TIPS TO BE THE BEST IN GLOBAL FOREX TRADING by temitope olanipekun

Global tips forex.You can be one of the best global forex trader if you can adopt this tips to your system of trading.

1. Think, analyze and create before the trade. During the trade only follow what you thought, analyzed and created before the trade. Before you enter the trade you are cool and balanced. You are thinking logically. During the trade you are under fire since money is involved. You are under pressure. What makes you think that you can make better decisions under intense fire than when you are calm and balanced? You can't. That is why you planned the trade before hand. This is one function a well structured trading routine helps you achieve. Follow your plan!

2. Don't favour sides. Trading is about recognizing long and short opportunities. Many people have the problem of shorting. They have the profiting when the market is going down. They are taught through life that you make money when markets go up. As a currency trader you don't care if the currency market is going up or down, if there is an opportunity to make money, you take it, that's your job.

3. Trade a method that fits your personality. If you are like me and like hearing the cash registering often then use day trading strategies. If you don't mind waiting for profits to accumulate over time then consider using swing trading strategies. This is very important. Trade with what best suits your character. Be true with yourself and recognize what your needs are. My need is the gratification that frequent profits provide, no matter how small. It keeps me going. Hence going for 20 pips per trade can often be justified. If it is too small for you, then it might be possible you take only one trade and lat it run for the whole day until your target is met. But be sure it suits your personality.

4. Know the personality of the currency you are trading. Each currency pair has its own individual "personality". This can be in terms of volatility, spread, average daily range, liquidity, specific patterns etc. use trading strategies that go hand in hand with the characteristics of the currency pair. 

Free Forex Trading Tips: Taking a Position on Global Currency Markets

The foreign exchange market, commonly referred to as ‘forex’, is one of the most traded in the world, with a daily turnover in excess of US$4 trillion.  
To put this into perspective, the New York Stock Exchange’s daily turnover is approximately US$50 billion. Now you can start to understand why the global forex market is the biggest in the world.
But what makes up the foreign exchange market, why is it so popular and how can you trade it?
Below, we offer you an insight into the market, what you can trade and how you can take a position for only a small initial deposit with a City Index forex trading account.

Forex Trading Tips: What is Forex?

Foreign exchange – also known as forex or simply FX – is the act of exchanging one currency for another at an agreed exchange price on the over-the-counter (OTC) market. As discussed above, the forex market is the world’s most popular with traders – seeing an average turnover in excess of US$ 4 trillion every day. The forex market is available to trade through City Index’s range of forex trading platforms 24-hours a day from Sunday evening through to Friday night.

Forex Trading Tips: How to Trade Forex

Currencies are always quoted in pairs, with the value of the first currency in the pair traded against the value of the second currency in the pair.
When trading through a City Index forex trading account, you will speculate on whether the first currency in a currency pair, such as EUR/USD, will rise (appreciate) or fall (depreciate) against the second currency in that pair.
Using the EUR/USD as an example, if you believe euro will depreciate against the US dollar – you go short and sell. In the event you are correct and the value of the euro moves in favour of your trade, you will profit in line with every pip the currency depreciates against the US dollar. Alternatively, if you believe that euro will appreciate against the US dollar – you go long and buy. As above, if the value of the euro moves in favour of your trade then you will profit with every pip the currency appreciates the US dollar.

Forex Trading Tips: Manage your Risk

Volatility in the forex markets can open up numerous opportunities to speculate and profit from small price movements. However, there are a number of risks involved with trading forex. Consider the EUR/USD example above – had you been wrong and the euro moved against your trade, you could have incurred significant losses.
Furthermore, as a margined product you do not own the underlying market. This could mean losing more than your initial deposit in the event currency prices moves against your trade. In order to limit losses, a range of risk management tools – including Stop Loss Orders – are available through the City Index forex trading platform.

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