There are a lot of currency trading tips available online but in this article, I will only be going through 3 most important tips that have changed my trading experience and make me who I am today.
Making an income from currency trading is not that hard but it is not that easy either. Most new traders thought that having a good strategy is enough to make them a decent income and therefore they are always in search for the best trading strategy available.
What I am going to share with you are 3 important factors you need to know besides having a good strategy.
1) Execution Skill: Having a good strategy does not means that you will be profitable, it depends on the way you execute it and how you plan your trade. Two traders can be trading the exact same strategy but I can assure you that the result will differ.
Therefore the key to successful trading lies in your training, you need to always practice your trading strategy on a demo account until you are able to execute it properly and profitably before moving to live trading.
2) Exit Strategy: For most traders, they are interested in knowing how to enter a trade but knowing how to exit your trade is just as important if not more important. Usually it is the exit strategy that determine whether a trader is profitable or not. Therefore you need to horn your exit tactic in order to be profitable.
3) Money Management: Having a sound money management skill is very important in the area of trading. Fancy losing all your profit in one single trade and you will never be profitable throughout your trading.
All serious traders should spend sometime to learn the proper money management skill as it can determine their success.
The 3 currency trading tips above are what I find most important for a trader and I hope that you can benefit from this article as well.