7 Things Forex Traders Must Remember To Start Generating Profit

1. Always Place a Stop Loss

Trade without a stop loss is one of the most expensive and most common mistakes made by forex traders, in addition to new traders. Always place a Stop Loss as much as you are willing to lose, otherwise, your account will not last long. You never put a stop loss? Have you managed to make consistent profits in the forex? No no! Clap your chest, be honest with yourself.

2. Place Take Profit on each order

Take Profit, is the way out for forex traders, out with profits. Like a boss! There is a trading proverb that says, "it's not about when you get in, it's about when you get out." Sometimes, we trade without a target, lazy to supposedly want to swing a position for a year, but after a week a lot of profit just started to change direction, because we do not know the way out, we also Cut Loss with a small loss. Suddenly the market speeds up according to the initial direction we expected earlier. Why is that so? Do not know the way out!

3. Do not place Stop Loss too close

Accuracy of placing Stop Loss is also a skill. But being in the wrong place and being too close to our position will only eat away at ourselves. With only the price jump in Bid and Ask Price only you have Stop Loss can trigger, why is it too close? What do you say to stop Stop Loss in a place where when the market price reaches that price, it means a change in trend occurs. Just right.

4. Don't Risk Too Much Capital At One Time

The most common mistake is to risk all the capital you deposit for trading. If loss, the loss is the end of this account. After the loss, need a new top-up, need new money, and other efforts. We are not trading to be a 'deposit expert'. What do you say risk every time trading, you will lose around 5% if the market direction does not follow the trading direction you expect. With this, you have 20 times the chance to lose, to run out of all trading capital. That 5% is in one position only. Never post layer up to 20 positions, and with each position 5%, it is still the same as you risk all the capital. That means at every trading activity, or 5% a day. You have to lose 20 days in a row to run out of all your capital. The logic for the loss? If you still lose 20 days in a row, please go take a flower bath. Kid (just kidding)

5. Set the correct Risk Reward Ratio

Find a technique that puts at least one take on Take Profit, can cover twice on Stop Loss. 1: 2. If you have 1: 3 better, trading will be safer. The 1: 3 technique is often found in swing techniques, it is up to you, keep looking.


6. Focus on pairs that you can easily understand

Study after study on the same currency pair will make you understand the movement and history of the movement of the pair. Movement pair is also influenced by the country's economy. So choose about 5 pairs that you like the most, and place an order on the 2 most potential pairs. Your trading will be more accurate.

7. Trade with logic and analysis, not with emotions

Being a successful trader is increasing your probability of winning a position higher than the loss. Trading with emotion, to take revenge on the market, get back the capital that was burned 2 years ago, trading without a trading system is like gambling. You enter the forex market, for trading, not for fighting. Get a calm mind, and solid knowledge, make you a quality forex trader.

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