Thread by @ininvestor

Psychological Tips on Forex Trading
Do you want to be a better forex trader; get a better forex broker? If you want to earn more as a trader, you should take note of the following tips to be psychologically poised and ready to take on the currency market:

independentinvestor.com/brokers/fx

1. Take note of the past trends. If you know the history of the market, you can make better decisions and predict what the future will possibly be like.

2. Don’t be controlled by your tools. Although the Forex robot and advisers are helpful, don’t let them make the decisions for you. Look for other sources of information before you decide.

3. Stay simple. Forex trading systems are helpful but don’t ignore the strategies that you have come up yourself provided that you understand forex charts. Observe how your strategy works, stick to it, but don’t be too fearful and greedy.

4. Use stop losses. Losses are always a part of the game, even if you will invest in oxy or other seemingly stable commodities. Minimize losses with a stop loss.

5. Don’t overuse your leverage. Even if you have a 400:1 leverage, don’t use it excessively. Abusing your leverage might lead to a zero balance in your account.

independentinvestor.com/forex/dont-ove…

6. Be patient. If you have developed an exit plan, follow it. Even if you are making profits, don’t take it too early.

7. Be confident. Don’t second guess all your decisions and stick to your strategies.

independentinvestor.com/forex/strategi…

8. Stay disciplined. Many traders often lose money when they forget about their strategy.

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