7 important tips to succeed in forex trading and make money

 7 important tips to succeed in forex trading and make money:

With the development of technology, man can make trade deals in the stock exchange only from his home while sitting. Among the types of this trade and investment is an important type, which is forex trading in another term, digital currency trading, and for success in this field we must take advice from those who worked before us in this field so that the losses due to us are not large, as we will talk in the article about 7 important tips to succeed in forex trading and make money. We brought you these tips from traders who have provided them with experience in the field for 5 years, and all this is in order to make money from the Internet and from your home. All the information and lessons will

be available on our website.

  • forex trading Tip #1: Don't use the leverage

You should not use leverage as it causes the disappearance of trading accounts. The second ugly thing is that most novice traders think that it achieves very large profits with a small capital, but this idea is wrong by 1000%, but at the first losing trade, the leverage will double the losses and the disappearance of a large part of the head Money and sometimes it will all disappear. I will give you an example so that you can understand them better

Example :

If you are trading with a portfolio of $1,000 and you open a deal of 1 lot, in other words, $100,000 on the euro and dollar pair, for example, you are here with imaginary leverage of 100 because the deal is more than 100 times the size of your portfolio and the value of each pip will be 10 dollars, where the price movement leads to the opposite direction of the deal With 10 points, it will lead to a loss of 9% of the capital, in other words, a loss of 90 dollars of your capital, which was 1000 dollars, and thus it will become 910 dollars. The sequence leads to the loss of the entire capital.

In order to protect the capital in the long term, it is recommended to use leverage equal to 1 for beginners, but for those who have experience in trading, the maximum leverage that should be used is from 3 to 5 as a maximum.

  • forex trading Tip #02: You have to accept the loss

Every beginner trader, especially in cryptocurrency trading, or rather forex trading, will continue in the same lot size, and if he returns to losses, he will raise the lot size to compensate for previous losses, but if the deals continue to lose, the loss will also double terribly. The reason for this happening to some traders is that they never accept the loss, but the trader who accepts the loss of any kind indicates his understanding of the mechanics of the market and his control of the psychological need.

  •  forex trading Tip #03: You have to be disciplined

Discipline is one of the reasons for intelligence, which is to respect the rules of risk management, capital, and the method you use in trading, whether in forex trading, meaning digital currencies, or even trading in gold, silver, cotton, iron, or anything found in the stock market, and if you are opening deals because of your fear of Wasting movement or without a methodology, or if you also do not do analyzes before opening the deal, this in short leads to confusion and the inability to manage deals, and from this, every trader must be disciplined, strict and accurate in his work, and the deal must also be analyzed before opening it and before closing it in order to know Your mistakes and successes.

  • forex trading Tip #04: Don't give up

Your losses in some trading deals do not mean that the strategy you are trading is wrong and unprofitable and that it must be changed in case you are going through difficult situations and this happens to all traders around the world. There is no need to be suspicious of every losing trade

  • forex trading Tip #05: Don't look for a magic method

Trading includes many losing trades, and every trader should accept this and not look for 100% winning trades because the market will not go in the direction we always expect. The size of the profitable trades is more than the size of the losing trades in order to cover the size of the loss.

  • forex trading Tip #06: Close losing trades and leave winning trades

As when you close the losing trades at the top level, there will be no negative psychological impact on your trading, and you should never be stubborn to open new deals with double sizes in order to reduce the cost, because the day will come when the trending price is strong, as you will continue to open deals in the opposite direction until The broker closes all trades, and this is when the account is commissioned, and there are many vulgar traders who have lost their accounts because of this method. As for leaving parts of the trades, the rest is open, allowing to benefit from the price movement more.

  • forex trading Tip #07 and last: You have to be focused

Insisting not to close a losing deal or push away the stop loss leads to Astra thinking completely about it, and this loses your focus and increases the negative sense of fear and frustration. If a trading strategy gives you an entry signal, you must be mentally and psychologically able to seize the opportunity.

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