7 HIGHLY Effective Forex Trading Tips That Are On The Next Level In 2020-21

7 HIGHLY Effective Forex Trading Tips

014, Aug 2020

Well, Have you ever heard the motto " In order to succeed, firstly you have to be willing to experience failure."?


It is also quite relatable to online trading, right?

Now, you might be wondering why I've mentioned online trading using this phrase, The reason? It is crystal clear these days that every Forex newbie wants to make profits by any means necessary whether they possess the basic knowledge of the FX markets or not. From their perspective, trading is as easy as water besides you don't need a lot of knowledge regarding the market or the fundamentals. You just need trading signals, EA's and you will be a PRO.

But as a beginner, you should try Forex No Deposit Bonus for a FREE trading opportunity. Here BEST 10 Withdrawable Forex No Deposit Bonuses In 2021.

I mean seriously? Is that even possible? Well, not really!

If you are a beginner then you must study the market. There is no possible alternative to it. The more knowledge you'll gain the more profit you'll be making. Because?

Knowledge is power! Moving on, if you are a newbie and you have -

  • Gained enough knowledge regarding the market 
  • Hesitating to make the right decisions
  • Looking for some sort of BOOSTS

Then sit tight, As I'm about to share 7 HIGHLY effective Forex trading tips that will help you to remove all your anxieties.

Note*: These trading tips will be only effective for the individuals possessing enough knowledge on the FX market otherwise skip it.

Therefore, let's rock and roll, shall we?

  1. Understand Yourself

In order to trade in the FX currency exchange market, you must have enough knowledge regarding the market. Metaphorically it will help you to recognize the market. But before that?

You have to know yourself completely, why? There are particular facts that you have to know about yourself.

Such as-

  • Self-awareness
  • Risk tolerance 
  • Capital allocation.

Wait a sec, there's more!

You have to study and analyze your trading goals. It will try to keep your goal steady, and the next BEST thing? You'll be more focused than ever, Awesome right?

  1. Select Your Broker Wisely

Choosing your broker wisely is one of THE most essential and primary points of today's topic. But it is a matter of great regret that numerous newbie's often neglecting this point. Yah, you heard me right, Can you believe that?

What can we do because "they say that truth is always BITTER." Due to not choosing a well regulated and reliable Foreign exchange broker, they suffer in the long run. Eventually, after a hand sum of time, they learn from their mistakes.

Which is also a good thing, right?

Advanced Tip: Don't learn this lesson the hard way. Do some research and find the best broker for you. Besides if you have friends in this industry then seek advice from them. It'll HUGELY help you to come to a conclusion. If you still need some boosts then follow various Forex media companies like TopAsiaFX.

Trust me, you won't be disappointed! Moving on, usually what qualities and features to look for an FX broker?

Well, from my little expertise I would say-

  • Regulation and licensing 
  • Trading platforms
  • Account Types
  • Spreads and commissions
  • Customer support
  • Available markets
  • Trading tools, etc.

These are the basic aspects that you should be looking at while choosing a reliable brokerage company for yourself. Also, you’re in a never-ending battle!

Because there are numerous choices. So, be cautious and wise.  

  1. Select A Suitable Trading Account 

It is quite obvious that facing confusion while choosing a trading account type is usual. Why? It’s an intimate narrative and it usually goes like this! So, now you are asking yourself " What trading account should I go for?"

Well, the answer is quite SIMPLE. 

You should look for a specific trading account that offers a low leverage rate. It's the primary thing you should look for in a trading account if you are a beginner. Again, if you think you have a good knowledge of leverage rate and general trading then the standard accounts are also made for you. 

But wait – there’s more!

If you are a complete beginner then I will suggest otherwise. That you should go for the mini accounts. Also, keep studying and practicing while using the mini account. As we all know,

Practice makes one perfect!

  1. Keep Your Focus On Single Currency Pair In The Beginning

The Foreign exchange industry is filled with both DEEP and never-ending complexity. Besides, bear this in your mind that the currency exchange market is HUGE. There are numerous currency pairs to trade on.

It is the most traded online industry as well as contains the most liquidity comparing other online trading industries. 

As a result, there are some certain DOWNSIZES. Like what?

  • The market is quite unpredictable.
  • Sometimes, it shows a chaotic nature.
  • Its diverse characters.

That's why if you are new in this ever-growing online industry then start from a single currency pair that you're familiar with. Choosing your country's currency will be a wise decision despite the fact that you are a beginner.

Hold on a sec, It gets better!

As you will increase your skills obviously by practicing and studying the market and the essential fundamentals you may expand your limitations. Then you can choose several currency pairs to trade on. There are a few widely famous currency pairs. 

Here are the DEETS...

  • EUR/USD
  • GBP/USD
  • AUD/USD
  • USD/CAD
  • USD/JPY

You may choose between them. Because they are the most traded currency pairs all across the globe.

  1. Keep A Trading Journal

Many newbies misunderstand the meaning of keeping a trading journal. Keeping a trading journal doesn't mean keeping the fundamental and technical analysis price trends. The real meaning of keeping a trading journal is DEEP.

Yeah, You heard that right pal!

Trading journal means keeping the first steps taken into the trading career, your first placed trade, the first mistakes you've made back in the start, the calculations, the trading method that you've applied, and the feedback which you’ve gained from them. And, let me stop you there, I know what you're thinking!

It may be sounding unusual to some of you. But if you ask a successful FX trader " What is the significance of keeping a trading journal?" Then I'm sure that he will reply in the affirmative and also will add " You must do it." I hope you've got the answer you were looking for.

And, trust me this is one of the most significant forex trading tips that will keep you BOOSTED in the long run.

  1. Minimize Your losses

One of the hidden truths behind profitable trading is to focus more to avoid the losses than making profits. Not only at the beginning but you also have to always focus on avoiding unnecessary risks and losses. And, take my words this should be your main objective in order to build a successful trading career.

Question: How the hell do I even do that?

Answer: Stop-Loss orders are the smart solution that will be able to diminish your troubles.

Besides, Stop-loss is used by numerous traders all across the globe. It prevents you from making haste decisions. And the next BEST thing? Your trades will be stopped on certain points which often saves you from HUGE losses. Because what’s there to say, " The Forex market is quite unpredictable".

So, the stop-loss order can be referred to as a vastly essential trading asset for both experienced and new traders.

  1. Remember Patience Is a Key Factor 

Every trade that you're gonna open is both particular and significant. Bearing that in mind, you have to create the best strategies and technical analysis for each of the trades that you're gonna open.

Hold on a sec, there's more!

The term which I've mentioned above " create the best strategies and analysis for each of your trades" is actually quite DEEP. The reason?  Well, creating strategies and analysis is not an easy task rather a very difficult one. For completing this process it takes a lot of studies, concentration, and most importantly patience. 

I've literally said these things (which is a lot) to highlight the significance of patience. It takes a lot of things and qualities for you to become a successful trader. Patience is on top of that list.

Don't you even try to deny this fact! Besides, there are some aspects that you should avoid while trading at the FX currency exchange market. Here are they, at a glance-

  • Know your limits before opening a trade.
  • Try to maintain a certain trading plan.
  • Don’t fight against the market.
  • Follow the method “trading with the trends.”
  • Don’t let your emotions make trading decisions.

Did you read this far?

Congratulations, then you’ve just completed the first step of becoming a stable market trader. And always remember there’s no waste of time in learning a lot. Eventually, it will be proven to you as the greatest asset.

Good Luck!