Will you listen?
Do not rush with your trading decisions. Pay attention to signals and double-check your entry and exit points.
Analyse your performance. Take note of winning and losing trades. When you make a mistake, let it teach you.
Time to get some more trader friends. If you’re an active part of the trading community, you can learn a lot.
Back to the basics. Assess the effectiveness of your trading strategies. Run your strategies on a demo account and analyse their performance.
A well-planned strategy will bring you better results. Develop one using fundamental and technical analyses.
Find a good balance between trading and life. Try implementing long-term strategies if day trading puts too much pressure on you.
Check if your broker still has the most favourable trading conditions: whether it charges commissions other than spreads and has swap fees.
Always remember to set a stop loss and a take profit. This way, you’ll protect your trade from both unexpected price fluctuations and your emotions.
Do not use excessively high leverage. It might increase your profit, but it also increases your risks.
Do not spend more than 4% of your capital on a single trade. Do not enter too many trades at once.
Every week, learn about a new indicator and how it works. You will know a great deal of technical analysis in a month!
Try trading in other financial markets. You will likely receive more entry signals and get more experience.
NOTE: We made those astrological predictions to cheer you up a little! Always rely on data and analysis when trading Forex. Don’t forget to learn the basics of Forex trading. OctaFX has lots of educational materials on its site and YouTube page that will help you begin your Forex journey.
Follow @octafx_official on IG and visit https://www.octafx.com/ for more.