here such as http://marketsgain.net/training/ where you will get al the support and mentorship u need to make it big in forex trading.

My 2 cent advice.

and did you see the Training fee is N250,500.

Moneyb:


U can make money in forex, but it is not a get rich quick scheme except you want to burn your finger.
My piece of advice for you is to get trained through a tested, trusted and experienced forex trading company in Nigeria here such as http://marketsgain.net/training/ where you will get al the support and mentorship u need to make it big in forex trading.

My 2 cent advice.

please suggest a good broker that i can trade with

please share from experience

not bad at all

morefire:



and did you see the Training fee is N250,500.

Yes, i once partook in the training though it is advanced training anyway. Not for beginners- they have a different offer for beginners

Moneyb:


Yes, i once partook in the training though it is advanced training anyway. Not for beginners- they have a different offer for beginners

ok so as a beginner how much am i looking at?

morefire:


please suggest a good broker that i can trade with

please share from experience

Usually i don't recommend brokers, but if i were to recommend one, i would recommend 3 though they also are dubious in their own ways.
If u av btw $500 to $2000 go for instaforex or fxtm but when your money gets over $5000 change broker.
If u av btw $2000 to $10000 go for alpari uk
If you have over $10,000 contact me to recommend a good broker for you.



My own opinion from my experience anyway, feel free to do your own research to know which one is the best for you.
Shalom

morefire:



ok so as a beginner how much am i looking at?

Check the site http://marketsgain.net/training/ but i think for beginners is 75k while for advanced is 250k - confirm from their site.

very useful tips for new forex taders.
New traders can also read Forex Trading Tips For Beginners