10 TIPS OF FOREX TRADING, SMART ZOMBI'S.

1. NEVER USE A CHEAP FOREX ROBOT OR EXPERT ADVISOR:

There is no way you can get rich by paying out a couple of hundred dollars or less for a cheap software package, because all these systems lose money. Forex trading is not as simple as paying a few hundred dollars for a lifelong income.




2. TRADE WITHIN YOUR MEANS:

If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.



3. ALWAYS ACCEPT RESPONSIBILITY:

Lead from the front and accept responsibility for your actions. Learn the necessary skills and get a decent Forex education.





4. RIDE ON A WIN AND CUT YOUR LOSSES:

Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.




5. WORK SMART:
Sometimes you don’t need to work hard just get the right Forex information. It should only take you a couple of weeks at most and you are all set.







6. STOP LOOKING FOR LEADING INDICATORS:

There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secrets away.







7. MONEY MANAGEMENT:

If you face losses make sure you keep them small and always place a stop before you start to trade.






8. AVOID TRADING IN A THIN MARKET:

Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

9. BE REALISTIC:

We all hear of traders making millions in a year from small stakes, but their not the norm.

If you could consistently make 50 -100% per annum, you would be up their with the best traders in the world.

Try and make money to fast in FX trading and you will wipe yourself out.

10. DON'T TICK WATCH:

Many traders sweat all day looking at prices - don't.

It will upset your discipline and get your emotions involved.

Work off the closing price of the day and set your orders for the next day and ignore all intra day moves.