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The Basics of Forex – What’s Important at Forex Trading?
Some basic tips to get rich in the forex market.
* You should get a perfect balance between your desired return and investments, how much money you can invest and how much time you can wait.
* Applying good money management techniques is extremely important. Your money management strategy should never risk more than 2% of your account per trade. Your account won’t crash if one transaction goes wrong.
* Don’t panic if something goes wrong and don’t let your emotions take over your good business sense.
* Open an Excel sheet and do some simple calculations. Put less money initially. As your account grows, slowly increase your investment range.
* Never be too greedy. Try to maintain a good risk/reward ratio.
* Start slowly and conservatively growing your account over time. Try to slowly increase your risk/reward ratio.
* In general, the exchange rate of a currency against other currencies reflects the state of that country’s economy compared to other countries’ economies.
* So try to make your decision based on political factors like recession, depression, war, political turmoil etc.
* Initially, almost every trader faces failure; you need to gain enough experience and knowledge to successfully enter the coveted 5% realm with other successful traders.
* If you have a large account balance and trade with a conservative lot size, you can be sure that most of the time your trade will recover, especially if it is in line with the H4 or Daily trend.
* Try to trade the trend using LRC and some very accurate indicators and have a special skill in finding turning points.
* Finally, remember slow and learn wins the race.
* Forex robots are always welcome because they help you earn points that you could not earn without a robot.
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