Hi everyone. I got a request from one of my followers to post the educational post about the important tips every new trader should follow. so purely based upon my personal experience I posted few tips here. Give it a look thanks.
1 - Being a New Trader, First you need to work on your trading psychology and after that learn patterns, wave or whatever. You can trade the market if you are just familiar with the Trading Psychology, But you Can't trade the market by just learning patterns and stuff.
2- Trading is not a get rich quick scheme, get yourself out of fantasy that you can make 30-40% of your account every single month. You can do that for month or maybe 2 but not for an year or more. According to me a good return on your investment is about 3-5% per month.
3- Let suppose you are running a company which makes soap, so it will be very important for you to understand your product and ingredients used for the manufecturing of that soap. Similarly being a trader, your product is currency. You must have a deep knowledge about every currency you trade. About their interest rate, weaknesses, strength, Country's profile, Country's imports and exports and stuff like that.
4- Don't just blindly follow other's ideas. Do your own working , if matched with others then go ahead for trade. And don't forget to make a trading plan, Where to enter? where to exit? When to enter another position? When to Cut Old positions and how many positions? all these questions you have to keep in your mind before trading.
5- According to my Personal experience and while conducting sessions I found a common mistake almost all traders did. and that was the Control of lot size. The number of lots they opened to trade was a nightmare. Always keep your lot size as low as possible. Here is a tip : If you Just learned to control your lot size then Trust me Trading Forex will be 50% easier .
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