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Four ways to become a better forex trader

by , 02 October 2014

Becoming a better and more successful forex trader takes time. You learn from your mistakes and experience.

So what can you do to help you become a better forex trader?

Read on to find out…

Forex trading tip #1: Look at the bigger picture

When you’re forex trading, it can be easy to look at only what’s going on right at the moment. Especially if you’re a short-term trader.

But you need to look at the long-term trends. Make sure you refer back to these major support and resistance lines regularly.

These lines can have a large bearing on more short-term price action.

Forex trading tip #2: Be patient

Whatever you do, don’t chase the price. It may rally quickly before coming crashing back down.

If you enter a trade like this, you’ll lose money.

Use your analysis and stick to the levels your analysis suggests. This improves you chances of making money.

Forex trading tip #3: The trend is your friend

Trading against the trend is a fool’s game. So you need to trade with the trend until you see a reversal is in place.

The old stock market adage the trend is your friend is a vital rule to follow.

Forex trading tip #4: Learn from your losses

Losses are all part of forex trading. If you can’t deal with some losses, then maybe forex trading isn’t for you.

You need to learn from your losses and take steps so not to repeat the same mistakes again.

And try to take losses early and avoid letting them run.

So there you have it, four ways to become a better forex trader.

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Four ways to become a better forex trader
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