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10 Forex Trading Tips


Below You Will Find 10 "Forex Trading" Tips That Will Help You In Your Trading...


Forex Trading Tip #1

 

Never Ever Think That The Price Cannot Go Higher Or Lower

 

Anything can happen in the market and never think that this is the lowest point or this is the highest point.

Remember, the market tends to make higher highs or lower lows until the structure is completed.
 

You must understand that the market can do anything at any given time, this is why you must have a system that respects this risk.

If you stay disciplined in the long run, you will succeed this is why you should not be scared of being wrong on any single trade because the fear of being wrong will lead you to avoid taking a trade and it will have a bad effect on your ability to trade successfully.


(Stick to your system and your plan)
 

And now, let go to the Tip #2


 

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Forex Trading Tip #2

 

If You Do Not Use "Stop-Loss", One Single Bad Trade Can Kill Your Account!

 

On average, 90% of traders lose their money within the first 3 months

 

Why this is happening?

 

Most of them start Forex trading and they start to trade directly without any prior knowledge or proper education, and quickly they realize that forex trading is not easy so...

 

Instead of learning the correct way, they continue to trade and because they don't know where they should put there stop-loss, they start to trade without stop loss!

 

Trading without stop loss = One Single Bad Trade Can Kill Your Account

 

Therefore, your assignment is to define your stop-loss placement prior to identifying your position size. In addition, your stop-loss placement should be determined by logic.

 

Do not allow greed to lead you to losses.

 

And now we can go to Forex Trading Tip #3



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Forex Trading Tip #3

 

In Forex Trading You Are Dealing With (Probabilities)

 

You might have heard this before but below is our explanation:

 

Forex is all about choosing a trade with the Highest Probability Chance (HPC) of success. However, human intuition and common wisdom can be rather deceitful and lead to poor judgments.

 

Anything can happen in the market (that means The market can do anything an any given time, this is why you must have a system that respects this risk) and we have that

 

There is a random distribution between wins and losses (and due to the law of large numbers, if you have an edge in the market, in the long run, you will win... so what is an edge?

 

An edge is nothing more than odds tilted in your favor (So it is only a point where you know that you might have a higher probability chance of being right on what could be the next move in the Forex market and this is where wave analysis kicks in, if you learn it correctly, you will have that edge.)

 

When we talk about an edge in trading, we mean a statistical edge. 

 

“We Trade Waves” Forex Trading & Wave Analysis and our youtube channel, Forex Trading & Wave Analysis, “One Day, YOU will be exactly where YOU want to be, until then… KEEP LEARNING, KEEP WORKING & KEEP GOING.” If You Want To LEARN/MASTER Forex Trading & “Wave Analysis” check our Forex Course Page: https://wetradewaves.com/forex-course   “Forex Trading” is a risky business, what we are sharing here or on any of our social media platforms is only our point of view on what could be the next move in the forex market and not trade signals... Trade with care.   Weekly FOREX forecast is what we publish every week & more than 25 markets are covered! so if you want to learn more about forex analysis (Forex Trading), this is a great place for you.  FOREX Trading [forex analysis] is a great business and In our experience, the best way to predict the next move in the forex market is by mastering “wave analysis” no matter what is your style of trading (day trading, swing trading…), this is why we trade waves [It’s different from Elliott wave] and we use our own advanced forex strategy. If you want to check our “Forex course” just check our website and go to our forex course page  “Forex trading” concept and a forex strategy are all that you need, we have the same concept as Elliott wave and Dow theory that the forex market moves in waves but we have our own methodology and our own technical analysis techniques. In order to master forex trading and wave analysis, you need coaching and this where our forex trading course kicks in. “Forex Trading” career & make consistent profits out of it is something we can help you with.  YOU must watch our technical analysis on youtube until the end because we always include “forex trading” tips in our weekly forex forecast (weekly outlook) no matter if you do swing trading or day trading...   Wave analysis is all that we do, let me repeat: Wave analysis is all that we do here, check our last forex trading & wave analysis videos to see our accuracy. We provide “forex course” (Forex trading course) and you can check all the details on our website. Weekly forex forecast


Due to the law of large numbers, if you have an edge, in the long run, you will win...

 

If you're trading without an edge (With random entries), you'd expect to have about 50% winning and 50% losing trades in the long run. Which is exactly what's going to happen if you trade OFTEN enough to allow the law of large numbers to do its job.

 

You know now why trade WELL is BETTER than trade often?

 

The key point to take away from this is to understand that if you actually do have an edge in the market, In the long run, you will win.

 

Cool? Let's go to the Forex Trading Tip #4


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Forex Trading Tip #4

 

Your Job Is To Protect Your Account First, Then Grow It

 

Not being in a trade doesn't mean you are losing money.

 

This is what you should understand, when we say in our |Weekly Forex Forecast| about the particular instrument that if it goes down we will not sell it and the market goes down that doesn't mean we are losing money, that means we are losing 1 opportunity.

 

And here is the thing, every day/week/month you have opportunities in the market.

 

without a system, a plan, a strict set of rules, you might not survive some big moves in the market when the market goes against you.

 

And now is the time for the Tip #5 


Forex Trading Tip #5

 

What You Draw On The Charts Are Only Your Thoughts

 

This might be a bit weird for you but let me explain...
 
We agreed that the ONLY REAL DATA are the charts so anything you draw on those charts is either what you already learned from the internet or by reading some Forex trading books.

 

 So... 

 

What you are drawing as (Trend line, Fibonacci, Waves labeling... are only your thoughts and they are not the market limits).

 

EURUSD Chart With Drawings

We Trade Waves Forex Trading & Wave Analysis TradingView

EURUSD Chart Without Drawings

We Trade Waves Forex Trading & Wave Analysis TradingView


Make sense? Good
 
So now you know what we are trying to show you, let's move on to the Forex Trading Tip #6


Forex Trading Tip #6

 

Your Job As FOREX TRADER Is Not To Be Right, Your Job Is To MAKE MONEY From The Market!

 

You might be thinking now, what that means?

 

The general perception is you must be right in the market in order to make money and if you are not right you will not make money!

 

But the reality is...

 

Forex Trading is a complex business and to succeed, you must have a complete Forex trading plan and system in place which includes:

 

Analysis

Strategy

Money Management

Risk Management

Trade Management

Psychology

How to build a correct mindset

And more...

 

Now, if you are right in your analysis, that doesn't mean you will make money, like we explained earlier if you are right 99% of the time and one trade goes against you when you are trading without stop loss... you will lose everything and one single trade can wipe you out.

 

However, if you have a system with a good MM / RM / TM .... You will make money, your job as FOREX TRADER is not to be right, your job is to MAKE MONEY.


Forex Trading Tip #7

 

Do Not Think That Every Time You Look At The Charts, You Should Click A Trade.

 

If you are that sort of trader who clicks random trades...

 

This means you don't have a trading plan and you should create one.

 

Now why you should create a trading plan?

 

A trading plan in the FX market isn't really any different from any other trading plan you could imagine.

It is an outline of your planned trading activities, something like a to-do list when it comes to trading Forex online.

The main idea of the trading plan is to develop a set of rules that you are going to adhere to, and how you are going to implement them.

Once you have the rules written, it is much easier to apply them, as there is a clear plan of action on how they need to be followed.

In addition to this, a trading plan can help you analyse the market better, and then apply your analysis to your trading strategy.

A Forex plan can prevent you from making rash, irreversible decisions - something that is particularly useful when emotions start to come into play. 

 

They stop you making silly mistakes, and allow you to evaluate your wins and losses.

 

Makes sense? let’s go to the next Tip...

 


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Forex Trading Tip #8

 

Do Not Add To A Losing Position.

 

 

Why you should never add to your losing trades? 

 

Because you will be doubling your risk while you are thinking that you will recover fast!

 

Also, by adding onto your losing trades you will go down phycological which leads to failure in this business. 

 

Infact, to overcome this phycological issue we have phycology session in our course to strengthen your belief and confidence in your analysis.

 

And now we can go to Forex Trading Tip #9

Check Our |Chart Analysis| Page


Forex Trading Tip #9

 

Psychology Is Key, Build The Right Mindset!

 

Mastering your psychology will protect you from many losses along the trading development path.

 

Not even Forex trading tips and tricks can guarantee you success. 

 

When you decide to become a trader, you should have already accepted the possibility of failure. 

 

In case you didn't – here's a reality check. You won't make profitable trades 100% of the time. 

 

Don't let false advertisements get in your head, either. Instead, be realistic about your Forex trading methods and goals.

 

In order to build a good mindset, you need to have the knowledge first, which means, you need to learn the correct way and have a good system that you must follow no matter what.

 


Forex Trading Tip #10

 

Forex Forecast (Forecasting The FX Charts) Is One Single Part Of The Forex Trading Business! 

 

 Everyone says you can never know what is going to happen next in the Forex market.

 

In case you are missing our weekly forex forecast and a lot more Educational videos on our YouTube, |CLICK HERE| and follow us so you can be receive updates on weekly basis.

We Trade Waves Forex Trading & Wave Analysis YouTube


So why did we mention it? because in our "Weekly Forex Forecasts" we are sharing our point of view with our followers on what could be the next move in the forex market based on our wave analysis.

 

So coming back to our "Forex Trading" Tip, "Forecasting the charts is one single part of Forex trading business!”

 

If you know what could be the next move in the Forex market that doesn't mean you know how to trade that move. 

 

Analysing the charts and trading your analysis are completely different and majority of traders out there aren’t aware of it hence losing money.

 

This is only one part since you have a lot of other parts too (RR, MM, TM, Strategies, Psychology, Execution....) and that is exactly what we teach...

 

By not taking too long explaining about this here, you can check our |COURSE| page.


Conclusion

 

We wish that our "Forex Forecast" helps you be in the right side of the trade and improve your forex trading skills.

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Forex Trading is a risky business, what we are sharing here is only our point of view on what could be the next move in the market and not signals... Trade with care.

We Trade Waves Team.

 
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