Eight Ways To Trade Like a Pro

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Eight Ways To Trade Like a Pro

• Presented by The Forex Secret

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1. Select the best brokerage firm

• Study brokers carefully and understand their
  spread. Confirm that theyre licensed, that they
  are under a regulatory body.
• The spread is the difference between the bid
  (buying price) and ask (selling price).
• A majority of brokers usually get their
  commission through the spread, so its basically
  the cost of brokerage fees.

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2. Have general knowledge of forex trading

• There are a few platforms usually used by
  traders. These include MT4, cTrader and MT5. You
  need to be conversant with these in terms of even
  configuring the platforms.
• You should also seek to understand
  technicalities like forex candlesticks, line
  graphs and bar charts.
• Learn what the bull (when the market is going
  up) and bear (when the market is going down)
  represent.

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3. Know the lot size and leverage for you

• Usually, you get a live account and a demo
  account. Before you progress to a live account,
  get familiar with forex trading through the demo
  account.
• Under this account, you get the chance to
  understand leverage and lot size, which is the
  amount that most brokerage firms accept for you
  to place a trade.
• Leverage is where youre given a borrowed fund
  so that with a small deposit, youre able to
  enter a market that youd not have had the
  capacity to enter.

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4. Understand the market

• There are three areas you need to understand to
  be a good trader technical analysis, fundamental
  analysis and sentimental analysis.
• Technical analysis is just analyzing the up and
  down movement of the prices.
• It makes you aware of the patterns of the
  market, which are called the highs and lows of
  the market.
• This helps you understand the history of the
  market, which is how the market repeats itself.

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5. Start small

• Start with a small amount and progress as you
  understand forex trading. Discipline is very
  crucial.

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6. Focus on one currency pair for a long period

• We trade currencies in pairs.
• When youre buying one, youre selling another,
  and vice versa.
• Start with one currency pair and try to
  understand it before you move to other currency
  pairs.
• Dont try to trade all currencies at once
  thats indiscipline. Focus on one thing at a time.

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7. Manage risk

• With anything financial, you need to understand
  the risk of the venture.
• For example, it is advisable to not borrow money
  to trade because the risk in forex is rather
  high.
• When you understand the risk, youll use the
  best lot size.
• Also, this way, youll not trade using your
  emotions. You will trade while focused on your
  plan.

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8. Restrain your emotions

• You need to have the traits of a trader, the
  patience of a saint and the emotions of a rock
  when it comes to forex.
• That means that if you lose money, calm down,
  restrategise and think about how youll tackle
  the next trade.
• Dont panic and dont be in a hurry to make a
  killing in a day.

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