10 Essentials of Forex Trading - For Getting Into the Top 10 Percent in Forex

By Tony Matos

This article will discuss the top 10 basics of Forex trading. Currency trading is not a game, it is a business. Only a select 10 percent of currency traders are consistently successful. These 10 essentials of Forex trading are planning to help you get into the top 10 percent and to you keep there. So here are the essentials steps for forex trading.

1. The majority of your time could be spent is between a 15 minute chart and a 1 hour chart only.

2. Don't overdo it. If you are new to Forex trading area then sole try and make a profit of out 20 pips at one time. Once you have done which turn it's time to study and plan for the next day for the next day.

3. Try not to studying to much on the 5 miniature chart it will distract you from your trading decisions.

4. Don't use MACD for buy and sell it causes meaningless trades.

5. Do all you can to protect your money by using 12-15 pip stops in your Forex trading. You will generally lose 3 out of 10 trades so it's sizeable to stay your losses to an absolute minimum always practice money management.

6. Consider employing trailing stops where you keep moving your Forex proceeds up to cover your losses and remember always practice first with your demo.

7. Keep an accurate and detailed log of all your good and bad trades this will make a better trading.

8. Your "gut feeling" can get you into a lot of financial trouble. Control your emotions while you are trading.

9. Everyone has different indicators what works for you might work for someone else.

10. If you're not set to take Forex trading serious and please then don't even start!

There are many essentials that present successful Forex traders to follow you need to study and practice and have patience and those who follow these essentials will be in the 10 percent of Forex traders who are winners in the currency market.

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