Many people are eager to enter this foreign exchange market . For beginners, the earlier you enter the state, the earlier you can win the opportunity. So, how can novice speculators enter the state as soon as possible?
How can a new forex speculator enter the state as soon as possible?
One trick: you know how to be good at financial management. If you want to become a successful foreign exchange trader , you must first have sufficient investment capital. If there is a loss, it will not affect your life. Remember not to use the living capital as the capital of the transaction. Don’t let yourself “trapped” in foreign exchange speculation , and no matter what, you can’t let investment affect your entire life.
The second trick: stop loss and reduce risk must be done. When making a transaction, you should establish a tolerable loss range and make good use of stop-loss trading to avoid huge losses. The loss range depends on the account capital situation. It is best to set it at 3%-10% of the total account amount. When the loss amount has reached your tolerance limit, don’t make any excuses and try to bet everything, and you should close the position immediately.
Three tricks: For foreign exchange speculation , we must learn to thoroughly implement the trading strategy, and do not make excuses to overturn the original decision. The biggest fatality in trading is when you (when your losses have expanded) start to make excuses and close your position without recognizing the loss, thinking that the market may turn around all of a sudden. When you continue this idea, you will not have the will to close the position where the losses continue to expand, but will only lose your mind and wait for the market to turn around. Remember a simple rule: do not let the risk exceed the originally set tolerable range, and once the loss has reached the original set limit, do not hesitate to close the position immediately.
Four tricks: record what the elements of your own foreign exchange trading are. Record the factors that determine the transaction in detail every day, and see if there is any event news at that time, or other reasons, which led you to make a transaction decision, analyze it after the transaction, and record the profit and loss results. If it is a profitable trading result, it means that your analysis is correct. When similar or the same factors appear again, the trading record you have made will help you make the correct trading decision quickly.
Five tricks: Fry foreign exchange to take advantage of the trend, do not go against the trend. Remember the old rules of the market: losing positions should be terminated as soon as possible; profitable positions should be held for as long as possible
Another important rule is, do not let losses occur on positions that have already made profits. In the face of a sudden market reversal trend, instead of closing positions without profit, do not let the positions that have been profitable turn into losses. situation.