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30 November, 2016
Top 3 Tips to Transform Yourself from a Newbie to an Expert

In today’s
world, everyone wants to earn some more money. Therefore, the foreign exchange
market has become a popular option for the people who want so. The foreign
exchange currency market is the largest financial market in the world. Everyday,
almost 5 trillion dollar is traded in this market. Hence, most traders want to
invest money here in this market. This market can also be considered as a
shortcut to earn money. But, trading in this market is not as easy as it seems
to be. It has been seen that the success rate of newbies is significantly low
in the foreign exchange market. This is because they don’t apply any forex
trading strategy or use any live currency rates table. It has also been seen that after losing a number of trades,
the new traders (even the experienced ones) breakdown emotionally.

In order to
avoid loss, the traders can follow some tips that are discussed in this article.
Read on to know more -


Trading Strategy:

A trading
strategy is something that you have to follow before starting the trade, during
the trade and after the trade is over. Once you think of starting your trade in
the forex market, make a written set of rule that involves entry, exit and
money management criteria. It is advised to check your trading idea on a demo
account before risking your real money. Backtesting is a superb way to
understand your trading plan, and check whether it will work or not. The backtesting
result indicates whether you should stick to your trading plan or you should
move on.


Keep yourself upgraded:

In order to
involve in the global trading, you need to upgrade yourself with the latest
technology. There are various charting platforms available online, which can
help you to analyse the market properly. You can use live currency rates table,
as it is essential to observe live currency rates table to know the major
foreign exchange currency pairs and the rates of other currency. You can also
use the live currency quotes table.


Take your trade seriously:

You should
never consider your trade as a hobby or job. Remember, it’s a way of earning
money, but there is no regular pay check. So if you take trading as job, you
will feel bored after a few trades. And if you consider your trade as your
hobby, you can never be serious towards your trading. Hence, there can be a
great chance of failure. Take your trading as your business as it involves
profit, loss, uncertainty, risk, tax and stress. You should invest more time on
researching and the least time on executing trade. This will surely help you to
maximise your business potential.

If you want to trade as a successful trader, you
must remember all the above points in mind. These will help you to be a master
in trading.

27 March, 2017
Hello, thank you for sharing your Forex tips and I have also been a newbie in trading before I really learned the secret in Forex. However, the Forex tutorials provided my brokerage are a great help too. 

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