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The following article was published in our article directory on January 23, 2015.
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Tips and Tricks for Successful Forex Trading

Article Category: Finances

Author Name: Korley Tetteh

Forex trading works in the same way as other financial trading industries do. So it is normal that forex traders are successful in their trades most of the time using different forex tips and tricks patterned from other financial markets.

Start with a trading practice

Many forex trading platforms are offering free trials and demo versions of the actual buying and selling process. Starting out with these versions is a good stimulator of your prediction and technical skills. It has all functions and settings of a real trading station such as pips, forex prices, charts and others. Getting a real feel of currency trading can help you devise some forex tips and tricks to be used in actual buying and selling of currencies.

Continue a winning trade and let go of a losing trade

A usual scenario in forex trading is the tendency of traders to hold on to a losing trade longer hoping that the odds will turn in their favor later. Although it is true that things might go to your favor later, losing twice as much as you are winning is still a losing trade. And holding on to that trade while it is still a minimal loss might result into a bigger losing trade later. This is harder in practice because doing so indicates a waste of your research, hard work, and effort in entering into that trade in the first place.

On the other hand, it is a human nature to withdraw from a trade once the profit is already made for fear of losing the same the next time around. This is not how forex trading works and this is why many traders lose money. Remember that if the forex tips and tricks you use go well, it might be worth the risk to continue using them. The basic principle is to withdraw a losing trade early and let your earnings run in a winning trade.

This can be done by following the principle of 'risk/reward ratio'. This is one of the most common forex tips and tricks which can be found in any forex trading books. Technically, if your gain is approximately 100 by risking the same, the ratio is said to be 1:1. So, if you risk 200 pips to gain 100 pips, the ratio becomes 1:2.

Majority of traders opt to use a 1:1 ratio obviously because the gain and risk is equal whatever the result will be. But others would like to have a 2:1 ratio especially for higher probability range trades. Meanwhile, a ratio of 3:1 or more is advisable for trades with lower probability.

Stick to the boundary

If you have already developed a good and stable higher reward-risk ratio plan, stick to it. Set a boundary stop and limit which will help you detach your emotional tendency of stopping a winning trade early and holding on to a losing trade longer. No forex tips and trick will ever be effective if the subjectivity of human emotions rules when making trading decisions.

This strategy is part of the over-all money management plan of traders. So even if they are wrong in their predictions most of the time, a good money management plan like this saves them from losing more money.

Forex trading is not a complicated buying and selling principle. However, aside from careful analysis, focus, and theorizing, trading successfully also requires effective forex tips and tricks.

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