Top 10 Forex Trading Tips You Should Know before starting trading in 2019. - FACE INSIDER

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Sunday, December 2, 2018

Top 10 Forex Trading Tips You Should Know before starting trading in 2019.

Want to know the best trading tips to use in Forex for 2019? This article will breakdown the top 10 trading tips you should consider using in 2019, ranging from how you should trade, the risks you need to be aware of, how learning about trading can improve your trading performance, and much more!

top 10 forex trading tips for you before starting trading in 2019


Learning how to successfully trade Forex can be complicated for beginners. Most people want to get rich overnight, no matter how unrealistic it may sound. The world of Forex trading can be a little overwhelming, especially if you are new to the game, and don't know the rules yet. You need to dip your toes in before you go any deeper. The good news is that we've got your back! We've compiled a list of 20 Forex tips for beginners to help you along your trading journey in 2019. If you already have experience with Forex trading, it's always good to remember the basics.

1. Choose Your Broker Wisely

Choosing the right broker is half the battle. Take your time to check reviews and recommendations. Make sure the broker you choose is trustworthy, and suits your individual trading personality. Remember, there are lots of fake brokers out there who will only stand in your way. Go for an authorised broker with a licence.

2. Create Your Own Strategy

No list of currency trading tips is complete if it doesn't mention strategies. One of the most common mistakes beginner traders make is not creating an action plan. Figure out what you want to get out of trading. Having a clear end goal in mind will help with your trading discipline.

3. Learn Step-by-Step

As with every new practical learning activity, trading requires you to start with the basics, and move slowly until you understand the playing field. Start by investing small sums of money, and keep in mind the old adage 'slow but steady wins the race'.

4. Take Control of Your Emotions

Don't let your emotions carry you away. It can be very difficult at times, especially after you've experienced a losing streak. But keeping a level head will help you stay rational, so you can make competent choices. Whenever you let your emotions get the better of you, you expose yourself to unnecessary risks. Exercising risk management within your trading will help you to minimise the risks.

5. Stress Less

This is one Forex tip that sounds really obvious – because it really is. But guess what? Trading under stress generally leads to irrational decisions, and in live trading, that will cost you money. Therefore, identify the source of your stress and try to eliminate it, or at least limit its influence on you. Take a deep breath and focus on something else. Every person has their own way of overcoming stress – some listen to classical music, while others exercise. Listen to your mental health and learn what works best for you.

6. Practice Makes Perfect

Of all the Forex tricks and tips for beginners, this is the most important. You are unlikely to succeed at anything on your first try. Only constant trading practice can yield consistently top results. But you probably don't want to lose money while learning the basics, right? Luckily for you, trading on a demo account costs nothing to set-up, and is free to use!

7. Psychology is Key

Every trader is a psychologist at heart. When you're planning your next move, you have to analyse market movements and review your own psychology. You need to ask yourself questions such as:
  • Did I show signs of confirmation bias?
  • Did I make a trade out of frustration?
  • What made me choose that particular currency pair?
Mastering your psychology will protect you from many losses along the trading development path.

8. No Risk, No Success

Not even Forex trading tips and tricks can guarantee you success. When you decide to become a trader, you should have already accepted the possibility of failure. In case you didn't – here's a reality check. You won't make profitable trades 100% of the time. Don't let false advertisements get in your head, either. Instead, be realistic about your Forex trading methods and goals.

9. Patience is a Virtue

When it comes to trading, this old saying is not just a cliché. True success is never instantaneous. It's the result of consistent work and planning. Many beginner traders look for an easy, fast path to profit. Don't bother – it doesn't exist!

10. Continuous Education

Source: Market Order performed for the USDCHF currency pair - MarketWatch - MetaTrader Trading Platform
Each day you trade, there's a new lesson to be learned. Look closely at the Forex market and keep all the tips you have learnt in mind. Start analysing news, trends, and financial processes, and don't neglect the Forex basics. Most importantly, study, then practise and then study some more. Repeat this process often, and you will be well on your way to fully understanding the markets.
Studying will require a lot of time and effort, but it will pay off in the long run. For starters, Admiral Markets offers the opportunity for traders to benefit from a free education centre that offers Forex tips, as well as, a range of articles and tutorials offering tips, tricks, strategies, and more, for all kinds of trading.

11. Take Breaks

A great Forex tip to follow daily is to take time away from your computer, especially during stressful trading sessions. When you have several computer windows open and multiple data streams to analyse, you can naturally feel pressured. In this case, it's better to take a break and walk away for a while. Give yourself some time to collect your thoughts. When you return to your desk, you'll be calmer and able to focus better.

12. Trends are Good for You

One particularly important Forex market tip to follow is to learn about trends. The ability to spot trends is a valuable one. While we don't recommend jumping on the trend bandwagon every time, but outright ignoring the trend is a recipe for disaster. Trends can show you what is coming, so you can pro-actively adjust your trading, rather than reacting when it's too late.

13. Seek Competitive Conditions

It's important to choose top-notch service conditions and get favourable spreads. If you're considering trading with Admiral Markets, there are a range of different options available. Why not read more about them in our account types section?

14. Plan in Advance

Forex trading is not a gamble – it's a strategic game. Carefully calculate your next move before you act. You can begin formulating a plan by asking yourself some challenging questions such as:
  • Have I accounted for the possibility that I may lose?
  • What's my plan B for the different types of scenarios that may arise?
To be successful at Forex trading, you have to expect the unexpected.
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