1. Serenity, coldness
You can never enter the market wondering what you are going to buy or to sell. Before joining you should know precisely and carefully in what way you are doing trading such currency pairs going to buy in order to find the best opportunity to invest in the market. This point is essential, you can not operate on instinct but must study carefully and plan every single move that you decide to do in this area of investment.
If the operator decides to take a stand because there is a reason behind this choice, the best way to enter is to set a price that will allow you to open the position and wait until the market reaches it.
3. One step at a time
The trading of the goal is not to make a single trade of all type as in pokern and become rich overnight. On the contrary, what counts is to be able to perform many smaller operations trying to arrive at a constant and careful gain, so as to diversify the risk of losing money.
4. Choose a small group of financial instruments
It is important to focus on one or two pairs of currencies in order to have a greater familiarity with them, not only from the graphic point of view but rather the same market. One thing that not everyone considers is that, for example, the pair EUR / USD has different movements from those of the EUR / GBP currency pair, which in turn differs from the USD / JPY.
In general you should inquire before entering the market. In addition, you should never blindly follow an experienced trader to copy the moves, it’s best to study and make their own decisions independently, without any possible external influences. The trader can take a cue from experts and analysts, but should be aware that should maintain a high level of critical thinking.
To begin to observe the market and to make successful trading is important to learn the basics of finance in order to make the best decisions.
7. Fundamental analysis
When trading you have to always keep an eye on fundamental analysis, beyond technique or the study of the news affecting the forex and currencies. It ‘important to know which event they are able to move currencies to influence prices, and act accordingly to what is happening in the markets and policies.