Tips on Trading Forex Like a Pro

Tip 1 - Do Your Own Analysis don't follow what these so called Experts tell you

Mostly who claim themselves as an Expert are not actually experts if they are they will never beg you to buy their books. There claims such as they turned $1000 to $10,000 in a month or so are just rubbish.

Before you invest, learn to trade properly, understand the system, do your own analysis and be self reliant because following blindly others will make you blind too. 

Tip 2 - KISS rule works best

Keep it simple don't go for complex trading methods try to keep it as simple as you can best is to spend like 5 to 8 hours. 

Tip 3 - Avoid becoming emotional

The wrong thing amateurs do is trade emotionally they do not realize doing trading on an emotional basis will not help them achieving their long term goals.

Tip 4 - Manage your Risk Volatility in the forex markets can open up numerous opportunities

Volatility in the forex markets can open up numerous opportunities to speculate and profit from small price movements.

However, there are a number of risks involved with trading forex.

Consider the EUR/USD example above – had you been wrong and the euro moved against your trade, you could have incurred significant losses.

Furthermore, as a margined product you do not own the underlying market.

This could mean losing more than your initial deposit in the event currency prices moves against your trade.

In order to limit losses, a range of risk management tools – including Stop Loss Orders – are available through the City Index forex...

Tip 5 - Trade only a single currency pair at a time

Concentrate on one currency pair as it will help you to learn more about its movement however dealing in more currencies simultaneously will lower down your learning and understanding of every currency's movement resulting you lose. So stay FOCUSED!