Forex Strategy Trading Tips: 4 Tips to Help You Get Moving in the Forex

Here are a few tactics to get you started. Entire books have already been written about almost all these subjects, no joke. Hopefully this post will get you thinking in the right direction. I’ll try to go into more detail on each subject in the coming weeks. Make sure you check back frequently – we are adding additional information and new Forex strategy trading tips quite frequently.Get smartI can’t overstate the necessity of educating yourself about the markets. There are literally several thousand different books on markets, methods, basically everything you’ll need to know to get started in the Forex market. Not sure how to start? I recommend Trading for a Living by Dr. Alexander Elder, and also The Disciplined Trader by Mark Douglas. We’ll also do our best to keep up to date and relevant information available here, at your fingertips, ready to help you.Be a Student, AlwaysJust like you wouldn’t commit to buy a car without having a test drive – doesn’t start putting your money out there without taking some time to educate yourself on the ins and outs of the markets. Spend some time to study the markets, different strategies, and learn the intricacies of trading before risking real capital. Believe me, if you don’t – you are likely to have a really, really bad day.Nearly all brokers offer some sort of demo account that will allow you to practice just as it was a real account. Practice, practice, and practice some more. Not only will you acquire a feel for the markets, but you will also get a feel for the trading platform of that broker, and how to quickly and accurately navigate it. Use these practice accounts as long as you need in an effort to gain confidence before you decide to put your hard earned cash at risk.Know your limitLike the saying goes – you can’t have champagne on a beer budget. You must establish a risk to reward ratio that fits your finances. Know your limits, and how much you will be willing to risk on each trade. Never risk more than you really can afford to lose. And never, ever go “all in”. You will lose a few of the battles, but you’ll live to fight another day.Plan your trade and trade your planHow can you get to your destination if you veer from your path? Create a plan to guide your trading. It should include your profit goals, risk-tolerance level, methodology, and evaluation criteria. Once you have a plan in place, make sure that each trade you consider falls within your plan’s parameters because you’re most rational prior to placing your trade and most irrational once your trade is live.
Please remember, although consistency is essential; don’t hesitate to re-evaluate your forex strategy trading plan if it’s no longer working for you. As your experience grows, your requirements may change. Your plan should be an expression of your goals. If your goals or financial circumstances changes, so should your plan.I’ll be back soon with the more trading tips.All the best,Jay Molina
Pro Trader & Educator