Forex Trading Tips 3
Tip 16: Choose the right day to trade.
This recomendation is often misunderstood as an optional thing, because you know that Forex market is open 24 hours a day 7 days a week. Yet, choosing the time to trade can make a
difference between successful and hopeless trading.
It is highly recommended not to trade on Mondays, when the market has recently awaken to form a new or confirm a current trend. And on Fridays afternoon, during the huge volume of closing trades, it is better to stay out. The best days for trading are Tuesdays, Wednesdays and Thursdays.
Tip 17: Learn about Fibonacci levels and how to use them for your trading.
Fibonacci levels can be very helpful for your trading, even partially using the study, for example, to decide the best exit. They can bring you to a new edge of
trading.
Tip 18: Always ensure that a signaling bar/candle on the chart is fully formed and closed
before you enter a trade.
A golden rule of trading for you: "Always trade what you see, not what you would like to see" is the best explanation here.
Tip 19: If you choose live trading signals to give you a tip on how and when to trade, make sure you do it for your own advantage. If you use such signal services to detect how other traders do analysis and study on the price - you are on the right track and soon you will be able to study the market yourself.
But if you are just blindly following recommendations and your only task is to push the correct button think about it.
Tip 20: Using a highly leveraged account will cost money.
It will give you more financial space to trade, but for inexperienced traders high leverage, and, in fact, any Forex leverage can be a disaster.
Tip 21: Learn to measure trading success by the end of a special timeperiod (daily,
weekly, monthly and yearly).
Do not judge about your trading success on a single trade. To be a successful trader you should not need to win every trade, you do not become rich in one trade - you need to
be profitable in the long term.
Tip 22: There is no secret method to understand the market.
Take your time to develop a solid trading system for yourself and figure out that the secret to trading success underlies in a hard work and constant learning process.
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