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Don't let the enemy give you up. Sometimes - it could show you that odds are against you if you're on the phase then take a break but not for a long time. Get back with a cool head and start to investigate why that happens, as already said - take notes again and add on your strategy or create a new one. Just don't give it up, this is very much important.All I asked before a trade is knowledge. At least basic knowledge is mandatory for trading. So, those are my 5 Must Do Know things special guide for Forex beginners. Hope it helped you at least a little bit. If it helps then why not you share it with others and let them know it? Share using bellow share tools so someone got some good help! Enjoy!!
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Make a plan before going to strat any trade - Learn perfectly before you being impoverished. Obviously, intelligent and successful peoples said that, A proper plan is half of work. So, you have to a proper trading plan before start. Include the money management strategies in your trading plan. A trading plan will help you to control your emotions and prevent you from overtrading. In a plan, your trading strategies are defined clearly-and you know when to take profit or cut the losses without becoming greedy or fearful. It's will help you to bring discipline into trading, which is most essential for becoming a successful trader.
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Don't be greedy: Always avoid feeling greedy coming into the trading equation. The biggest obstacle in trading is greed, because of greed, traders accept wrong trading decisions. Trading isn't about an opening a winning trade each moment or something like that, it is about opening the correct trade at the correct time - and closing such trades prematurely if they proved to be wrong. Always try to maintain discipline in your trading which you keep the note on your plan.
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Learn When to stop: Using stop loss can be a great idea to help you protect your trading capital. Broker's and platforms provide stop losses to protect your capital. Once you set the stop loss it will be work automatically. In stop-loss trading, you don't need to decide when to cut your losses when the trading is underperforming. As a trader, you need to minimize your losses and maximize your profits.
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Whenever a new forex excited guy tried to do something in the industry – forex bonus options came up. It happens, often happens. Beginner guys always do the mistake. An attractive offer by a brokerage – and he took it. Yes – he couldn’t grab it. Then other good sounds offer. And what happens – yup – again he lost his time with some confidence. Later he decided NO – I don’t need to use their money. I will invest in a good deposit offer.
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Fact is you gotta keep yourself out from a bad broker. Most of those bad brokers are just money grabber. You go to them after seeing an offer. Which may sense you they are so open to clients – unfortunately, they are not. You need to find a regulated broker so – goes something unethical then you can claim your money back from them. Because regulated broker is controlled by financial authorities. They can’t do anything they want. I would suggest you choose a reliable and viable broker recommended/considered by your nearest trader.
