We know that jumping into the waters of Forex trading can be intimidating, even if you’ve already enjoyed the Trade & Train Forex trading course. Today we look at some trading tips and tricks from experienced forex trading mentors that can help you make the most of your trading experience. Remember, the team is always here to help, so don’t be afraid to reach out to us today!
Know the markets you want to trade in
This one seems obvious, but according to our Forex mentors, it’s one that newbies often overlook. Although your Forex course gave you the very basics of forex trading, you need to do a little more studying of your favoured currency pairs before you put your own capital on the line. After all, careful, strong foundations are what futures are built on! You will need to keep building on your initial training so that you can always stay on top of the markets.
Don’t deviate from the plan
One reason you need to do that studying is that constantly flip-flopping on plans is one of the biggest capital killers. Once you’ve done your thorough research properly, you will create a trading plan. You need to know your risk tolerance, profit goals, planned methodology, and how you will evaluate trades in order to create this, just as you learned in your Forex trading course. Once you’ve assembled this meticulous plan in line with your goals and tolerance, stick to it. Make sure each plan furthers your goals the way you need it to, and don’t be tempted to jump all over, panic, or change your mind over and over again. Remember, it’s panic selling, more than any single other feature of Forex Trading, that kills peoples’ dreams.
Practice makes perfect
Once your trading plan is ready, you can practice and refine it in real market conditions with a Forex trading practice account. This lets you make sure everything will go as planned, without risking your own hard-won capital at first. It also allows you to get used to your chosen Forex trading platform and learn the interface and tools at your disposal. Our Forex trading mentors suggest this is one of the best things you can do before you trade, even if it feels like an extra step and you want to get started live right away!
Know your market
Think of the changes in the market the same way the weather changes. News, politics, and financial data are what the market responds to. Technical analysis tools and global news both need to be monitored regularly so you can move before it’s too late. If you try to trade without staying on top of market conditions, your trading journey won’t go well.
Know yourself
Just as important as knowing the market is knowing yourself. Know your limits- how much are you willing to risk on trades? What’s your acceptable leverage ratio? How much can you really afford to lose? This also pairs up with knowing when to stop. You can’t spend every minute of the day glued to the markets. That’s why you have the tools you learned about in your forex course- stop and limit orders. This will help you protect profits in the event of a market reversal. Trust yourself enough to know when to take a break and let your automated strategy do the work for you.
Leave emotions off the table
Things will not always go your way. That’s why you have your plan to return to. Learn the lesson and move on. Never take the ‘a couple of off-plan trades wouldn’t hurt’ road- if it’s not on your plan, walk away. It’s a phenomenon known as ‘revenge trading’ and it never goes well. Losing trades happens. Don’t go all-in on weird one-shots to ‘fix’ the problem, simply accept that losses do happen, regroup, and try again in accordance with real data, not hopes.
Slow and steady wins the race
It’s cliché, but the cliché happened for a reason! Consistency is where you will make your real money in forex trading. Losses will happen, but it’s how you respond that will shape the course of your trading career. Don’t just take a Forex trading course and assume that’s the end of your learning. Carry on, adjust the plan to suit your needs as they change, keep your eye on the goal, adapt as those goals or financial situations change, and keep on keeping on.
Use the right tools
From the Forex trading course you pick (like our trusted Essential Trader Course) to the Forex mentors you learn from and the trading platform you choose, make sure you are using the right tools for your trading style. If you don’t enjoy trading, you won’t want to continue to do so, and the ‘atmosphere’ around your trading will have a lot to do with that.
Trade & Train are here to help you every step of the way! From our Essential Trader easy Forex trading course right through to finding a Forex mentor on the Live Traders Club, we hope to offer you the support and knowledge you need to make the very best of your Forex trading experience. With these hand Forex trading tips under your belt, you’re well on the way to an enjoyable, satisfying Forex trading future, so don’t be scared to reach out to us today!
