{"id":1482,"date":"2009-06-24T12:04:22","date_gmt":"2009-06-24T16:04:22","guid":{"rendered":"http:\/\/club.ino.com:80\/trading\/?p=1482"},"modified":"2009-09-08T09:15:31","modified_gmt":"2009-09-08T13:15:31","slug":"13-quick-tips-for-forex-trading-success","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2009\/06\/13-quick-tips-for-forex-trading-success\/","title":{"rendered":"13 Quick Tips for Forex Trading Success"},"content":{"rendered":"

At MarketClub we cover all major and minor Forex pairs in real-time, and their popularity is growing by the day. Traffic to our Forex pages is almost double what it was less then two years ago, and with all the great Forex material (including this post by Bill<\/a>) I asked Jason Gospodarek from FastPips.com<\/a> to throw his knowledge into the mix and give us thirteen Forex tips that we ALL can use! Please enjoy the article and if you have any additional tips we want to hear them!<\/p>\n

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At FastPips.com<\/a> our goal is simple.\u00a0 We want to help you learn how to create a profitable trading business by executing low-risk, high-reward trades in the best market conditions possible.<\/p>\n

#13: Back-test, but be logical.\u00a0 Back-testing a given strategy can prove priceless when done correctly, but remember to take the results with a grain of salt.\u00a0 Be especially wary of trade results shown on websites claiming astronomical gains since most of these results simply are not attainable under live market conditions for many reasons.<\/p>\n

#12: Always analyze similar pairs in the forex market before placing any trade.\u00a0 Similar pairs can be defined as any tradable currency pair containing 1 of the 2 currencies you are about to trade.\u00a0 For example, by looking at no less than 4 US Dollar pairs before trading, one can determine if the pair will be moving based mostly on the US Dollar or the opposing currency.\u00a0 This can easily be done with the Japanese Yen and others as well.<\/p>\n

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#11: Be wary of trade ideas coming from other individuals or groups in the many online trading forums, blogs, or chat rooms.\u00a0 Only evaluate trade recommendations from trusted parties who have a proven track record of success.\u00a0 Remember this is your business, and to have a consistently profitable business, you need to execute reproducible trades based on your own strategies and ideals.\u00a0 Don\u2019t build your house on sandy soil; lay a good foundation of continuing education and the rewards will come many times over.<\/p>\n

#10: Longer-term charts (ie. monthly, weekly, daily) have logarithmically more importance upon technical analysis than shorter-term charts (ie. 1 minute, 5 minute, 15 minute).\u00a0 For example, a support or resistance level on a daily chart will hold much more importance than a similar line than a 5 minute chart.\u00a0 Most reputable traders will recommend trading on longer term charts, especially for those who are new to trading or have limited time to trade due to other commitments. Find your comfort zone and stick with it until you become consistent; even a slight edge in this market can set you free financially.<\/p>\n

#9: Do not use any trading robots, expert advisors, or other \u201cblack box\u201d automated trading software until you learn how to trade on your own first.\u00a0 Educating yourself is the key to success; deep roots will equal a tall tree that can weather any storm.<\/p>\n

#8: Trade with a friend, group, partner, or mentor when you begin your journey of learning the forex market.\u00a0 Many of the glamorous ideologies of forex traders showered in riches come from high-risk, difficult to reproduce strategies.\u00a0 The way to often become most profitable in this market is to have consistency, be disciplined, and to repeat this over and over and over again.\u00a0 Forex trading, done properly, is not intended to be flashy.<\/p>\n

#7: Be sure to use a forex broker with great service and support, along with low spreads.\u00a0 With the recent regulations we are much more protected against possible broker-related issues, but many traders are still paying much higher spreads than average when placing trades.\u00a0 Do your research on forex brokers to analyze not only the safe, financially sound companies, but also those that allow the lowest fees.\u00a0 Paying the bid\/ask spread in the forex market is just one of the costs of doing business, but with the extreme level of competition in today\u2019s marketplace there is no need to accept paying even 1 pip more than you should elsewhere.<\/p>\n

#6: Have a backup power supply and internet access available at all times when you are trading.\u00a0 This can be as simple as a battery-powered laptop with a wireless access card.\u00a0 Don\u2019t rely solely on the phone number of your broker as if there is a company-related trading issue; their lines will likely be slammed busy.\u00a0 Bottom line: be sure to have some redundancy incorporated into your trading plan; treat this like a true business and it will reward you like one.<\/p>\n

#5: Break your trade order into 2 or 3 smaller orders to give yourself more control, both actual and psychological.\u00a0 As most forex brokers do not charge commissions to trade this market, they earn their fees through the bid\/ask spread; you have no extra cost of placing 3 small orders rather than 1 single large one.\u00a0 Doing this allows you to place tighter stops on some orders, while adjusting the profit taking on others.\u00a0 Closing part of an order will give the same effect, but by having a few live at the same time, it is easier psychologically to set them and let them run.<\/p>\n

#4: Trading profit comes from 1\/3 psychology, 1\/3 money management, and 1\/3 trading strategy.\u00a0 It\u2019s easy to get caught up in the \u201cnext best thing\u201d or the potential of finding a \u201choly grail\u201d system, but remember that most of your profits come from learning the things that are not quite as exciting.\u00a0 Trading psychology and money management are critical to any success in the forex market; without them you will be grouped with the 95% of those who lose their capital time and time again.\u00a0 Money management is the key to unleashing potential for compounding profits; it is an absolute necessity to learn.\u00a0 Do your research on the most highly coveted trading psychology texts and dig in ASAP.<\/p>\n

#3: Be aware of world news releases.\u00a0 Even if you prefer to not trade news events, be certain to know when the major events are planned to take place.\u00a0 As a second line of asset protection to your business, a good live news feed is also recommended when you are trading.\u00a0 Knowing what is going on in the world is one of the most critical keys to forex trading success; without this knowledge, your chances of success are limited.<\/p>\n

#2: Always use a well planned stop loss when placing any trade and never, ever, move it further from your entry point for any reason.\u00a0 Although it is a simple rule to put on paper, it\u2019s often difficult to follow\u2026always follow this rule.<\/p>\n

#1: Always trade any new strategy in a demo account before going live in a real money account.\u00a0 Many traders simply become gamblers by placing trades live without the proper testing and education necessary to place the odds in their favor.\u00a0 It is also all too common for traders to have excellent results in a demo account or with paper trading, then lose all their capital once they go live in a real money account.\u00a0 Be realistic and treat your demo trades as real funds; that is the only way for a demo account to work over time.\u00a0 If you begin to have a winning pattern in the demo account, be 100% certain to follow all the rules exactly in your live account.\u00a0 Often, a good transition is to begin with a demo account, then go to a live mini or micro account where very little capital is risked before trading your regular sized account.\u00a0 Many times one can make the transition in trading psychology from demo to live when taking the added step of testing the proven system by trading very small lot sizes first.<\/p>\n

Although these few trading \u201cnuggets\u201d are only the tip of the iceberg, I hope that they can pique your interest enough to warrant further research and attention.\u00a0 I wish you the best in your trading!<\/p>\n

Jason Gospodarek, OD<\/p>\n

FastPips.com<\/a><\/p>\n

Join our free update list at FastPips.com<\/a> and get your introductory trading course delivered to your inbox over the next three days for free.\u00a0 We care about your trading and want you to succeed.<\/p>\n","protected":false},"excerpt":{"rendered":"

At MarketClub we cover all major and minor Forex pairs in real-time, and their popularity is growing by the day. Traffic to our Forex pages is almost double what it was less then two years ago, and with all the great Forex material (including this post by Bill) I asked Jason Gospodarek from FastPips.com to […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2168,2170,2172,2167,2166,2169,2171],"class_list":["post-1482","post","type-post","status-publish","format-standard","hentry","category-general","tag-13-forex-trading-tips","tag-back-testing-forex","tag-be-wary-of-forex-robots","tag-fastpipscom","tag-jason-gospodarek","tag-tips-to-trade-forex","tag-trading-forex-with-longer-term-charts"],"yoast_head":"\n13 Quick Tips for Forex Trading Success - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wwwtest.ino.com\/blog\/2009\/06\/13-quick-tips-for-forex-trading-success\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"13 Quick Tips for Forex Trading Success - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"At MarketClub we cover all major and minor Forex pairs in real-time, and their popularity is growing by the day. 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