Important tips for forex trading

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Furthermore, learning Forex trading also involves knowing various tips, accepting advice and also learning some tricks. Therefore, in the following section you can find some tips that have often proven to be very helpful in practice, especially if you are a beginner in the field of forex trading.

Practice with the demo account without risk

Probably the most important tip for beginners who are just starting with forex trading is to use a demo account! This is a test account, which nowadays is provided by almost every Forex broker that offers trading in currency pairs. The only difference is the duration of use, because some brokers provide a demo account for an unlimited period of time, while other providers allow access for a maximum of 14 or 20 days.

In any case, all demo accounts have in common that you can simulate trading without risk, since only virtual money is traded. Thus, the demo account serves to get to know the trading platform and it has other advantages, such as:

  •     Try out functionalities of the trading platform
  •     practice the procedure of placing orders
  •     get acquainted with additional functions and tools
  •     Learn and test strategies
  •     follow other traders (copy trading)

You should switch from the demo account to the real trading account only after you have familiarized yourself with the technical terms, have sufficiently tested the trading platform with its functions and have also already placed some virtual trading orders.

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Trade the standard currencies first

A good advice that any professional trader will give you is to start trading the main currency pairs first. Behind this is not only the fact that these major currencies are very liquid, so there is always trading going on. In addition, the fluctuation intensity (volatility) of these standard currencies is on average significantly lower than exotic currencies, so that price drops or large price changes are rather unlikely.

In particular, the main currency pairs that you can use with a clear conscience as a novice Forex trader include:

  •     Euro
  •     US dollar
  •     British pound
  •     Japanese yen
  •     Swiss Franc

Trading on the basis of a strategy and not on gut feeling

Many beginners are very motivated or even euphoric when starting to trade currency pairs, expecting high profits in a short time. However, this leads in many cases to mistakes, because many newcomers trade far too often only from the gut or emotionally. However, this causes losses in most cases, so that an extremely important tip is to trade exclusively on the basis of a well-aligned and suitable Forex strategy. Many proficient Thai traders say - อารมณ์ควรจางหายไปอย่างสมบูรณ์ที่สุดเท่าที่จะเป็นไปได้ใน ดาวน์โหลด mt4 exness แต่แทนที่จะมีแนวโน้มที่จะปฏิบัติตามกลยุทธ์ที่เลือกอย่างเคร่งครัด. Which means Emotions should be faded out as completely as possible in forex trading, but instead it is much more promising to strictly adhere to the selected strategy. For beginners, by the way, the so-called trend following strategy is particularly suitable, since this - statistically speaking - most often leads to lasting trading success. In addition, there are of course numerous other strategies, some of which, however, are recommended to professional and experienced traders.

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