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Forex trading is simple but complicated for some people. Here are tips from experienced traders to maximize profit and minimize losses:
1. use stop loss
Never trading without the use of Stop-Loss orders, considering it can prevent us from things that are outside of the allegations.
2. the technical and Fundamental Analysis
Most traders use technical analysis only, while most others just watched the fundamentals. Use both, so that we can understand market conditions properly.
3. do not involve emotion
Forex trading can be a fun thing at once confusing. When holding down the emotion, the trader will not be hasty in taking a stand and can be spared from losses.
4. avoid over trade
You shall not add to a position just because feel the existence of the opportunity to get more profit. With the number of the right position, we will be able to deal with the forex market, gold, and crude oil is volatile.
5. using money management strategies
Limit the number of losses, the expert suggested limiting the risk of 3-5% of the initial capital in a single trade. Excessive risk can be dangerous in high volatility.
6. Using multiple timeframes
Don't just fixated on only one particular timeframe. If you see some timeframe, the direction of the market will see more clearly. Example: compare the movement of H4 (intraday) and D1 (medium term).
7. Design your trading plan
It is important to make a planned trading (trading plan), as our own trading guidelines. "If we fail to plan, plan to fail means we ". Trading plan will assist in determining the next step.
Now you've got helpful tips from expert traders to maximize your profits from forex trading.
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