Forex Trading Pitfalls

Some forex trading pitfalls are easier to spot than avoid. If you can recognise them you will be able to avoid if you follow a disciplined trading plan.

Overleveraging Your Forex Account
Overleveraging your forex account is when you take out too large a position in relation to your available margin. Even a small market move will cause you position to be liquidated due to insufficient margin.

Forex Trade Alerts

Just because forex brokers offer generous leverage ratios or 100:1 or even 200:1 does not mean you should use it all at once. Don't base your trades on your potential margin leverage but on trade specific factors based on your fundamental and technical analysis.

Failing To Adapt Your Forex Trading
Failing to adapt your forex trading to changing market conditions is another common forex trading mistake.

Market conditions are always changing and you therefore must be flexible in your trading approach and understand how forex trades are affected. Evaluate overall market conditions on an ongoing basis. A range trading style won't work if a trending move is under way and vice-versa.

Use technical analysis to determine which trading conditions prevail and be aware that you must adapt your technical indicators to match the market conditions as well.

Being Unaware Of Current Events
You must be aware of current events and how forex trading rates are affected. You need to keep abreast of the fundamentals of current events and when and if they are likely to influence the forex markets.

Spotting a great likely trend in your technical analysis may be undone by a major upcoming economic announcement in the country of either currency in a pair.

It's best to keep a calender of likely events and announcements and review this on a daily and weekly basis. Keep a forward looking mindset and plan for those events that you do know about as they will be enough that will crop up that you don't.

Defensively Trading Forex
Defensively trading forex is another common trading mistake. All traders experience losses and have losing streaks. After such a spell it is perhaps natural to trade defensively, trying to avoid further losses.

Take a step back and examine what went wrong with those trades and the refocus on finding winning opportunities.

And be realistic! You are not going to retire on the proceeds of a single forex trade. Be happy with a less than 100% trading plan and lock in profits when you can.

Conclusion
Avoiding these common forex trading pitfalls means being realistic and not over ambitious. Keep abreast of current events and trade according to your forex trading plan.

Forex Trading Pitfalls

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Forex Trading Strategies Reviews

What are the best Forex trading strategies? Are trading systems and strategies based on indicators the best ones to use? Or, should you look into more "natural" trading strategies that make use of classic technical price patterns in the market? This article will take a look at three different Forex trading strategies and discuss the advantages and disadvantages of each.

• Forex trading indicator systems and strategies

Forex Trade Alerts

Indicators are popular among many Forex traders. There are many different indicators you can choose from, many of them are simply "oscillators" that show over-bought and over-sold conditions, examples of these are the stochastic indicator and the RSI indicator. Other indicators attempt to show trends, like moving averages and Bollinger bands, some indicators like MACD, claim to show both. The advantages of indicators like these and others is that they give traders something "concrete" to build a trading system around and indicators like moving averages can help to "smooth" out the overall market picture. However, the big disadvantage is that they are inflexible and often fire off many false signals as market conditions change. Also, it can be very confusing to figure out which indicators work best together and which do not, usually what ends up happening is just a lot of confusion.

• Forex software trading systems

Forex software is quickly gaining popularity on the internet and even on some late-night T.V. infomercials. However, a word of caution should be said about these systems. They often make extremely bold claims of fully automating the trading process and allowing you to simply click your mouse and make tons of money. These software "black box" systems generally sound too good to be true and they usually are. You should never try to learn from something that claims to completely mechanize the trading process simply because trading is something that cannot be mechanized. Every great trader relies on their discretionary trading sense to some degree, and this is something you must develop from screen time and effort, not from buying some over-hyped trading system.

• Classic technical price patterns

The last forex trading strategy we will review is "classic" technical price pattern trading. These include patterns like triangles, head and shoulders, candlestick reversal bars such as shooting stars or pin bar, and many others. Learning to trade off of this "core" data of the market is something that every trader needs to learn, no matter what trading strategy they end up using. One person who teaches classic price pattern trading is Nial Fuller, you can find out more about him by checking out some nial fuller reviews.

Nial has many excellent price action trading strategies that are very simple and make use of the core price data of the market; so there is nothing to confuse you or complicate the process as with indicator and "robot" trading methods. When you learn nial fuller trading strategies, you will learn how to properly navigate a trending market, counter-trend market, and find "hot points" in the market to trade price action from.

Forex Trading Strategies Reviews

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7 Ways to Formulate Forex Trading Strategy

Foreign Exchange market is influenced by several market and economic conditions, which makes it a complex processes. Its trading complexity is managed by employing a systematic approach derived from various aspects of international business, economics, geopolitics, mathematics and behavioral science.

Winning in forex market requires an efficient and effective strategy. Here are 7 guidelines to formulate your strategies as a successful forex trader.

Forex Trade Alerts

1. Research and Analysis

Research and analysis are the key and fundamental ingredients of successful forex trader. Continuously research and analyze on important economic events, price movements, trends, and general market developments that impact currency pairs. You should incorporate both technical and fundamental analysis tools to analyze the market that would help you make trading decisions.

Technical tools will help you determine price action of the market, while fundamental analysis helps you predict price action and market trends by analyzing economic indicators, government policy, interest rate decisions and others.

2. Make a plan ־ Work a plan

One way of managing your trading activities is by working based on plan .Trading Plan should consist of why you enter, stop loss price and profit taking level.

3. Control Risk

As with every other trading, forex trading has its own risk. Achieving success in foreign trading market requires managing and controlling these risks.

4. Properly apply money Management techniques

Management in forex market requires proper capital management. Do not trade more than 10% of your deposit in a single trade. For example, if your total deposit is 0, 000 you should limit every trade to not more than ,000. This would help you secure your account under worst market conditions.

5. Track your Trading Activities

Track every trading activities so that you will be able improve your performance. When you buy a currency, write down why you buy and your feelings at the same time. You do same when you sell. Analyze and write down the mistakes you have made, as well as things you have done right. By referring your trading journal, you learn from your past mistakes. Keep tracking your records and improve your performance accordingly.

6. Control your positions

The numbers of positions you hold at a time is very important to control you trading activity. There fore, it is important that to should limit the number of positions you hold at same time in between 3 to 5. It I always recommended to hold the minimal amount possible, so that you will be able to control you performance.

7. Avoid Greed and Fear

You should never allow fear and greed influence your trade, because if you take emotional measures in your forex trading activities, you will badly lose your account. Be advised that, forex trading has its own process. You should avoid fear and Greed, and trade based on research and analyses of market trends.

Summary

You should properly implement the following guidelines in your daily trading activities. If you follow the guidelines explained above and formulate your trading strategies based on these bases, you will attain success in forex trading market.

7 Ways to Formulate Forex Trading Strategy

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