If you are new to the Forex world, or even if you have years of trading experience, it is always useful to collect knowledge and learn from the experience of others. In addition, it is also important to brush up on these skills once in a while, as it can be very easy to get caught up in the heat of the moment and forget basic principles which are crucial to success.
These reference points should guide you throughout your whole journey in the trading world, and we will always be here to give one-on-one coaching and help you reach your full potential, while working on particular weaknesses and leveraging specific strengths in order to reach the highest highs, over time.
In order to trade more precisely and increase profits, it is highly important to always enlarge your trading knowledge. You can use the education section in our website, where basis steps and information was collected for you by our team of professionals. Moreover, the web is full of trading knowledge, various explanations concerning trading indicators, correct use of various orders and much more information which will help you improve your trading performance. Knowledge in this field is ever-evolving, and therefore it is important to keep up-to-date and the in loop about latest developments,technical options and groundbreaking strategies which are designed for the developments of our time.
Currencies and other financial products' values are highly influenced by international and national events. These market conditions dictate the general setting of investors' risk appetite as well as strategies to be used. Following the economic news and international events helps traders to better predict currency movements and trends, thus increasing their profits and managing their risks better. Combine this knowledge and these constant updates with knowledge derived from the graphs (technical analysis) in order to refine your trading strategy to the fullest extent, and have the widest view of the global markets to make the best decisions.
Always place a stop loss. The tool of stop loss is extremely helpful, or even crucial, in the risk management process. By placing a stop loss point you can control the loss you are willing to bare, and avoid unexpected loses. In addition, placing a stop loss prevents you from not sticking to your original plan and deviating from your predetermined expectations. Also important to remember - most people are not full-time traders and therefore can easily leave a trade running accidentally, thus losing money unnecessarily.
Learn from Mistakes
In any journey of any kind, mistakes will be made. It is a normal and natural part of the learning process. In the case of trading, making mistakes more often than not means losing money; which is never pleasant. Unlike other skills, mistakes while learning to trade can cost a pretty penny. The bad news is that it is unpleasant as metioned, but the good news is, that traders who make many mistakes and learn from them, often become professional traders who can make a living solely from trading. This all means, that if mistakes are made, the least we can do is learn from them. We advise you to use a notepad/excel sheet and record all your mistakes in order to learn from them for next time and keep record of your weaknesses in order to recognize patterns and larger implications about your trading journey. Lessons in trading are precious and expensive; make sure you learn from them.
If you are only beginning your trading adventure, it is highly recommended to start with a cautious amount of funds and remember that trading is a skill; just like any skill; which requires practice. Practice does make perfect and in our case it can also translate into more profit made. It is important to remember that while practicing, mistakes can occur and one needs to learn to accept these mistakes as part of the learning process. The most important thing is always to learn from any mistakes and grow from those points in order to constantly improve and see results on the spot.
For any question or clarification, don't hesitate to contact our various departments and of course your personal portfolio manager. These points are just the very basics of any trading career, but can easily be forgotten at times. We will be here to give guidance and assistance at all times, and to help all traders fulfill their potential. In addition, our staff is skilled and trained to solve technical and trading issues, or to make your experience more comfortable, so the sooner you approach, the more time you can save for trading and earning money.