Market condition

Every novice trader should realize that no one is insured against losses on the currency market. The main rule in currency trading is that profits should be much greater than losses.

When you start trading, you should determine how much of your own money you are willing to risk and how much profit you expect to make. This will be your risk/reward ratio. Successful traders never enter trading without a clear understanding of their goal.

Many newbies are overly apprehensive about the uncertainty and risks present in the Forex market. For those who are able to overcome themselves and understand all the advice of traders, forex offers truly unlimited opportunities to increase their capital.

Successful traders never give up personal responsibility. You can take into account any advice from experienced traders, but all responsibility for the trades you make, regardless of their outcome, will lie solely with you.

When trading starts to go well, traders often forget about their earlier goals, hoping for further successful continuation of their trading. However, the market is very volatile and trends can end quickly. As soon as the target price is reached, immediately take profit or put the trade to breakeven.

An increase in trading volume caused by some high-profile event leads to a significant price movement. At this point, all Forex trading tips are aimed at taking advantage of short-term and rapid changes in the market. Inexperienced traders often aim for one trade per day that promises them significant profits.

If an open position loses, do not stay in the market in the hope that the trend will turn in the right direction for you. Close losing trades and leave the market immediately.

The reason for losses often lies in excessive emotionality and unwillingness to listen to advice. Forex requires complete disconnection of emotions when making trades. Steadily follow the set plan and do not forget to set "stops".

Trade in the direction of the trend and your returns will grow.