Forex Trading
There’s no shortage of Forex trading tips online these days. A quick online search will inevitably provide you with an endless supply of tips to help with your trading.
However, I noticed that many articles were repeats. On top of that, most of the materials only skimmed the surface of their topics, making the learning experience less than ideal. This realization inspired me to create today’s post.
I’m by no means promising that all 17 trading tips below will be new to you.
What I am promising is that you will learn something new from this post. Not only have I hand selected the most useful trading topics, but I have also explained each one in considerable detail.
This list comes from more than a decade of trading the Forex market. It’s not exhaustive by any means, but it will give you an excellent starting point from which to beat the competition.
Ready? Let’s get started.
1. No Loyalty Is a Good Trait
The best traders can change their opinion about a particular market in the blink of an eye. They understand that loyalty to one viewpoint can be disastrous to their bottom line.
In life, loyalty is a good thing. We expect our friends and family to be loyal and offer the same in return. My dog, for instance, is loyal to a fault.
But in the markets, a bias or loyalty to a certain position can get you in a heap of trouble.
As a Forex trader, you want to allow the market to do the talking. If it closes above or below a key level, you need to take that into consideration.
It doesn’t matter whether you were bullish or bearish yesterday. The only thing that matters is what the market is doing today.
The market is fluid, so your opinions about what is likely to happen must also remain fluid at all times.
If you try to stay rigid in your views and opinions, you will eventually break.
