Few basic tips for getting richer in forex market.
* You should be able to make a perfect balance of type of return you want and your investments, how much money you can invest and how much time you can wait.
* Applying good money management techniques is extremely important. Your money management strategy should never risk more than 2% of your account per trade. Your account won’t blow if one trade goes wrong.
* Don’t get panic if something goes wrong and don’t let your emotions take over your good business sense.
* Open an excel sheet and do some simple calculations. Put less amount of money initially. Slowly increase your investment range as your account grows.
* Never get too much of greedy. Try to maintain a good risk/reward ratio.
* Start slowly and conservatively grow your account over time. Slowly try to make your risk/reward ratio bigger and bigger.
* In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to the other countries’ economies.
* So try to make your decision based on political factors like Recession, depression, war, political turmoil etc.
* Initially almost every trader faces failures; you have to gain enough experience and knowledge to successfully enter the coveted 5% realm with the other successful traders.
* If you have a large account balance and trade a conservative lot size, then you can be sure a good percentage of the time that your trade will eventually bounce back, especially if it’s in line with the H4 or Daily trend.
* Try to trade the trend, using the LRC and some very accurate indicators and have a particular knack at finding reversal points.
* Finally remember slow and study wins the race.
* Forex robots are always welcome, as they assist you to earn pips you couldn’t earn without using a robot.