10 easy tips to help you become a successful Forex trader
1. Get a reliable brokerThis is a very important step to take before you begin trading with real money. First choice you must make is whether to go with an ECN broker who does not interfere with your trades or to go with a non-ECN broker who do have the ability to interfere with your trades. The main advantage of using an ECN is that they will not manipulate your trades. Not all non-ECN brokers do manipulate your trades but they do have the potential to cause slippage, execution problems and to change the spread to suite them. However non-ECN brokers require smaller initial deposits and offer higher leverage. If you are looking to purchase a Forex Robot it should clearly state whether it is broker dependant and advise you on suitable brokers.
2. Do not overtrade
Trading can be a stressful job if you let it be. Overtrading is a cause of this stress. Every day a trader should have a plan that includes entries, exits and the daily profit/loss target. The trader should stick to this plan and avoid the pain overtrading can cause. Using a Forex Robot eliminates this problem.
3. Do not always take the advice of other “traders”
There is lots of information related to trading Forex available online. It is important to be careful what information you decide to believe and follow as there is alto of contradicting advice. It is better to make your own judgements. This is especially the case with Forex Robots as many traders use them incorrectly and then give them unfair bad reviews. Some intentionally give them bad reviews to steer others away from being profitable with them.
4. Have a plan
95% of traders fail because they don’t have a plan. Know when to enter and exit a trade. Know when to quit trading for the day.
5. Trade with what you can afford to lose
Do not trade with money that is needed for rent, for your family, for debts, etc. Trade with what you can afford to lose, but don’t expect to lose it as a negative attitude is not good for a trader.
6. Be Patient
Yes you can become very wealthy by trading the Forex. Not always overnight though. Trading manually can take a long time to master and to see profits but if you stick to it then you could well be very rich. Forex Robots speed up the process as you do not have to spend years learning.
7. Consider setting up a Virtual Private Server (VPS)
This tip is for those who use or want to use a Forex Robot. These are great money makers if chosen correctly. It is a good idea to get the robot setup on a VPS so you don’t have to have your computer switched on when the automated forex software is running.
8. Take a break
Just like any job it is important to take a break and give your mind a rest.
9. Avoid lagging indicators
Many traders spend years and years of their lives wasting time on pointless indicators that look great in the past but are lagging when used in the present.
10. Trade live
Even if it is with a small account and small trade size you need to trade on a live account. If you want to run a Forex Robot then run it on a live account with a small amount of risk. Do not waste hours upon hours of your life trading the charts in the past!
