Below are few simple and very important tips to be followed in forex trading..
- Watch and move with the price
- Know and follow the trend as “Trend is your Friend”
- Change along with the Trend direction and keep in sync with a higher trend direction (i.e. be in sync #2 hours trend in case you are following 30 mins or lesser trend)
- Don’t plot and/or follow multiple strategies
- The best and simple is to follow the trend line in conjunction with moving averages
- Never miss out setting stop loss
- Don’t be too short on stop loss, good value would be #25 pips
- Set profit limits in accordance to trend high values and appropriate risk to reward ratio
- Don’t do baby sitting and change your trades at minor levels of the trend your are following
- Finally control your mind and follow all your trade rules n strategy
- Definitely don’t expect 10/10 success trades always be prepared for 6/10 as still the best deal in reality
