Forex Trading Tips every Trader should know.

34 Tips to Help you Become the Best Forex Trader

In order to become a successful Forex trader, you require a lot more than a few quick tips and tricks. You will need capital, experience, fortitude and, above all, a hearty trading system. However, if you are a beginner, the following tips will help you to get started successfully in Forex trading.

Tip #1: You should be fully aware of the power of a position. Never arrive at a market judgment while you have a position. 

Tip #2: Ascertain a stop and a profit objective before you enter a trade. Place stops based on market info, and not your account balance. If a proper stop is too costly, it isn't worth it to go ahead with the trade. 

Tip #3: Remember not to add to a position that is losing. 

Tip #4: Trading systems that work efficiently in an upmarket need not work in a down market. Always keep this in mind. 

Tip #5: If you decide to exit a trade that means you are capable of perceiving changing circumstances. Never think you can pick a price, exit at the market. 

Tip #6: Sometimes, due to excessive volatility or lack of liquidity you should keep yourself away from trading. 

Tip #7: In a Bull market you should never sell a dull market and in a Bear market you should never buy a dull market. 

Tip #8: Always remember that news is only important when the market does not react in the direction of the news. 

Tip #9: Sell the factual news and buy the news that you hear. 

Tip #10: Superstition is good in the sense that you shouldn't trade if something bothers you. 

Tip #11: Up trending, range bound and down trading are three types of markets and you should have a different trading scheme for each of them. 

Tip #12: Risk managers commonly issue margin call position liquidation orders during the blowout stage of the market, up or down. They don't usually check the screen for overbought or oversold, They just issue liquidation orders. Make sure that you don't stand in the way. 

Tip #13: Upmarket and down market patterns always exist. lt is only that one is always more dominant than the other. In an upmarket, it is very easy to take a sell signal after sell signal, only to be stopped time and again. Only select trades that move along with the trend. 

Tip #14: It is very easy to enter a losing trade. 

Tip #15: A buy signal that fails is in fact just a sell signal and a sell signal that fails is a buy signal. 

Tip #16: When everyone else is in, time is up for you to get out. 

Tip #17: Never enter a new trade in the direction of a gap and never let the market make you make a trade.  

Tip #18: It helps you to read the previous day's paper each day to get an idea of what the market already did. lt will definitely remind you that what happened yesterday has nothing to do with what will happen today. 

Tip #19: Always get in late and out early because the first and last ticks are always the most expensive. 

Tip #20: Scalpers bring down the number of variables affecting market risk by being in a position that lasts only a few seconds and day traders keep down market risk by being in trades for minutes. 

Tip #21: Try to measure yourself by profitable successive days and not by individual trades. 

Tip #22: Never trade while you are sick. 

Tip #23: You should not turn four losing trades in a row into eight in a row. Turn off the screen when you're off and do something else. Sticking in while you are losing is a silly thing.

Tip #24: Never change your unit of trading unless under a plan of attained goals. lt helps to have a plan for lessening size when your trading is cold or market volume is down. 

Tip #25: Sometimes, confidence is a very bad thing. Keep in mind that you really don't know anything unless you are a broker. Always expect the unexpected and know your position and exit your trade at once whenever you feel uneasy. 

Tip #26: The easiest way to break a streak of consecutive losses is to keep away from trade for a day. 

Tip #27: Never stop trading when you're on a winning streak. 

Tip #28: Flexibility is an essential element of successful day trading. You should do your homework so as to understand the full potential for both sides of the market. This will enable you to make your trades on the basis of what the market is doing at the time of the trade. 

Tip #29: When the market goes up, you should say it aloud and when the market goes down, you want to say that aloud too. This way you will find how hard it is to say what is literally going on in front of you while your mind is full of preconceived notions. 

Tip #30: Never worry about a missed chance. There is always another one waiting for you. 

Tip #31: If you convert a scalp or day trade into a position trade that means you did not take into account the risks involved in the trade properly. 

Tip #32: There is no meaning in looking for secrets in the market. You will only find matters that no one cares about. 

Tip #33: Asking for someone else's opinion is not advisable because they probably did not do as much homework as you did. 

Tip #34: Have you whined or got fidgety while reading this list? If your answer is "yes", you have two apparent characteristics that you share with many other traders: 

A. You have traded long enough to understand that it is you who make mistakes, and you try to overcome them.

B. You have become a part of the market and you can never leave it. You will always check the market and always want to continue being a part of it.