FOREX TRADING SECRETSÂ FOREX TRADING SECRETS SEPARATING YOU FROM THE PROFESSIONALS
INTRODUCTION • Today, we will be discussing the secrets that many successful forex traders and brokers like to keep to themselves when trading forex. These tips will surely help you in your trading career and should help you produce more profits from currency trading.
Understanding That The Majority Of Retail Traders Fail • This isn’t really one of the forex trading secrets, but it is still incredibly important. It is estimated that over 80% of people who will try to trade forex will fail and lose money in the market. The main reasons for this are a lack of education, and being far too greedy trying to make money too quickly. The 20% who succeed are well informed in trading and understand how to manage risk correctly.
Every Broker is Not the Same! • Different brokers have varying rules and regulations attached to your trading account. • If you are in the UK, always ensure the broker you are using is regulated by the Financial Conduct Authority (FCA). If you are in Europe using a European broker then they should be regulated by well-known licenses such as EFSA, CySEC, and ASIC.
Avoid Using the Dealing Desk at Brokerages • Always ensure the broker you are using is an ECN system which allows you to execute your own trades quickly into the market.
Do Not Rely on Signal Providers • This is one of the major forex trading secrets. There are many signal providers out there that claim to be able to provide you trades that will bring you in profits every day. The majority of these signal don’t work and are a waste of your money and time.
Have a Trading Plan • This is an incredibly important point. It is imperative that you have a Trading Plan. When it comes to making trading decisions, having a Trading Plan can be the difference between profit and loss.Â
Conclusion • Following a few of the forex trading secrets above will get you on the correct path to trading profitably in the forex market.
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